Monday, July 25, 2011

Boston's rising rents pose problems for all of us

According to an article in today's Boston Globe, Boston-area rents are hitting new heights with the median price recently reaching $1,665 a month and a vacancy rate of 4.4% (down from 6.2% one year ago). If you are looking for an apartment in the Back Bay the news is even worse with average rentals running $2,650+ for a 2 bedroom and a 1.2% vacancy rate.

Boston's growing population of graduate students only exacerbates the problem. The Globe article points out that over the past decade 20,000+ graduate students have been added to the Boston area and new housing / rental units have not kept pace. These residents are only here a short time and the cost of living issues outlined serve as a serious impediment to many of these highly qualified, educated and skilled workers remaining in the area.

The city of Boston has long been aware that the cost of living and cost of rent / homes in particular are a huge issue. It would really be wonderful to see how Mayor Menino and other local politicians are working to make this less of an issue in the future so articles like this can quickly become part of our past.

If you would like to read the Boston Globe article, you can link to it here.

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