Boston rent is the 2nd most expensive in the US, report says

The U.S. metropolis with the second highest hire isn’t dwelling to a world-renowned film studio, large on line casino circuit or Silicon Valley. As an alternative, a love for Dunkin’, Pink Sox jerseys and one of many “most stunning streets on the earth,” can all be discovered within the nation’s second costliest metropolis to hire in, in accordance with a Zumper report.

Boston leapt over San Francisco in having the second-highest common hire value within the U.S., in accordance with Zumper’s October Nationwide Rental Report. The median rental value of a 1-bedroom condominium in Boston is $3,060 a month, almost a $400 improve from its July price. The 2-bedroom median value is now $3,500 a month, a 4.2% improve over final month, the true property web site reported.

• Learn Extra: Boston hire is 4th costliest in US; Even pricier than LA, San Diego, Miami

New York Metropolis nonetheless takes the costly rental pie with its median 1-bedroom rental value of $3,860 a month and its median 2-bedroom rental value of $4,300 a month.

“These eye-popping costs shine a lightweight on Boston’s ongoing housing disaster,” Zumper wrote. “Like most massive cities within the nation, Boston’s housing market is undersupplied — however that housing scarcity is very robust to beat in Beantown because of prohibitive zoning legal guidelines that favor single-family properties. And new stock coming on-line is skewed in direction of the luxurious market, pushing median asking costs even increased.”

On Sept.29, Boston Mayor Michelle Wu introduced plans of signing an government order to hurry up the manufacturing of inexpensive housing within the metropolis by chopping down the approval course of for brand new items.

• Learn Extra: Boston inexpensive housing order goals to streamline approval course of, Wu says

“One caveat to this development is that Boston — with its dozens of faculties — is very topic to seasonal patterns,” Zumper added. “So we will count on costs to melt a bit now that college students have settled into their new properties and we enter what’s historically the off-season for renting throughout the nation.”