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Market now favors landlords
By Scott Van Voorhis
Boston Herald Business Reporter
Thursday, July 19, 2007 - Updated: 04:02 AM EST
A
fter years of languishing, the market for apartments is back and rents are rising fast.
The average rent in the Boston market hit $1,650 a month at the end of the first quarter, up from an $1,581 average over last year, Calif.-based real estate firm Marcus & Millichap reports. That s a 4.4 percent increase.
That puts Boston in the same league as San Francisco, where apartment rents averaged $1,685, though still short of Manhattan rents, which average over $2,800 a month.
Helping push up rents has been the deflation of the once-hot condo market, which has sent many would-be buyers scurrying back to the relative safety of the rental market.
Apartment building owners are also grappling with big increases in city taxes and utility bills, said John Ford, head of the downtown condo sales and rental firm Ford Realty.
Rents are definitely on the rise, Ford said. It s a tough time to be looking for an apartment.
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