Average apartment rents in Waltham registered the largest increase among Massachusetts cities, according to a new survey of multifamily properties by Rent Cafe.
Rents in the Watch City rose $184 in the past year and now average $2,569, the largest net increase in the Bay State.
In the city of Boston, rents rose $135 in 2019 to $3,462 amid a temporary lull in apartment construction. Cambridge, Somerville and Brookline all have average rents topping the $3,000 mark, more than twice the national average of $1,463. Nationwide, rents rose 3 percent, the slowest pace in 18 months.
The Rent Cafe report is based upon a telephone survey by Yardi Matrix of market-rate apartment complexes with 50 or more units.
Cambridge’s average rent of $3,189 ranks second among small cities in the U.S., trailing only San Mateo, Calif.
As the state legislature continues to debate rent control measures, the report said increases nationally are being driven by renters priced out of the for-sale housing market.
“Respondents to Fannie Mae’s National Housing Survey consistently report that they would prefer to own rather than rent. The rise in rentals is more likely driven by constraints rather than preferences,” Benjamin Keys, a professor at The Wharton School of Business, said in a statement. “First, house prices are extremely high, especially in the places with the most desirable labor markets.”
Other factors increasing demand for apartments are tight mortgage standards and Millennials’ student loan burdens, Keys said.
Some rent relief was seen in Massachusetts’ Gateway Cities. Average rents declined 0.7 percent in Lynn and 0.6 percent in Worcester, the largest decreases among 12 cities where rents declined slightly on an annual basis.