Apartment Rental Gaining Popularity in Boston

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  • Author Bruce Garland
  • Published April 25, 2012
  • Word count 487

This article talks about the difficulty that Boston is currently facing in terms of its housing issues.

Apartment rental in the US has been experiencing growth, as more people are more inclined to rent apartments in the present economy as opposed to buying them outright. This is due to a myriad of economic factors including the relatively bleak outlook on the global economy nowadays. The poor economy also means that people prefer to able to move more easily if a job opportunity arises in a new city.

Due to these factors as well as the decline in the housing market, rental rates across the country have been steadily on the rise. The latest available data from the Labour Department recorded a 2.4% increase in rental rates in January as compared to one year ago. The data reflects that the current high demand for rental homes has been consistently on the rise. People are also more reluctant to move out of their existing apartments. This has been shown by the fact that the amount of vacancies has fallen to an all-time low in 10 years, at just 5.2%, according to a report in RIS Media. The biggest recorded increase in apartment rents is in urban centres with hi-tech industries such as Austin, Boston and San Francisco. Boston, in particular, has seen the demand for its apartments rise enormously in the recent years. One of the reasons for this is the increase in hi-tech companies in existence in the area which has resulted in a growing demand for more workers. All of this means that the city is a particular hotspot for most people to choose to move to and Rent Apartments in Boston.

Looking closely at the figures provided in the earlier paragraph, it is possible to infer that one of the key factors behind the increasing rents in the US is that new apartment construction has not been able to keep up with the high level of demand. This means positive news for landowners as a limited apartment supply means that they have been able to raise rents by up to 5% in San Francisco. The New York Times provided further credible evidence of the increase in demand for rental homes. It reported that by the end of 2011’s fourth quarter, approximately two million more households were renting in comparison to 2004.

In one of its latest published articles, RIS Media reported that the majority of these new renters had actually owned homes prior to renting apartments. According to a poll comprising of several thousand rental property occupants, recently conducted by an online apartment tracker website, just over a third of them used to own homes. This figure differs considerably from the 20.5% recorded in a similar survey conducted in the previous year. The spokesperson for the online apartment tracker has expressed his opinion of the considerable difficulty one can come to expect these days in their search for an apartment to rent.

Written by Bruce Garland a Boston native and baseball enthusiast. Bruce wants to help you get the best Apartments for Rent Boston that you can through Fenway.

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