Bad news for renters: Vacancy rates are at their lowest in a decade, which is driving up rents — just in time for the annual September 1 *Big Move*. According to a recent article in The Globe, we are currently the country’s FIFTH most expensive rental market, behind Fairfield County CT, Westchester County NY, San Francisco, and New York City. Yeehaw!
But wait… it gets better! According to another recent posting in Boston.com’s real estate section, the area’s highest rents are apparently right here in Cambridge, with East Cambridge and Kendall Square topping the list.
On the bright side, Edward Glaeser, a Harvard University economist, sees this as a good omen for the area, saying, “It is a positive sign that there is some life in the housing market and some life in the economy.” And it’s definitely good news for landlords and real estate investors…