Renting

Average Boston-area rent falls for the first time in almost 7 years

Rents in the Boston area fell in the final three months of 2016, the strongest evidence yet that the unrelenting rise in apartment costs may be cresting.

The addition of thousand of new apartments in Boston and surrounding cities is acting to slow rental prices, at least at the market’s high end. Keith Bedford / Globe Staff File Photo

By The Boston Globe

Less than a minute to read

Rents in the Boston area fell in the final three months of 2016, the strongest evidence yet that the unrelenting rise in apartment costs may be cresting.

The average monthly rent on a new lease signed in the region dropped 1.7 percent to $2,038 in the fourth quarter, according to Reis Inc., a firm which tracks the apartment market. It was the first quarterly decline since early 2010, and comes as thousands of new apartments are being built and opening in Boston and neighboring cities.

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