Boston apartment demand going up, raising prices
August 11, 2010 - Apartment rentals in the Boston area are rising in price, the first increase since the 2008 recession hit, and vacancy rates are falling, prompting some families to reconsider their relocation.
Families forced out of their homes because of high mortgage payments or foreclosures are increasing demand for rental units, reported the Boston Globe. Vacancy rates in the Greater Boston area are 6.2 percent, an 18-month low, and average rents have risen to more than $1,700 per month.
Northeastern University's dean of public policy and urban affairs, Barry Bluestone, told the paper he is "worried" about the trend because it could make apartments unaffordable.
"A six percent vacancy rate is what you'd expect in a fairly strong economy and that we have that in a weak economy is something quite extraordinary," Barry Bluestone told the Globe.
The increase in occupancy rates and rental prices is a national trend, according to MarketWatch's Amy Hoak.
However, Hoak reported on different factors at play. She writes that the increase in demand for apartments actually reflects a growing confidence in American workers, who may have job stability and feel comfortable signing a lease.
Recent Articles
Celebrity journalist Jason Kennedy moving to Beverly Hills
As red carpet season heats up, The Los Angeles Times reports that E! News correspondent Jason Kennedy will be moving into a new home in Beverly Hills. He is reportedly leasing the home for $7,900 a month.
Friday, February 10 2012 17:57
Actress Jennifer Morrison moving out of home in Encino
While housing prices in California remain low, The Los Angeles Times says actress Jennifer Morrison has listed her Encino home for a little less than what she purchased it for a few years back.
Thursday, February 09 2012 17:35
Hollywood producer Terence Winter moving out of Bel Air home
Real estate blog The Real Estalker reports that writer and producer Terence Winter may soon be needing movers as he packs up his home in Los Angeles.
Wednesday, February 08 2012 18:36
Tae Bo star Billy Blanks packing up home in Hidden Hills
Real estate blog Zillow reports that fitness fanatic Billy Blanks may soon be needing movers as he recently sold his home in California.
Tuesday, February 07 2012 18:19
Hollywood director Sofia Coppola moving out of New York condo
Sources report that actress-director Sofia Coppola may be calling for moving services as she has recently listed her home in New York for sale.
Monday, February 06 2012 18:06
Related Categories
Rentals News
Heather Mills is selling in Sussex
As Paul McCartney sets off for his honeymoon with third wife Nancy Shevell, his former flame Heather Mills is getting ready to invite the moving company to her East Sussex estate, according to Curbed.
Thursday, October 20 2011 17:37
|
"Borat" may become a landlord
Sacha Baron Cohen, the English actor most famous for portraying Kazakh reporter Borat, is making his former home available to both buyers and renters, according to Curbed.
Thursday, October 06 2011 16:45
|
Jennifer Aniston shacks up in Los Angeles
While Jennifer Aniston may have just purchased a pair of enviable condos in New York City, it seems the starlet is sending the cross country movers back toward Los Angeles.
Monday, August 29 2011 16:56
|
Clintons cozy up to a Hamptons rental property
The Clintons may need a light moving company in the Hamptons.
Monday, August 15 2011 16:55
|
Rent Helen Mirren's Hollywood home
British import Helen Mirren may have played queens and coquettes, but that has not spared her from real estate trouble.
Wednesday, August 10 2011 16:44
|
