Rental prices for Boston apartments have hit record highs. For example, a Boston apartment averaging around $1,665 per month, with the market up 7% from last year and projected to go up another 6.2%. Boston’s luxury real estate and key locations have made the city the fifth most expensive rental market in the country. Fewer constructions of new rental buildings in Boston have enabled the market to stay stable and resilient, while more and more people have decided to rent instead of buy in a down economy. Experts say that the demand for rentals will continue to increase, as homeowners who lost their homes to foreclosure or short sale in the recent years are unable to qualify for mortgage financing and therefore, cannot buy into the housing market.
This tight renting market has left Boston apartment seekers scrambling to get an apartment before the traditional changeover date, September 1. Even apartments that have been declared “overpriced” by many are getting rented and some people are even renting without a viewing. Boston is a hotter location to rent than before, with real estate in the Back Bay, Beacon Hill, and Cambridge in higher demand than ever.