Rents in Boston are climbing at their slowest rate in more than two years as a surge of new apartments hits the market.
A new report out Wednesday from data firm Axiometrics found that the average rent in Greater Boston fell slightly from August to September, to $2,363 a month. Average rents have climbed just 1.8 percent compared with September of last year, their slowest annual growth since early 2014. It’s the latest sign that the wave of building in the region is having an impact on rents.
“The Boston apartment market may be seeing the effects of the new supply delivered in the past six months,” said Stephanie McCleskey, vice president of research for Axiometrics. “Job growth picked up in the third quarter, but the low rates earlier this year combined with the new construction provide a foundation for lower rent growth.”
There are signs that may continue. More than 3,000 new apartments have come on the market in the last six months, Axiometrics said, with another 1,344 slated by year’s end, and about 6,000 expected to open in 2017.Tim Logan can be reached at email@example.com. Follow him on Twitter at @bytimlogan.