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– News from elsewhere covered by Quincy Quarry News with commentary added.
Rents in Greater Boston all but unchanged as compared to last year.
Changes in Metro Boston area rental prices are quite small as well as in line with trends nationwide.
In the wake of residential rent increases in recent years outpacing the rate of inflation, rental rates appear to have plateaued.
The median rent in the most expensive third of the market was $2,986 in June, according to the real estate firm Zillow, down from $3,018 in June 2017 and thus a bit more than a 1% drop.
For the middle third, the median rent rose slightly as well, from $2,374 to $2,400 – a bit over 1%.
And, for the bottom third, the median rent rose $17 over the year, to $1,862 – or less than 1%.
These insignificant changes in Greater Boston area rents still reflect a trend in the major metros noted by The Washington Post on Monday and – by implication – the possibility of a cooling real estate market.
“Since last summer,” the Post reported, “rents have fallen for the highest earners while increasing for the poorest in San Francisco, Atlanta, Nashville, Chicago, Philadelphia, Denver, Pittsburgh, Portland and Washington, D.C., among other cities.”
In the meanwhile, in Quincy thousands of new residential units are under construction, pending approval or otherwise proposed as the residential rental market is looking to have cooled.
Source: Greater Boston Rents Tick Down For Priciest Units, Tick Up For Everything Else
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