Boston rents rise in Q2

The Boston rental market experienced a rent rise during the second quarter.

A report from Zillow's subsidiary RentJuice showed that the Boston rental market has improved, as commercial property managers experienced the average asking rent rise 4 percent during the second quarter.

The city's metro area had an average rent of $2.85 per square foot during the quarter, according to the report. Cambridge actually witnessed its rental prices decline. The Riverside section fell by 11 percent, while Cambridgeport dropped by 10 percent. East Cambridge rents also had a 5 percent decline. Despite this, North Cambridge had a 20 percent gain in price averages compared to the first quarter.

"A change in the inventory available and a shift in demand are often the reasons why neighborhoods see significant swings in price," said David Vivero, vice president of rentals at Zillow.

Due to the many students in the area not moving in until the autumn, approximately 70 percent of the Boston area's rental properties will be available in September, the findings stated.

Apartment pricing can vary slightly in the city and surrounding areas, even if the rental choices are similar. RentJuice noted that the average apartment in Allston costs close to $2,000 at asking, which was higher than Brighton's figure, which was nearly $1,960. Studio apartment setups are more plentiful in Allston as well. Brighton only has 7 percent of its rentable rooms classified as studios, while Allston nearly has one-in-five to choose from.

However, Brighton is much easier for those who are looking for apartment-specific setups. The report stated that six in 10 apartments are either one- or two-bedroom apartments, which was much higher than Allston's figure of 47 percent.

Those who are more inclined to move near Fenway Park have to pay a significant premium compared to other areas in the city. Total price per square foot rose by 9 percent in the Fenway area compared to the previous quarter, and Back Bay experienced a 7 percent hike. Furthermore, Kenmore experienced a jump of nearly 70 percent in prices during that time period.

Back Bay had a total average rent per square foot rate of $4.16, while Kenmore and Fenway were both listed at $3.51 per square foot.

Property management companies in the area will likely see a significant influx throughout the latter half of the year, no matter where the apartments are situated, due to the high demand from younger people in the city.

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