Single-family homes playing a larger, more expensive role in the rental scene
The average apartment rental also remains significantly less expensive in the Boston area than leasing a home, weighing in at just under $2,000 a month.
The cost of renting a home in the Boston area is rising by double digits, even as the growth in apartment rents slows a bit.
Rents on single-family homes in Greater Boston rose by 10.7 percent in the third quarter, according to a new report by Real Property Management Boston and RentRange.com.
That’s up from a 7.7 percent increase in the second quarter, according to the report, which surveys rents on three-bedroom homes in Boston and its wide-ranging suburbs.
The average rent on a single-family home in the Boston area is now up to $2,484, or roughly double the national average of $1,360.
More than 11 percent of three-bedroom homes in the Boston area are now rentals, the study notes.
“It’s nuts,’’ said Caleb Page, president of the Boston franchise of the Real Property Management system, of the rising rents. “I think it represents what is happening with the economy here.’’
By contrast, apartment rents are still going up, but just not as fast. Boston area apartment rents rose 3.8 percent in the third quarter, The Boston Globe reported, citing a new survey by national market tracker Reis, Inc.
A big increase in the number of new apartment towers and buildings opening in Boston and the suburbs has been cited as potential factors in slowing rent growth.
The average apartment rental also remains significantly less expensive in the Boston area than leasing a home, weighing in at just under $2,000 a month.
While more apartments are coming onto the market, the number of homes available to rent in the Boston area is dropping.
The apartment vacancy rate rose to 5.4 percent, the highest since 2010, the Globe noted. But the number of empty homes ready to rent fell by .03 percent in the third quarter, to 3.84 percent.
That’s significantly below the national average of 5.31 percent, according to the report by Real Property Management and RentRange.
“The market is pretty tight right now,’’ Page said. “People that are eschewing home ownership, that trend continues.’’
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