A new report shows that Boston is now the second most expensive city in the U.S. for renters.
Zumper's report, released this week, has Boston's 1-bedroom median rent price at $3,060, behind only New York at $3,860. Boston surpassed San Francisco ($3,020), which had previously been the second most expensive city in the country.
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Low supply was listed as one of the key reasons for the city's high rents.
The fact that Boston rents are sky high isn't news to anyone who's searched for a place to live lately. In fact, a report on the most expensive places to rent in the U.S. released last month by Apartment Guide also had Boston at #2.
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Nationally, Zumper's report found that both 1- and 2-bedroom prices are down, the first time in two years that's happened. That's due to several factors, including rising vacancy rates, a return to more regular seasonal moving patterns and the fear of a recession.
“In many metro areas, declining prices are actually a correction to prices that’d become overly inflated," Zumper CEO Anthemos Georgiades said. "We saw historic levels of migration throughout the pandemic, as people switched to working from home and re-imagined their living situations. Now—with a turbulent, unpredictable economy causing fear of recession—migrations are slowing, occupancy rates are falling and rent prices are following suit.”
Here's the full October list of the top 10 most expensive cities for renters:
- New York, New York: $3,860
- Boston, Massachusetts: $3,060
- San Francisco, California: $3,020
- San Jose, California: $2,600
- Miami, Florida: $2,510
- San Diego, California: $2,500
- Los Angeles, California: $2,410
- Washington, D.C.: $2,310
- Oakland, California: $2,200
- Santa Ana, California: $2,150
