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Rents Higher, Apartments Scarcer In Boston-Area

This article is more than 8 years old.

Finding an apartment in the Boston-area can be a difficult - and expensive - proposition these days.

The Boston Globe reports that the median rent has reached a record high of $1,665 a month, while the vacancy rate is as low as it's been in a decade. The Globe cites figures from Reis, Inc., a New York-based company that tracks rents.

The combination of high rents and low inventory are putting the squeeze on students and other people trying to line up an apartment for Sept.1. Some are being forced to grab units sight unseen.

Experts say there are several factors in play, including the foreclosure crisis which has forced many former homeowners into apartments. The Boston-area has also seen a large increase in graduate students seeking rental housing.

This program aired on July 25, 2011. The audio for this program is not available.

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