From the Associated Press:
There are fewer apartments available and rental costs are on the rise in greater Boston as people who have lost their homes to foreclosure seek to rent instead.
At the same time, tight credit and an uncertain housing market keep many renters from becoming homeowners.
Reis Inc., which tracks occupancy in buildings with 40 units or more, reports that vacancy rates in greater Boston fell to 6.2 percent in greater Boston in the second quarter, the lowest level in 18 months. Average rents increased for the first time since 2008, rising 1.2 percent to $1,717 a month.
Barry Bluestone, dean of the School of Public Policy and Urban Affairs at Northeastern University, tells The Boston Globe that the situation is “extraordinary,” because a 6 percent vacancy rate is consistent with a strong economy.
In Beacon Hill, where I work, there appears to be plenty of apartments avail. Most landlords will pay the broker fee or at least a portion of it.
File Under: confusion
