Boston-area rents surge, but you might be surprised by where
New development south of Boston may be slow, but rent prices are quickly on the rise.
The Boston Globe reports that the average rents in Boston’s southern suburbs have climbed almost 10 percent in the past year. They are rising twice as fast as in the region as a whole and much faster than in pricier markets like central Boston and Brookline, according to figures released last week by the real estate data firm Axiometrics.
Most new high-end developments have been built in the core of the city rather than the suburbs. With this increased supply of city housing, prices—though expensive—aren’t rising quickly compared to prices in suburban towns.
“Demand is still there but there’s a lack of new supply,’’ Michael Roberts, senior vice president for development at AvalonBay Communities Inc., told The Globe. “Add in the affordability factor and you have a lot of people looking in these markets.’’
Actual rent prices are still much higher in the city. Axiometrics said that the average rent in the south suburbs is $1,777 a month: one-third lower than rents in inner-ring areas such as Newton and Cambridge and roughly half what renters pay in downtown Boston.
Read the complete story at the Globe.
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