The cost of renting in the Boston area has been skyrocketing faster than almost everywhere in the country, according to a new survey.
Realtor.com found that the median rental price in Boston, $2,995, was about 25% higher this July than in July 2021, growing faster than everywhere in the U.S. except Miami and New York.
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The cost of rent in Boston is nearly double the national median, of $1,879, according to the survey. That's up 12% year over year.
Rents grew faster in the city than in Boston's suburbs, the Realtor.com survey found. And opting to stay in a studio doesn't save that much money -- the median studio rented for $2,591, up 31% over the past year.
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But the increase in the cost of renting appears to be leveling off. In June, the median rent in the Boston area was $2,966, meaning it only increased by $29 into July.
Realtor.com's chief economist, Danielle Hale, said in a statement that "renters are feeling it everywhere, but there may be some relief ahead. Survey findings suggest that landlords are adjusting their approaches to renters' tightening budgets, while July data shows rent growth is leveling off at a relatively cooler pace than in 2021."
The survey looked at studios, one-bedroom apartments and two bedrooms across the 50 largest metropolitan areas in the U.S. The Boston metro area includes other nearby cities and suburbs and parts of southern New Hampshire.
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