If you rent, you’ve probably noticed the increase in rental prices all over Boston as well as the rest of the country. According to a recent Harvard report, Boston real estate renters as well as those from coast to coast can expect to continue to see increasingly higher rental costs. Back in 2009, large and professionally managed Boston luxury apartments and Boston condos located in complexes saw a decrease in rent by 4.1%. This rebounded, however, by the end of 2010 by 2.3%. If you’re already concerned about the costs of renting Boston real estate you better brace yourself. Vacancies in complexes have dropped from 8.2% in 2009 to 6.4% in 2010.
The vacancy rate in the U.S. overall—rental of private and professional units—fell from 10.7% in 2009 to 9.4% in 2010. Thankfully there are many proposed Boston luxury apartments and Boston condos after a longer period of declines in construction. Do you think this will help? With the costs of utilities rising alongside Boston real estate rental rates soaring, is it possible that buying may be a more financially sound decision in the next few years? According to a Harvard study, around 25% of renters spend over half their income on rent and utilities. At the same time, another 25% spend 30-50%. What’s a Boston real estate renter to do?