Greater Boston apartment rents rose 6 percent in July, the fastest growth since August 2012, in a reflection of the region’s increasingly competitive multifamily market.

Average rents were $2,245 in July, up $107 from July 2014, Dallas-based researchers Axiometrics reported. Occupancy rates have hovered around 96 percent since April 2014.

The biggest gains are taking place south of Boston. Rents in the south/southeast suburban market, which includes much of Norfolk County, have risen nearly 10 percent in the last year. The South Shore/Route 128 submarket saw 6.4 percent rent growth over the same period.

The demand reflects the region’s strong job growth of 2.4 percent, exceeding the national average of 2.1 percent, according to Axiometrics.

“The Boston market is leading the Northeast Corridor’s apartment resurgence,” Vice President of Research Stephanie McCleskey said in a statement. “The 5 percent effective rent growth in July is the first time any major Northeast metro has reached that level since New York’s 5 percent rate in February 2013.”

Greater Boston Apartment Rents Accelerate

by Banker & Tradesman time to read: 1 min
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