Apartments in Cambridge’s Central Square saw average rents rise by more than 20 percent in Q1, the biggest jump in Greater Boston.
Greater Boston’s tight rental market pushed rents up by double digits in the first quarter as an improving economy created pent-up demand for apartments.
The Boston area’s vacancy rate of 4.5 percent was second only to San Francisco’s 3.7 percent and the demand for apartments caused rents to surge by 8.6 percent — the fourth highest jump in the nation behind San Francisco, San Jose and New York, to an average of $1,945 in Greater Boston, compared with the national average of $1,066, according to new survey data from Axiometrics and Property Portfolio Research, a CoStar Group company.
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