Boston Rents Up
Boston area apartment rents will rise next year as a tight market gets even tighter amid a drop in new construction, a new report finds.Rents will jump 3.3 percent this year, driving up the average asking rent to $1,753 per month, real estate investment firm Marcus & Millichap reports.Driving the rent increase is an ongoing drop in the number of available apartments, coupled with modest job growth.This may prove well for the Boston Condo market as mortgage rates continue to drop. Should be an interesting 2008!
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