Boston Rents hit a record high

A recent artice in the Boston Globe reports that rents are at a record high and inventory is at an all time low. The average rent in Boston is now $1,665 a month and the vacancy rate is the lowest it has been since 2003. In sought after areas like the Back Bay or Beacon Hill, the vacancy rate is as low as 1.2%.

It is a good time to be a landlord and more investors are looking at buying investment property. The downside of this for tenants however is that some landlords are posting huge increases in rent. I got a call this morning from a woman at the Longwood towers who said her rent was being raised $500 a month on a one bedroom apartment from what she had been paying the previous year. Meanwhile, some private landlords are asking for ridiculous degrees of qualifications to be accepted.

This pressure on the rental market is not going to let up until more people start buying homes again and more housing is built. This tight market could be around for a few years though because shifts in the market don’t happen very fast.

You can read the full article in the Boston Globe here

This entry was posted on Wednesday, July 27th, 2011 at 6:43 pm. It is filed under Boston Rentals and tagged with Back Bay Rentals, Boston apartments, boston real estate, Boston Rent, Boston Rental, my boston condo. You can follow any responses to this entry through the RSS 2.0 feed.