- Graph of Average Boston Rent for this Decade
The average rent in the greater Boston area has risen this year to $1659.00/month compared to $1592.00/month last year according to a report put out by Reis Inc. This is a spike of 4.2% which is a great deal more than the 3.5% the rest of the nation saw.
So what is causing the rise? According to an article on Boston.com, there are multiple reasons which makes sense of the rising rental prices.
- Families lossing homes to foreclosure now having to rent
- Potential buyer’s waiting it out in a rental until they see the market “bottom”
The article also went on to quote Paul Donahue of CB Richard Ellis saying that “high-end apartments in downtown Boston are raising their rents more than say a 2-3 family owner in and around Boston.”
