Boston apartment rental market
Boston Apartment Rental Market
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Boston apartment rental market
The number of millionaires nationwide has tripled since 2019, and 1 in 11 of them now rents. Boston has become one of the fastest-growing hotspots for these ultra-wealthy individuals, according to a study by RentCafe.
Using data from the Institute for Social Research and Data Innovation at the University of Minnesota, RentCafe found that the number of millionaire homeowners in Boston increased by 196% between 2019 and 2023, while the number of millionaire renters boomed by an impressive 418%.
While trends are shifting, still far more millionaire households own homes than rent them. In Boston, around 6,100 millionaires own homes, while just over 550 rent.
Boston apartment rental market
The national apartment rental market saw its first decline in three years. Watch the video below for more info.
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As the pandemic comes more under control more and more Boston apartment renters have descend onto Boston apartment rental market, many young professionals and students are returning to the city for the fall and winter season which is creating more competition for fewer an fewer apartments for rent as we approach the holiday season.
