Experts say the difficulty in obtaining home mortgages, a surging economy, a limited supply of apartments and a vacancy rate rivaling that of NYC and San Francisco are contributing factors forcing rents higher then ever. While more than 1,000 apartments are under construction in Allston, The Back Bay, Somerville and the Hub’s Seaport District, the addition is still a long way from alleviating the increasing rental prices.
Some facts from Rent Jungle: Average rent in Greater Boston 2012; up 3.2%. In South Boston and Somerville; up 20%. In The Back Bay and North End; up 15%.
If this trend continues... renting in Boston is going to be quite hard for people who are tight on funds, but want to stay in the Downtown scene. Areas like Somerville, Allston/Brighton and Jamaica Plain are becoming hot spots for young professionals and grad students simply due to the lower rents, easy parking and public transportation.