Feel like you’re paying an arm and a leg to live in Boston? Well, you probably are. Today, the Boston Foundation, in conjunction with the Kitty and Michael Dukakis Center for Urban and Regional Policy at Northeastern University, published its 2011 Greater Boston Housing Report Card, which analyzes the Boston area’s housing market as it relates to the city’s entire economy.
The findings from this year’s report, especially those pertaining to the rental market, will have you kicking yourself for choosing to live in Boston. This year, Boston set a new all-time record for average rent at $1,665 in the second quarter of 2011. Additionally, one- and two-bedroom apartments were 51 percent higher than the national average, and three-bedroom apartments were 70 percent higher than the national average. Based on these numbers, as of spring of 2011, Boston holds the title for third highest average rent of major U.S. cities, beat out only by New York and San Francisco.
Below are several charts from the report that reveal more about the rental market in Boston, measuring total apartment units and rents over the past 20 years.
Additionally, below are some numbers looking at the average rents of studios, one-, two- and three-bedroom apartments in Boston, as well as rental cost per square foot. These numbers seem to be low compared to number from Craigslist and RentJuice’s Rent Index that we analyzed in this post and this post.
Long story short, the Greater Boston Housing Report Card didn’t really tell us anything new. We live in one of the most expensive cities, and we know this by now. It’ll be real news when rents here drop significantly… like that’ll ever happen.
What do you think of the expensive Boston rental market?
Charts via The Greater Boston Housing Report Card 2011