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Average Boston rent up 7+% in past year

 
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Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Tue Aug 14, 2012 2:56 pm GMT    Post subject: Average Boston rent up 7+% in past year Reply with quote

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Description: Average Boston rent up 7+% in past year
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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Thu Aug 16, 2012 4:17 pm GMT    Post subject: Reply with quote

Math on buy vs. rent seems to be pointing more strongly to buy these days.

In my building today, as compared to 2005, rents are up about 40% (nominal) and prices are down about 5-10% (nominal).

If you use the 15x annual rent as a rule of thumb (cited here: http://money.cnn.com/galleries/2011/real_estate/1101/gallery.rent_or_buy/index.html), the ratio has gone from over 18 in 2005 to a little over 12 today.

And that doesn't factor in the huge (40%) reduction in interest rates (5% in 2005 vs. 3% today).
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