Average rent in Boston topped $3,200 in April, making it the third most expensive rental market in the county after Manhattan and San Francisco. Cambridge was the fifth most expensive market at just over $3,000. The national average rent for the month was $1,377, according an analysis by Rent Café of data provided by Yardi Matrix.
Rents in all unit sizes across the country picked up steam in April. Increasing demand across the board has caused one-, two-, and three-bedroom apartment rents to go up by 3.3 percent compared to prices in April 2017, while studio apartment rents were up by 2.9 percent year over year. The average rent for a studio apartment in the U.S. in April 2018 was $1,216; a one-bedroom was $1,241; a two-bedroom averaged $1,454; and a three-bedroom unit was renting for $1,682 on average.
“Housing supply, rent stabilization and affordable rents are of critical interest nationwide,” Doug Ressler, Yardi Matrix director of business intelligence, said in a statement. “Continued rent activity is expected in 22 states and the District of Columbia, which have built too little housing to keep up with economic growth in the 15 years since 2000, and have resulted in a total shortage of 7.3 million units, based on research by Up for Growth National Coalition. A key driver in the changing rental markets will be the individual or families’ cost of living and the percentage required for housing.”




