‘Boston rents soaring’
Boston apartment rents rose again last month at a rate higher than national rent increases.
Apartment List’s latest rent report found Boston-area apartment rents rose 1.3% month over month in April, compared to a 0.9% increase nationally, ranking Boston as 37th among the country’s 100 largest cities.
Boston apartment rents rose sharply over the past month, according to the report, up 15.4% from the same time last year, compared to the national rent growth of 16.3%. April was the fourth straight month rents increased in the city following a decline in December.
The current median rent for a one-bedroom apartment in Boston is $2,045 and $2,179 for a two-bedroom unit.
Despite the increase, Boston’s year-over-year rent growth fell below the 15.9% state average, and the 16.3% national average.
While other large cities across the country saw more modest rent growth, Boston saw sharp increases making it one of the more less affordable areas.
And it isn’t just Boston, other Bay State cities are experiencing similar if not faster growth and rental increases. Rents in Worcester grew 18.9% from last year compared to Boston’s 15.9% growth.
Medford had the fastest rent growth in the area, rising 21.7% year over year with a median two-bedroom rent costing $2,588 and one-bedrooms going for $1,736.
Cambridge had the most expensive rent of the largest cities in the Bay State where the median rent for a two-bedroom unit was $2,850. Rents there increased 2.2% month over month and 16.5% from last year.
The least expensive rents in the area are in Lowell where the median rent for a two-bedroom unit is $1,793. Rents there grew 2.7% month over month and 11.8% from last year.
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Don’t look now, but Boston-area rents are really shooting up. The reason is simple: Too much demand, too little supply.
The market could get more tight and expensive later this year if the local economy keeps improving. Not that we’re complaining about the latter. The area needs jobs. But they’ll come at a cost — of course.
Contact me to find to set up an appointment to start your Boston condo buying process.
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