The average rent in Boston has reached $3,408 per month, up 2.62% year over year and 4.09% compared to two years ago, according to a new report from Boston Pads.

While the market has seen an increase, experts say local rent prices likely won’t grow exponentially.

“Data patterns are suggesting the inability to maintain rental pricing increases to cover escalating costs throughout broad sections of Massachusetts,” said Boston Pads CEO Demetrios Salpoglou said in the report. “While some neighborhoods and cities could make modest increases in rent, the overall data suggests a mostly flat or possibly declining trajectory for rent prices.”

In other words, increased vacancy means more choices — and a less competitive market — for renters. The real-time vacancy rate for Boston rental properties sits 72.29% above where it was a year ago and 104.29% from two years ago. The vacancy rate has also grown for four consecutive years, following record lows the market faced in 2022.

Boston renters not only have more options than they did a year ago, they also have slightly more time. Apartments in Boston spent a median of 24 days on the market, compared to 19 days last year.

“Changes are occurring in the Greater Boston apartment rental market, which indicates more choices and overall pricing softness within the industry,” said Salpoglou.