Boston Somehow Experienced a Decrease in Rent Prices
September in Boston marks a deluge of college students and (inevitably) a few massive piles of bed bug-ridden furniture in the streets. But one thing it has not typically signified is a drop in rent—that is, until now.
A new study by apartment listing service ABODO looked at where rent increased and decreased the most around the country from August to September. As a fair warning, its findings about Boston may startle you. The analysis pegs Boston as a place with the fourth largest decrease in one-bedroom rent prices in the country. The city saw a seven percent fall in rent, from $2,614 in August to $2,420 in September. Seattle took the lead with a 13 percent fall, followed by San Jose and Los Angeles.
“We anticipate that the rent growth might begin to slow in very large cities like Boston, because of the huge boom in multifamily construction,” writes a researcher. “The development and construction of new rentals is will ultimately bring more units to market for local renters and limit the demand and minimize leverage that landlords currently hold.”
Still, the nationwide average for a one-bedroom rose from $932 in August to $940 in September. Trends suggest that rent prices will continue to push upward, so Boston’s new title is only a tiny break for our cost-burdened renters.
Wondering how this is all possible? See the full analysis here.