"Rentals harder to find, afford; Surge in foreclosures in region transforms market for apartments" by Megan Woolhouse, Globe Staff | August 10, 2010
The region’s rental market has tightened in recent months, with apartment vacancies falling and rents rising for the first time since the beginning of the economic crisis.
Analysts said the changes, while small, signal a market shift that is making apartments harder to find and afford when many families are struggling with lost jobs, lost homes, and pay cuts....
Tenants are competing for fewer available units, as surging foreclosures force more people into the rental market.
Related: Things Are Tough All Over in Massachusetts
Meanwhile, tight credit and an uncertain housing market keep many renters from leaving apartments to become homeowners....
Related: Mass. June home sales hit 4-year high
Sigh.
Hey, what's another lie, right?
The rental squeeze is being felt from triple-deckers in working-class neighborhoods to luxury buildings in downtown Boston, according to brokers and analysts....
Foreclosures, on track to break record levels, are a key contributor....
In Boston, foreclosures have reduced the supply of apartments as banks, unwilling to be landlords, evict tenants and shutter buildings....
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That's them, all right.
Meanwhile, brokers who rent in the mid-level and high-end markets said many large buildings are close to full, and owners no longer have to offer incentives, from gift cards to free rent, to entice people to move in....
Yeah, they were BEGGING RICH PEOPLE!
Meanwhile, banks were foreclosing on you, 'eh?
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