Booming construction in Boston is no newsflash, with a tremendous amount of new developments under construction or proposed throughout the last year.
However, what may come as a surprise is the effect that these new developments are having on existing rent prices. Since a majority of these new developments are focused on homeownership and high-end luxury development condos, existing rent prices are dropping.
From August to September, Boston saw a 7% fall in rent prices to $2,420, according to Boston Magazine.
Part of this is attributed to the huge amount of multifamily construction. New rental units included in this are bringing more units to the market and lowering the current high demand.
However, the nationwide average for one bedroom rent has still increased, suggesting that this decrease in Boston prices may be short lived.
Contact us to discuss rent prices in your neighborhood and finding your new home today!