Remember when Boston apartment rents, especially at the higher end, were supposed to come a-tumblin' down amid slackening demand, a huge surge in construction of new units and just a general panic on the part of landlords uncertain of which way the economic winds were going to ultimately blow? Remember that? Because we do. And yet. It appears not to have come to pass, at least not in any meaningful, on-the-ground sense. It would, instead, appear that Boston rents are and will remain, for months more at least, high by almost any measure, especially when compared with other U.S. cities.
The latest proof comes from real estate research engine Reis, per the Globe's Tim Logan: "The average rent for an apartment is now $2,009 a month, said real estate data firm Reis, Inc. That's the first time Boston has broken the $2,000-per-month barrier. Among the 79 markets Reis tracks, only New York City, San Francisco and Silicon Valley are more expensive places to rent." We think it's all due to a trio of facts: an even more expensive housing market driving more Bostonians to rent; plenty of flush city dwellers are unfazed by $3,000 studios; and all that new construction is still not nearly enough to slake demand. What'd you think?
· Boston Apartment Rents Up Nearly 6 Percent in 2015 [Globe]
· Boston Glutpocalypse! Broker, Landlord Panic Grips Luxury End [Curbed Boston]
· The Biggest Greater Boston Apartment Openings in 2015 [Curbed Boston]
· Even the Good News About Boston's Rental Market Is Upsetting [Curbed Boston]
· Hey, Boston, You Feelin' the Lower Apartment Rents Yet? [Curbed Boston]
· Our Rent Check archive [Curbed Boston]