BOSTON — We all know Boston is a great place to live and work.
That’s why Carlos Monalo who is a traveling nurse just moved here. But that’s when he got sticker shock.
“It was insane between $4,000 to $6,000 and they didn’t offer any short terms,” said Monalo who just moved here in the last month.
That’s $4,000 a month to live close to Brigham and Women’s near Mission Hill and that was a bargain. A far cry from his place in Florida.
“It was $1000 for a two bedroom two and half bath. Here it’s four times that price,” said Monalo.
Katia Freire also works at the Brigham but she lives further out in Roxbury near Grove Hall and has been looking to move.
“We are trying to look for a new house to move to but four rooms at $2000.00 a month. It’s crazy!,” she said.
With the average Boston rents at $2,800.00 a month, according to Rent.com, Freire says it’s hard to make a move right now.
“It’s, it’s crazy. Everywhere you are trying to move rents are going up, too. So, You might as well stay where you are right now,” said Freire.
That’s the advice local real estate experts are giving especially with the soaring rental rates.
“I think they’re way high, out of hand and I don’t see an end very soon,” said Doug Melcher who is a real estate broker with Melcher Real Estate Group.
Doug Melcher is a real estate broker with decades of experience in the Boston area.
He says people need to invest time in their search and that includes people now renting who are saving to buy to like Freire.
“I was thinking about buying a house with my sister, so I’m just going to wait a little bit more to see if it’s going to go down or not,” said Freire.
The average cost of rent in Boston is $2,800.00 a month. That up $400.00 since the start of the pandemic in 2020. That’s also the price you’ll a used car, a plane ticket to Florida or a nice piece of jewelry for your significant other.
Melcher expects rates to come down as inflation cools. In the meantime, he has some tips for renters who are trying to save money. First is find a good broker.
“Find someone with some experience and some connections with the smaller landlords. Boston is filled with small landlords who own excellent properties and rent them out through excellent brokers,” said Melcher.
He also says to gauge your expectations and your timeframe.
“Don’t come here in a weekend and think you’re going to find your dream place. Spend 2 months looking,” said Melcher.
With that advice Freire says she’s hopeful and patient her wait will pay off.
“Keep looking – you’ll find it someday,” she said.
And one more tip if you’re looking to save money. Try renting a room in an apartment with others. The average cost of a room nationwide is less, according to Bungalow, for room rentals at $1218.00 a month. But according to Rent.com, in Boston, that same room will cost you $1750.00 a month.
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