Massachusetts’ Rental Market is Insane Right Now
Renting a home or apartment is certainly a stressful experience no matter when or where you're looking, but for some reason, the market in Massachusetts right now has become beyond insane.
Let me give you some context. I've moved six times in the past six years. Right out of high school, I moved across the state for college and up until my most recent move to Massachusetts, I packed up my life in boxes every summer, moving to yet another new spot. In 2021, my boyfriend and I made my annual move a little earlier than usual, in March this time, so I could host afternoons on FUN107.
To put it kindly, the apartment we've been living in has been a disaster so far. The fire alarms are constantly going off for no reason, the bedroom has a relentless smell of cigarettes from a past resident, and not to mention there was a recent homicide, so our first three months at our new apartment have not been ideal. We've started looking for a new place, but have quickly realized that it's not just buying and selling market that's gone nuts in Massachusetts.
Never in my life have I heard of an open house for a rental property, and I've never experienced such tough competition to find something in our budget and in a safe neighborhood...until now.
A recent article from Vox dove into some of the reasons rentals have become such a hot commodity, and honestly, it makes sense. Since it's a tough time to buy a house but a great time to sell right now, renting has become a more viable option for those who can't afford to buy and for those who just sold their homes. Vox found that investors are also snatching up houses to rent out in the future, thus leading to one less home for potential buyers to live in.
If you're currently looking for a rental here on the SouthCoast, you understand the insanity, and I'm sure you're constantly refreshing Zillow, Craigslist and all of the other rental sites like I am for new listings. Best of luck to you and happy (rental) hunting! May the odds be ever in our favor.