Real estate

As Boston rents soar, local real estate expert shares ideas for finding affordable options – Boston 25 News

BOSTON — We all know Boston is a great place to live and work.

This is why Carlos Monalo, who is an itinerant nurse, has just moved here. But that’s when he had sticker shock.

“It was crazy $4,000 to $6,000 and they didn’t offer any short term,” said Monalo, who just moved here last month.

It’s $4,000 a month to live near Brigham and Women’s near Mission Hill and it was a bargain. Far from home in Florida.

“It was $1,000 for a two-and-a-half-bedroom bathroom. Here it is four times that price,” Monalo said.

Katia Freire also works at the Brigham but she lives further afield in Roxbury near Grove Hall and is looking to move.

“We are trying to look for a new house to move to, but four rooms at $2,000.00 a month. It’s crazy ! “, she said.

With Boston rents averaging $2,800.00 a month, according to Rent.com, Freire says it’s hard to move right now.

“It’s, it’s crazy. Wherever you try to move, the rents also go up. So might as well stay where you are right now,” Freire said.

That’s the advice from local real estate experts, especially with soaring rental rates.

“I think they’re very high, out of control, and I don’t see the end of it very soon,” said Doug Melcher, realtor at Melcher Real Estate Group.

Doug Melcher is a real estate broker with decades of experience in the Boston area.

He says people need to invest time in their research and that includes people who are currently renting and saving to buy like Freire.

“I was thinking of buying a house with my sister, so I’m just going to wait a little longer to see if it will go down or not,” Freire said.

The average cost of rent in Boston is $2,800.00 per month. That’s increased by $400.00 since the pandemic began in 2020. That’s also the price you’ll get for a used car, a plane ticket to Florida, or a nice piece of jewelry for your loved one.

Melcher expects rates to fall as inflation cools. In the meantime, he has some tips for renters trying to save money. The first is to find a good broker.

“Find someone who has experience and connections with smallholders. Boston is full of small landlords who own great properties and rent them through great brokers,” Melcher said.

It also says to assess your expectations and your schedule.

“Don’t come here in a weekend and think you’ll find your dream place. Spend 2 months searching,” Melcher said.

With that advice, Freire says she is hopeful and patient, her wait will pay off.

“Keep looking – you’ll find it one day,” she said.

And another tip if you’re looking to save some money. Try renting a room in an apartment with others. The national average cost of a room is lower, according to Bungalow, for room rentals at $1218.00 per month. But according to Rent.com, in Boston, that same room will cost you $1750.00 per month.

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