Rents for apartments in Boston are soaring, and a dearth of construction of less expensive apartments is making it increasingly difficult for tenants to find affordable places to live.
The average monthly rent jumped more than 7 percent to $1,881 in the past year, according to Rental Beast , a brokerage that follows the rental market in Boston neighborhoods. A two-bedroom apartment in the Back Bay now rents for $2,857 a month; in Jamaica Plain, for $1,536.
Things are not much cheaper regionwide, as monthly rents in Greater Boston out to Interstate 495 average $1,796, according to Reis Inc., a New York data firm that ranks the Boston area as the fifth-most-expensive rental market in the country, after New York City and San Francisco.
“It’s been a complete turnaround,” said Cynthia Campobasso, who manages rental properties around Boston and used to dread departure notices from tenants. “Now when we get notices, we get excited, because it means we’ll get higher rent than we have in years.”
Read More at Boston.com