Cost Of Renting A Home On The Rise

August 14, 2012 12:00 AM
Cost Of Renting A Home On The Rise

" BOSTON (CBS) – It’s a question that frustrates tenants across the state:  why are rents so high?

" In fact, rents in the Greater Boston area are among the highest in the country.

By one estimate, it takes $1,700 to get a unit in the suburbs and $3,000 in downtown Boston.

“This season has been extraordinary.  Rents are super high.  I think the vacancy rate is 3-percent right now,” said Tim Schmidt of ReMax Destiny in Cambridge.

That vacancy rate is second only to San Francisco.

Schmidt believes one reason for the high rents is good news.  The region’s job market is stronger than most other cities.

“You see a lot of start- ups, a lot of bio-tech,” said Schmidt.  “There are people starting jobs in the $70,000-$100,000 range and moving to Boston.”

Although there have been new units added in unconventional areas like adjacent to Fenway Park, inventory cannot meet demand.

Another factor is the number of would be buyers who are nervous about taking the plunge after the real estate market crash.

“I think they would rather wait and see,” said Schmidt "

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