Boston, MA
Boston rental prices up as much as 16 percent from 2021, agency says
BOSTON — Hershley Sterling resides with six different individuals in a rented home in Dorchester. She’s getting ready for her second yr at Bunker Hill Neighborhood School and is actively searching for an house with more room.
“It’s powerful discovering a spot round right here,” Sterling stated. “The costs are very excessive if you’d like a very good place, even only a studio.”
Based on the Metropolitan Space Planning Council, a regional planning company that tracks housing traits, rental costs in Boston are again to pre-pandemic ranges. MAPC Director of Information Companies Tim Reardon stated the housing market is more and more dearer for renters.
“After March 2020, we noticed huge declines within the asking worth for many sorts of models. These had been fairly substantial drops [because] fewer individuals had been shifting,” Reardon stated. “Beginning final summer time, costs have been climbing they usually’re climbing steadily.”
Reardon stated the rising costs in Boston are forcing renters to flock to neighboring communities. MAPC information exhibits the associated fee for rental models can be rising in Arlington, Cambridge, Quincy and Somerville.
“If [this trend] continues, it’s going to place the squeeze on households, younger individuals and seniors on a fixed-income renting their place,” Reardon stated. “There’s merely not sufficient housing to accommodate all of the people who find themselves right here. That’s driving the costs up and when people can’t hire a spot in Boston, they’ll transfer additional out.”
Check out the MAPC’s common month-to-month costs for Boston rental models in July 2021 and July 2022:
| Models | Avg. July 2021 worth | Avg. July 2022 worth | $ distinction | % distinction |
|---|---|---|---|---|
| Studio | $1,698 | $1,950 | +252 | +15 |
| 1 Bed room | $2,000 | $2,250 | +250 | +13 |
| 2 Bed room | $2,400 | $2,775 | +375 | +16 |
| 3 Bed room | $2,800 | $2,975 | +175 | +6 |
Sterling stated she’s at present paying $500 a month for a small room in that Dorchester home. She goals about renting more room however doesn’t know if she has it in her price range.
“Every part is pricey,” Sterling stated. “If you wish to discover a place that’s handy for you, you’ve acquired to spend the cash.”
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