BOSTON’S APARTMENT RENTS INCREASE 10.3%

A recent report in Curbed says Boston Apartment mental market is at it again.  The increase for June compounded annually is 10.3 % which is a record and even as high as the noose bleed rents of the Bay area. While there is a boom in apartment rentals construction with 5,000 new rental apartments in the pipeline there still is no help for current renters.  Despite widespread national asking price rises, rent increases outpaced price increases in 22 of the 25 largest rental markets. Nationally, rents were 5.4 percent higher in June than they were a year ago, and rents increased in 24 of the 25 largest rental markets – all except Las Vegas. Furthermore, rent increases accelerated between March and June in most rental markets, with rents in San Francisco rising 14.7 percent in June from 10.9 percent in March.Boston rents had the fifth highest jump for metro cities.  Most renters are staying put as its most likely cheaper to stay in place and pay a 10% increase than pay moving costs, first, last, security , and broker’s fee.  New renters are getting crushed

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