BOSTON (WHDH) – Boston has surpassed San Francisco to take the title of the second-most costly metropolis for renters within the U.S., solely topped by New York Metropolis, in response to actual property platform Zumper.
The median one-bedroom hire in Boston is $3,060, leaping 5.9% month over month. Boston’s two-bedroom median is now $3,500, a 4.2% improve over final month. Zumper identified that Boston’s rising rents might be attributed to its housing disaster, partly brought on by zoning legal guidelines that favor single-family houses, and new stock skewing towards luxurious developments reasonably than extra inexpensive houses. Nonetheless, Zumper predicted that Boston’s costs might degree out now that the brand new school college yr has begun.
New York’s common one-bedroom hire worth is nicely above Boston’s at $3,860, whereas third-place San Francisco’s is $3,020. Rounding out the highest 10 are San Jose, California; Miami; San Diego; Los Angeles; Washington, D.C.; and Oakland and Santa Ana, California. The complete listing is obtainable right here.
Nationally, the hire costs for a one-bedroom residence dropped a median of 0.8% over final month to $1,491 and costs for a two-bedroom dropped 0.7% to $1,832. Over half the cities on Zumper’s listing posted month-over-month declines, 19 cities remained flat, and 20 jumped.
Nationally, Zumper stated worth drops might be partially attributed to a concern of recession.
“In lots of metro areas, declining costs are literally a correction to costs that’d grow to be overly inflated,” stated Zumper CEO Anthemos Georgiades. “We noticed historic ranges of migration all through the pandemic, as individuals switched to working from house and reimagined their dwelling conditions. Now—with a turbulent, unpredictable economic system inflicting concern of recession—migrations are slowing, occupancy charges are falling and hire costs are following swimsuit.”
(Copyright (c) 2022 Sunbeam Tv. All Rights Reserved. This materials is probably not printed, broadcast, rewritten, or redistributed.)