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Rental Markets Expected To Increase in Price and Demand

Graph from the Boston Globe

As time has worn on and the recession has stuck (for now, at least), the rental market has been flooded with potential renters but not much more in rental availability says the Boston Globe. Just as new renters are starting to look for a new place to call home, many experts are concerned that the increase in rent rates will be too much for lower-income families and young adults just starting on their own.

A few commentators acknowledged that this had to do with Boston’s appeal as a place for learning and a relatively steady job market as compared to the national rate. However, this poses still more challenges for those looking for apartments. Since 2005, the average rent has soared 12.5% in the Metro Boston area. To combat the shortage, developers are breaking ground on almost 2,000 apartments, many of which have been deemed affordable.

The tip for renters is to start looking as early as possible. Many apartments are due to start appearing on the market by the end of February, with many more from the surrounding neighborhoods like Brookline and Allston in April or May.

If you’re concerned about whether you should own or rent your home, please contact us. Our expert team will help make the right decision for you and your family.

Read the rest of the Globe article here.

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