It's no secret that living in Boston is not cheap, and renting is a prime example of that. Since 2009 the average rent in the Boston area has risen from $1600 a month to $1686. It's understandable that the economy is not at its best right now but the price of rent is taking a toll on the average renter, including college students and young professionals.
On the upside of this all people are still renting regardless of the prices and apartments are moving fast. People want to live in Boston. . Leases are already being signed now for September first move-ins. After all, this is a city full of opportunities. From the age of 18 until retirement Boston provides education and career opportunities. There is never a dull moment and always something out there to do in terms of entertainment and fun.
Boston offers a little bit of everything...at a certain price. Boston is expensive; the fifth most expensive city in the country to be exact, but it is the direct result of the high demand. People want to be in the midst of this city and live close to their work, and there's nothing wrong with that. Convenience is key regardless of the economy.
The renting market certainly has not fallen victim to the same economic struggles that the housing market has.
In fact, it may be because of the struggles of the housing market that rentals are soaring. Many people don't have the job security they did five years ago and are afraid to invest in a home, but renting removes the permanence that buying suggests. There's no doubt that residents of Boston want to stay here and make this city their home. Sometimes it's just about making a bit of a sacrifice to live in such an amazing city.