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Hot Greater Boston Area Rental Market

The cover headline story in the August 1, 2011 Banker and Tradesman reads, “Hot Apt. Market Set To Ignite Home Sales”!

‘We are down to 4 percent vacancy rates,’ noted Barry Bluestone, Northeast University economist. ‘When it’s below 6 percent, you have escalating rents.’

With a great job bank and many strong school systems, it is clear that the migration to the Greater Boston Area is compelling. The Newton rental market is vigorous with supply not meeting demand. Many relocating employees are drawn to Newton, for example,Ā  for its remarkable schools system and excellent commuter location. Although the rental inventory in Brookline may be higher, the proximity to the medical area and easy access to the Green Line makes Brookline a premium market for both sales and rentals. Cambridge is sited in the Banker and Tradesman piece as being “particularly hot.”

The local boom in the biotech and high-tech industries is especially being felt in hot rental markets like, Cambridge…

In the field, the evidence is obvious. The competition for quality housing has been fierce. Properties that are in good condition in desirable neighborhoods often end up receiving multiple applications.

The surge in the rental market bodes well for the housing market recovery in the Greater Boston Area. This is a great time to buy or sell in the Greater Boston area. Back to School market is just around the corner.