The idea has been, if the cost of buying a home or condo got too expensive, potential buyers would become renters, instead.
The cackling you’re hearing, as a result, is coming from local landlords.
Boston is the sixth most-expensive city in which to rent, according to M/PF Yieldstar (yeah, I’ve never heard of them, either).
The average rent in the city was $1,332, in the second quarter, 2006, behind New York City, San Francisco, Los Angeles, San Jose, and Orange County, CA. Rents increased 2.1%, in one year.
That doesn’t sound so bad, I guess, except the occupancy rate was 96.7%.
Meaning, just about every apartment has been rented.
Which means, I think, you can expect to pay more, next time your lease is up.