"Area's rents up 4.2% in one year; Analysts cite higher demand amid surge in home foreclosures" by Kimberly Blanton, Globe Staff | October 29, 2008
Rents in the Boston area spiked 4.2 percent over the past year, the biggest increase in seven years, while rising foreclosures and a slumping housing market pushed more people into apartment living.
Rents are up because families who are losing their homes in foreclosures are driving up demand for apartments, housing analysts said. As demand rises, it becomes easier for landlords to raise the rent.
Hey, at least SOMEONE is MAKING a BUCK in all this, 'eh, Amurkn? The only one who ISN'T appears to be YOU!!!
Rapidly falling house prices also have put buying on hold for many potential homeowners, who are staying put in their apartments as they wait to see how low prices will go.
These factors pushed rents to "an unaffordable level" for many Boston-area residents, particularly low-wage workers, said Barry Bluestone, director of the Center for Urban and Regional Policy at Northeastern University. --more--"
But we got TRILLIONS for WARS and BANKS!!!!
