According to a news article from Banker & Tradesman apartment, rents are on the rise for the second quarter of the year, with Boston among the top metro areas nationwide seeing increases.
Boston ranked fourth in the country in rent growth in the second quarter, with effective rents edging up 1.8 percent to an average rent of $1,625 per month.
Excerpts from Banker & Tradesman:
Nationwide, more than 44,000 units were absorbed, driving the first decrease in vacancy rates in two years, with vacancies dropping to 7.8 percent from 8 percent. Vacancy rates in the Boston metro area were considerably better, dropping 0.3 percent to 6.2 percent for the quarter.
The numbers were strong enough for the Reis analysts to suggest that the market has reached its turning point.