Boston multifamily rents continue escalation in past year

Multifamily rents in Boston are on the rise.

Property management companies in Boston have witnessed an increase in apartment rental prices in the past 12 months, according to a report from Rental Beast.

The city's average monthly rent rose to $1,881, which was approximately 7 percent higher than the same point last year. The average apartment in the Back Bay area costs more than $2,850, while Jamaica Plain's average is more than $1,530, according to The Boston Globe, citing the report.

The news source also cited a report from Reis, which showed that the Greater Boston area has an average rent of nearly $1,800. This makes Boston the fifth most expensive city in the country in terms of rents.

Rental Beast's report explained that the vacancy rate declined to nearly 3 percent in August, while it was nearly 4 percent at the same point last year. In areas such as the South End and Back Bay, there are rates of less than 1 percent. The continued declines in multifamily vacancies has made some consumers worried, but it has helped many commercial property managers prosper during this time.

"The rental market is as strong as it's been in 10 years," Ishay Grinberg, president of Rental Beast, told the news source. "Is it more expensive? Yes. Is it a pain to find an apartment? Yes. Those are the negatives. But all in all, people still really want to be in these areas, and that cannot in any way, shape, or form be a negative."

Boston not only has an influx of students not living on campuses, but also has a large group of young professionals who are still not moving into homes due to the current conditions in the housing market, the news source said. More than 3,200 apartments have been approved by the city's government for development in Fenway, Back Bay and the Seaport. However, these areas are where the most expensive rent is typically found. In addition, the government has commissioned more than 1,000 new apartments to be built in other parts of the city.

The news source added that these properties are part of the approximately 7,000 apartments and condominiums on which that the city's redevelopment authority has commenced development, in hopes it will deal with the low vacancy problem.

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