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Fri, Jul 19
A Compendium of Property & Capital News
Fri
Jul 19
A Compendium of Property & Capital News

Apartment Report Says High Cost of Greater Boston Rents Has Renters Looking West

June 19, 2019

BOSTON–According to a new report published by Apartment List, there are slightly more Boston residents trying to leave the metropolitan area (37.3%) than people living outside Greater Boston trying to move in (35.8%).

According to the report, Boston is an example of another major metro that is becoming increasingly less affordable, so much so that many priced out renters are looking for housing elsewhere. The most popular destination for people fleeing Boston is Providence, which accounts for 15.1% of outbound searches. Other top destinations are Worcester (7.8%) and Rochester (6.2%).

From 2007 to 2017, the median rent in the Boston metropolitan area increased by 11%, while the median income grew only by 7.8%. 48.9% of Boston renters are burdened by housing costs paying over 30% of their income on rent, while 24.5% of renters are severely cost-burdened, spending over 50% of income on rent.

According to another research by Apartment List, most people move to Boston for jobs rather than location, and only 15.6% of Boston renters plan on settling down in their metro. For many location-first movers, who are less likely to have a college degree, the wage gains when moving from a cheaper location are unlikely to cover the high rent prices.

When it comes to renters looking to move to Boston from other locations, it’s the most popular among renters in New York, NY (21.8%), Worcester, MA (14.7%), or Providence, RI (5.2%).