BOSTON — Rents in the Metro Boston area are up. In south Boston that’s especially true. “It’s a hot spot it’s a destination So people want to be in Southie,” said Eric Peterson who lives and rents in South Boston.
In fact, rents are way up from a year ago. “There’s a little sticker shock but it’s the price you’re paying in South Boston if you want to live here,” said Dodge Tucker who also rents in Southie.
But those high rents are not just in Southie.
According to Zumper.com the average cost of a one bedroom rental in South Boston is $2,525.00 a month.
“The prices are up this year from last year a good 20%,” said Andrea Petrino who is a Realtor at ReMax Realty Plus on West Boradway.
A new study done by Zumper.com lays out the local price jumps. Rentals in Melrose are up 35%, in Waltham they’re up 30% and in Cambridge they’re also up 30%.
Petrino says Cambridge is the most expensive local city as her clients discovered.
“One in Cambridge recently that we just rented was a two bedroom, two bath with parking. It went for $4000. a month,” she said.
MLS listings show the huge price jump too.
Suffolk County is up an average of more than 14%, Middlesex County is also up 14%. But young people like Eric Peterson are taking the prices in stride while admitting that eventually something will have to give.
“Yeah it’s pretty crazy but when push comes to shove there’s going to be a breaking point where we’ll say it’s not worth it anymore,” said Peterson.
How about some tips to find a rental. Petrino says to gove yourself time and start looking 90 days out.
And be prepared to pay. She adds that savings are key. Case in point, that unit Cambridge is $4,000. a month.
Just to get in the door renters had to come up with $12,000 for first last and security. That’s a lot of money but realtors tell me there’s no shortage of renters in sight.
This is a developing story. Check back for updates as more information becomes available.
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