Boston Rental Market - Rentsource
We can’t sugar coat it, the Boston area is one of the most competitive and highly priced rental markets in the country. For good reason, though, as the city and its surrounding areas are a fantastic place to live offering a high quality of life whether you’re a student, working professional, or a family. With a strong economy, the best medical and educational institutions in the world, and a great geographic location, people are being drawn here daily, increasing the demand for housing. Unfortunately, new units aren’t being built at nearly the pace to keep up with demand, so prices have typically been squeezed higher and higher. At Rent Source, we’re well aware of the conditions in the market and how they affect your budget. We’ll work hard to get you an awesome place and guide you to the most affordable way to do so!
In the figure below taken from the Greater Boston Housing Report Card, one can see just how drastically rent has increased. In 2009, the average two-bedroom rent was $1,830 compared to 2016 where that same unit rents for $2,602 (about a 42% increase)! What’s more, the vacancy rate has fallen almost in half, indicating more existing units are being occupied rather than new ones being built, squeezing the market even tighter. While the situation is tough, it’s not going unnoticed. The Walsh administration has recently developed a comprehensive plan to add 53,000 units by 2030, most of those for the middle income, working class. The goal is to “drive down development costs, including zoning relief, permitting reform, tax incentives, modifications to the Inclusionary Development Policy, and better use of City-owned land”. Due to this, we should see some stabilization in rents in the coming years as the plan appears to be exceeding set goals.
Our friends over at Jumpshell have put together a fantastic guide to renting in Boston, so be sure to check that out here if you’d like some additional insightful information on the Boston market.