Reis in the News
By Tim Logan
Source: Boston Globe – After a Flat Year, Greater Boston’s Rents are Starting to Rise Again
With the spring real estate market blooming, rents in Greater Boston are again accelerating, though it’s not yet clear if that’s a blip or a longer-term trend.
New figures from several real estate data firms show the price of an apartment in the region is on the upswing after staying relatively flat over the last year or so. It’s a sign that strong demand continues in the region’s housing market and raises the question of whether Boston needs to build even more places for people to live if it hopes to make a meaningful dent in what are some of the nation’s priciest rents.
In the first three months of the year, the average rent for an apartment in Greater Boston rose to $2,152, up 4 percent from a year prior, according to the real estate firm Reis Inc. That was the quickest pace in nearly two years and far faster than the 1 percent growth rate of this time last year.
That comes amid a bit of a lull in the region’s wave of housing construction — at least in terms of new apartment buildings opening — even as the ranks of renters continue to swell, thanks to strong job growth and a wave of baby boomers downsizing into apartments.