By Scott Van Voorhis, Boston Herald
Boston apartment rents tumbled last year, a swoon that led the country and bucked a national trend, a new Harvard study finds.
Rents in larger Hub apartment complexes fell by more than 10 percent, putting the city at the bottom of a survey of 59 major metropolitan apartment markets, Harvard’s Joint Center for Housing Studies reports.
One culprit is the soaring condo market, which has converted legions of renters into owners, even as prices have jumped, experts say.
"There is some element of people shifting from renting to owning,” said Rachel Drew, a research analyst at the Harvard housing center.
A combination of a shift to condos, combined with still weak job growth, may be taking a toll on Boston apartment building owners.
That was just one of several findings by the Harvard institute in its annual survey of the state of the nation’s housing market.
Complete article: Study: Hub rent reductions worst in U.S.