Sep 29, 2022 - News

Boston is second most expensive metro for renters

Metro areas with the highest median rent in August 2022
Data: Dwellsy; Chart: Axios Visuals/Axios

With a median rent for new listings of $3,000, Boston is one of the most expensive cities for renters, according to numbers from rental company Dwellsy.

Why it matters: Already expensive rents have increased in 2022, making it harder for people to afford housing.

By the numbers: Among the thousands of Boston-area listings posted through Dwellsy, asking price for rent in Boston increased 9.7% from August 2021 to August 2022, the report shows.

Driving the news: Demand for rental single-family homes is driving the market, per Dwellsy's August report. Rent prices for those homes are up more than 36% year over year, while apartment rent only rose 4.7%.

Yes, but: Rents could finally be peaking. Realtor.com's latest report shows August median rental prices nationwide were down from July — the first decrease since November 2021, writes Axios' Emily Peck.

What's happening: Many would-be buyers are stuck renting, as surging mortgage rates make buying unattainable.

  • High demand and critically low supply drive up rents.

Once landlords realize they can charge more for a unit, "they're going to keep increasing the price to capture as much profit as they can," Redfin chief economist Daryl Fairweather told Peck in August.

Editor's note: This story was corrected to clarify that the median rent data was based on active listings from Dwellsy, not all rental units.

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