According to national reports, Boston is one of the most expensive cities in the United States, whether to rent or own a home. Given the building and job boom, many potential buyers are looking to rent, given the tight market and the higher interest rates.
Given these factors, rents are soaring everywhere and JP is no exception, especially because of its abundance of green space and proximity to the MBTA’s Orange and Green lines.
According to local brokers, average rents in JP have increased by $200-$400 per month in the past year, and in some cases there has been a bidding war for rental units.
Rachael Kulik, a licensed real estate broker at Insight Realty Group, noted, “There has been an uptick in the rental market. People are debating whether to buy or rent.
“People love this neighborhood, but cannot afford to buy, so they rent,” according to Kulik. Rents for one bedroom apartments average $2,300 per month, while two bedrooms are renting for $3,000-$3,200 per month.
If you are looking to stay in JP for only 2-3 years, renting is a viable option.