Boston rents continue to increase

Boston Globe reporter Andrew Brinker visited Boston Today studios and breaks down the rental situation in Boston, where the median rent for a one-bedroom is now over $2,000 per month.Brinker talks about his recent series about the difficulties faced by renters in Greater Boston and cites decades of under-building of all types of residential construction, a slower home buying market (due to high prices and high mortgage rates), and rising rents as the reasons.Solutions being taken by renters include living in their vehicles, moving back with parents or other relatives, doubling or tripling up with roommates, or just voting with their feet and leaving the state.We also get the reminder that a healthy vacancy rate is 5-6% and Greater Boston's vacancy rate is 0.49% - meaning there are virtually no available apartments. The expectation is that rents will continue to rise. Even if zoning rules were relaxed today and a building boom happened, it would take 10-15 years for the market to ease up.Watch the 5 minute segment here.