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Boston Apartment Rent Growth Taps the Brakes
The average cost of renting an apartment in Boston last year rose by the lowest percentage since the city began tracking prices in 2014, the Boston Globe reported, citing data released Tuesday by the Walsh administration.
The 1.3% increase across all neighborhoods compared with a 3.3% jump during the previous year. A city analysis found that average rents for some apartments in several neighborhoods either remained the same or actually dropped slightly.
Mayor Martin Walsh cited the data as evidence that the city’s efforts to ease Boston’s housing crisis, by increasing the number of affordable homes available to renters, are making a difference.
“The stabilization of rents across our neighborhoods demonstrates our housing plan in action,” he said. “While I know we have more work to do to keep pace with the demand for affordable housing, I am encouraged by this milestone, and look forward to keeping up this momentum.”
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