Boston,MA is the third most expensive city for renters: Massachusetts Homebuyers Homeownership

 Beantown is the third most expensive in the city for renters, according to a new report from Zumper.
With inflation at its highest level since the early 1980s, Zumper’s National Rent Report found a leading indicator on rising inflation rates is rent, as the three markets with the highest inflation numbers also have the most dramatic growth in rental prices. In February, median rental prices hit an all time high nationally, growing 1.4 percent from January, a sign that seasonality trends aren’t affecting the current growth period. Rents continue to rise at breakneck speeds, according to the report.

 “That rent continues to hit all-time highs to open 2022 is interesting from the point of view that winter tends to be a slow period for housing markets for a fairly straightforward reason  nobody wants to move in the middle of winter,” the report stated. According to Zumper’s February National Rent Index, the median price of a one-bedroom rental unit rose to $1,393 and $1,708 for a two-bedroom apartment. This was the ninth time in the past ten months one-bedroom units hit a new high while two-bedroom units have done the same for thirteen consecutive months.

 Boston ranked third on the list of highest rents in the report, with a one-bedroom median rent price of $2,700. While month over month, Boston rents fell 0.7%, according to the report, year over year they grew 31.7 percent. Month over month two-bedroom rents fell 1.9 percent, while year over year those grew 23.6 percent. San Francisco took the second spot at $2,930 and New York topped the list with $3,100.

 Rent increases are tied to the housing market. Recordchigh home values are pricing renters out of the market and with such low inventory, renters who are looking for a home are staying put. “These renters also have high incomes relative to other renters they’re in the bubble of being able to buy a house after all so the home sales market is keeping high-income tenants in the rental market longer than they want to be,” the report stated. “Thus, rent rises.”

The post Boston is the third most expensive city for renters appeared first on Boston Agent Magazine.

First Time Home Buying in Massachusetts

MABA Buyer Agents help first time home buyers reduce the stress and frustration normally associated with buying a home or condo – especially for first time home buyers.

As a first time homebuyer in Massachusetts, you can turn to our non-profit organization to help you understand and navigate the complexities of the entire Massachusetts real estate transaction, from mortgage pre-approval until you are handed the keys to your new home or condominium. Each of our member buyer's brokers and agents works only for their buyer-clients and never for the seller of the home or condo that their buyers want to buy.

MABA Buyer Agents will take the time to learn about you and your real estate goals, help you understand your options, including first time home buyer programs, properties and/or condominium associations, estimate real property values and put together a negotiating strategy to help you increase the odds of getting your offer accepted in our competitive Massachusetts real estate market. After advocating to get your offer accepted, your MABA buyer's agent will be there for you at your home inspection and help you protect your deposit through the inspection, purchase & sale and financing contingency periods.

You can buy your first home or condo with confidence knowing that your MABA buyer agent is committed to saving you time and money and helping you make your best home buying decision.