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Local rents up 4.2% this year.

According to the Boston Globe, area rents are up 4.2 percent this year. This is the largest rent hike in seven years. The average monthly rent in the metro-Boston area increased to $1,659 in the third quarter of 2008 from $1,592 in the third quarter of 2007. Demand for rental properties is on the rise mainly due to repercussions of the mortgage crises. If you are an investor, this is a great time to buy and lock in a low rate while demand and inflation push the rental prices skyward.

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