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Boston is the fourth most expensive rental market, study says

by Emily Johnson, Taylor Johnson Public Rrelations

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Bostonians priced out of homeownership are not likely to find much relief on the rental market, as rents in Boston are the fourth-most expensive in the country, according to a new study by apartment searching website Zumper.

In ranking the median price of a one-bedroom apartment in May, Boston was found to have the fourth-highest monthly price. It’s the second straight month that the city has been ranked fourth, according to Zumper.

A one-bedroom apartment in Boston cost $2,200, which is unchanged from last month but actually represents a 3.5 percent decrease year-over-year. That price is only $60 less than third place San Jose, CA., but is more than $1,000 off first-place San Francisco. (Second place New York has a median one-bedroom apartment price of $2,910.)

Nationally, the median price for a one-bedroom is $1,169.

The median price for a two-bedroom apartment in Boston is $2,600, which is also unchanged from last month but is down 2.6 percent since this time last year, Zumper reports.

With rents remaining high in Boston, now might be a great time for renters to consider buying a home. Renters paying the median U.S. rent could afford a house that is 50 percent more expensive than the median U.S. home value, according to Zillow. That study put the average apartment rent at $2,634, which would allow those perspective buyers to afford a home up to $538,529. However, the median home value in March was $542,100.

Check out the other most expensive rental markets in the country, courtesy of Zumper.

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