Rents continue to rise in Greater Boston
In Boston, rents for apartments are soaring to new heights, which has made it increasingly difficult for tenants to find affordable places to live. This may encourage more people to consider purchasing real estate in Boston, rather than submit monthly payments to landlords.
The average monthly rent jumped more than 7 percent to $1,881 in the past year, according to Rental Beast. Currently, a two-bedroom apartment in the Back Bay community now goes for $2,857 a month, and in Jamaica Plain, a two-bedroom unit costs $1,536 a month.
"The rental market is as strong as it's been in 10 years," said Ishay Grinberg, president of Rental Beast. "Is it more expensive? Yes. Is it a pain to find an apartment? Yes. Those are the negatives. But all in all, people still really want to be in these areas, and that cannot in any way, shape or form be a negative."
Instead of renting property in Boston, you might want to invest in for-sale real estate instead. There are many homes for sale in Boston that you may find to be cost-effective, aesthetically pleasing and in the same areas where rent is growing out of control.