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With occupancy over 95%, renters compete for Boston apartments

by Elizabeth Kanzeg Rowland

Finding an apartment in Boston proved difficult during this year’s peak rental season, thanks to high demand and limited supply.

On average, 13 renters pursued every vacant apartment in Boston during the second quarter, compared to nine nationwide, according to a new report from RentCafe. With an occupancy rate of 95.1%, Boston apartments only stayed on the market for an average of 37 days.

In the study, which assessed the U.S. housing market based on market heat indicators like occupancy and share of new units relative to total inventory, Boston ranked as the 15th most competitive metro area nationwide and fourth in New England. Bean Town’s rental competitiveness index score rose from 79.9 to 80.1; the national score was 74.6.

New apartment supply rose by 0.82% in Boston, mirroring the national average of 0.84%. Still, the influx didn’t keep up with demand.

“Not surprisingly, the Northeast’s rental market is in very high demand this summer,” said Veronica Grecu, RentCafe analyst. “With a low supply of apartments and high homeownership costs, more people are staying in the rental market for longer, leading to fierce competition and high renewal rates.”

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