Cambridge and Boston were the most expensive municipalities in the Boston region to rent either a one- or a two-bedroom apartment at the start of October, according to an analysis of active Zumper listings in 15 different cities and towns that the website compiled.
But close behind Cambridge and Boston—two cities long among the priciest in the region for tenants—were Everett and Revere, which each saw marked year-over-year jumps in their median rents.
The median rent for a one-bedroom in Everett increased 11.5 percent annually, to $2,330 a month, and the median for a two-bedroom increased 9.1 percent, to $2,400. In Revere, the median one-bedroom was up 15.3 percent, to $2,190, and the median two-bedroom up about the same, to $2,610.
Zumper says the Everett and Revere spikes have something to do with their proximity to much more expensive neighbors. In Cambridge, for instance, the one-bedroom median increased 5.3 percent from October 2018, to $2,600, according to Zumper, and in Boston it was up 8.2 percent, to $2,500. (See the chart below for a wider breakdown.)
“The large monthly and year over year growth rates in Everett for both one- and two-bedrooms signal an incredibly strong demand for housing there currently,” a Zumper spokeswoman said over email. “One of the factors to this large increase is Everett’s proximity to Boston, but with overall cheaper rents so people who may be priced out of Boston or are just looking for more affordability but with an easy commute into the city will look into Everett for rentals, driving up demand and prices there.”
Also, in Everett’s case, the spike might have something to do with the big casino-resort that opened there over the summer.
“Another large factor may be the opening of the new Encore hotel and casino in Everett,” the Zumper rep said, “which is creating jobs and more desire for people to move there.”
The reasons for such relatively high rents are familiar to most tenants, landlords, and observers. Basically it’s insufficient supply amid steady demand—and a history of not developing enough multifamily properties across the region (blame zoning regs for a lot of that). What’re you seeing in the market this fall?