RICHARDSON, TX–Average Boston apartment rents declined in July for the first time this year, according to Axiometrics, a RealPage company.
Boston renters paid an average of $2,429 per month per unit in July, $8 less than they did in June, but $38 more than the July 2016 average of $2,391. That year-over-year increase translated to 1.6% annual effective rent growth, down 0.6 percentage points from June’s rate and 1.1 percentage points from July 2016.
“Job growth is exceptional for the market at 2.8% in June, so the demand for apartments is there,” said Jay Denton, vice president of analytics for Axiometrics. “Occupancy is high at around 96%, but the amount of new supply coming to the market this year (7,545 units) increases competition for renters.”
