At least someone is benefiting from Boston’s rental market: landlords
High demand for rental units puts Boston near the top in a new ranking from the property management industry.
We know that Boston renters have been falling further and further behind owners, as renters typically spend a higher percentage of their income on rent than owners spend on their mortgage.
But is this fact stopping people from renting in Boston?
I think we all know the answer to that is no. From a landlord’s perspective high prices and thousands of eager renters make Boston a dream city to operate in.
According to All Property Management, an online network of property management companies, Boston has the second best rental market in the Northeast, falling just behind Washington, DC, and the No. 22 best in the country as a whole, ranking higher than both New York and Philadelphia.
The data shows that only 2.6 percent of rental units in the Hub are vacant – much lower than the national rate of 6.72 percent. Though this contributes to Boston having a strong rental market, it does not help keep rents low.
And the report suggests rental property owners should expect this trend to continue in the months to come, rents continue to increase until more units are built.
All Property Management mentioned that according to the Greater Boston Housing Report, Boston rents have increased by 15.4 percent since 2009.
Having so many renters in the city is a challenge that Mayor Marty Walsh is trying to address with a plan to create more affordable housing units and generate 53,000 more housing units by 2030.
Related: 9 Questions to ask when viewing an apartment
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