Two major apartment landlords reported big rent hikes in their Boston-area portfolios and predicted more increases to come because of the region’s declining supply of new multifamily housing.
Equity Residential, owner of 7,077 apartments in Greater Boston, reported average June rents of $3,583. In the past year, average rents have risen 4.3 percent in the company’s local portfolio.
Executives said Boston has outperformed their outlook from January, including stronger-than-expected summer leasing trends.
Source: Citing Less Construction, Major Boston Landlords Plan Big Rent Hikes – Banker & Tradesman
