Boston rents hit record high
Boston’s apartment rental market continues to see unprecedented prices, add inflation and rising mortgage rates and that impact is also being felt by renters.
In April the national median asking rent was $1,920 per month, up 3.8% from March. Increasing rents are even worse rising 23.9% from April 2021. A new report from Dwellsy finds that median rent represents 35.1% of an average pre-tax income, making it a real hardship for many.
Boston renters are certainly feeling the impact, as Beantown is the third most-expensive rental market in the country.
The median asking rent there continues to rise, as inflation drives more potential homebuyers to sign leases. Rents in Boston are up 19% from where they were a year ago.
A look at Boston rents from the past four months shows just how quickly prices have risen:
January’s median asking rent was $2,876, a 15% increase from a year earlier and up 4.9% from December 2021.
In February, the median asking rent grew to $2,906, a 14% increase from the previous year but only a 1% change from January.
March’s median asking rent was $2,995, up 19.8% from March 2021 and a 3.1% change from February.
In April the median asking rent was $3,022, an 18.5% increase from the previous year but only a 0.9% change from March.
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Boston’s apartment rent prices have hit an all-time high, so good luck finding an affordable unit before the traditional September 1 lease-transition date. The usual-suspect neighborhoods top the list of most expensive areas in the city to rent.
One is tempted to say these rent spikes will sooner of later send people flocking to buy condos or homes. But this housing market has defied all common sense and past trends. Many people remain highly nervous about buying during turbulent economic times.
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