Nationally, Boston rents ranked fifth highest, after New York City, San Francisco, Westchester County in New York, and Fairfield County in Connecticut, according to Reis.
Locally, rental prices have been climbing for almost two years, despite a slumbering housing market. Many people have chosen to stay in apartments rather than buy during the downturn, while others have been forced to rent because of unemployment or uncertainty about their job status, housing analysts say. Even with a recent burst in construction of rental housing, economists expect monthly rents to keep increasing for several years.
“It shows there is strength in one side of the Boston housing market,’’ said Eric S. Belsky, managing director of Harvard University’s Joint Center for Housing Studies, of the rising prices. “Boston is a desirable place to live.’’
While the increases can benefit landlords, contractors, and the overall economy, they are causing hardship for those trying to keep up with the cost of living in the Boston area, housing advocates say. More families are struggling to pay their rents and cover other household expenses as federal assistance dollars shrink, while students and young professionals - many on their own for the first time - are finding fewer rental properties to choose from at higher prices.
“My listing volume is a third of what it was two years ago,’’ said Linda Patton, assistant director of off-campus housing at the Massachusetts Institute of Technology in Cambridge. “It’s beginning to scare me.’’
Marie Thompson, 21, a Massachusetts College of Art and Design student, is well aware of the challenge she faces. She and three roommates want to move into a four-bedroom apartment in May or June, and are willing to pay up to $3,000 a month. Even at that price, Thompson said, the selection has been slim. She hopes that will change in coming weeks.
“I would hope to be able to stay in Boston,’’ Thompson said. “There’s much more opportunities and exciting things going on.’’
