Rent growth is slowing, according to March Zillow® Real Estate Market Reports. But in comparison to major cities in other states the rent growth in Boston is still high.
According to Zillow rent has increased 4.0% from last year and the number of available rental units has decreased a whopping 14.0%!!!
Zillow Chief Economist Dr. Svenja Gudell attributes the brake on appreciation to a more balanced supply/demand scenario.
“Rents are the highest they’ve ever been, weighing heavily on renters’ budgets and making it extremely difficult for those renters hoping to become homeowners to save enough money for a down payment,” Gudell says. “In most markets, a monthly mortgage payment is more affordable than a monthly rent payment, but the most difficult aspect of home-buying for many aspiring homeowners is coming up with enough money for the down payment
What I do find as inaccurate is the Rent Index. In Boston the average rent for a 1 bedroom apartment is $2,758, not the $2,351 they are displaying.
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Bobbie Files is a Real Estate agent at SUCCESS Real Estate, covering the Bristol, Plymouth and Norfolk County areas