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In contrast to other high-priced coastal metros, Greater Boston’s larger multifamily buildings remain immune to relief from continuing apartment rent increases heading into the spring market.

The region had the nation’s biggest apartment rent increase in March, rising 2.7 percent. Greater Boston rents have increased 5.7 percent in the past 12 months, according to Apartment List data.

Local median rents range from $2,570 in Burlington, representing a 7.1 percent year-over-year increase, to $1,164 in Lowell, up 5.9 percent. The company’s data covers mostly large, professionally-managed apartment buildings instead of the smaller multifamily properties that constitute a significant share of the metro’s housing stock.

Boston Mayor Michelle Wu and real estate groups are sparring over the mayor’s rent stabilization proposal, which is subject to approval by the state legislature.

The region’s rent increases contrast with moderating rents on the national level. Apartment List cited record multifamily construction levels that will give renters more leverage in coming months.

“2023 could be the first time since the early stages of the pandemic that we see property owners competing for renters, rather than the other way around,” the report states.

Research released by Apartment List in March showed that Greater Boston consistently lags many U.S. metros in housing production per person.

The region ranked between 33rd and 36th out of the 40 largest metros in housing production per person between 1990 and 2022, according to building permit and U.S. Census Bureau data.

High-priced coastal metros have experienced the slowest rent growth during the pandemic era, according to Apartment List data. San Francisco rents have declined 4 percent, the biggest drop nationwide.

Midwestern metros experienced the fastest rent growth since the beginning of the pandemic. During the past year, rent growth was fastest in Chicago, Indianapolis and Cincinnati.

Boston Leads Nation in Rent Increases

by Steve Adams time to read: 1 min
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