If you feel that the price of rent and houses in Boston have become unmanageable, you are not alone. Rent in Boston is the third highest in the country with an average price of a one bedroom costing $2,310, according to a April 2016 study released by rental listing site Zumber.
A recent article in Boston Globe revealed that a significant portion of the apartments in Downtown Crossing’s new Millennium Tower have been bought by foreign investors, some of whom are only being the properties as investments, not as places to live. This example is a microcosm of what is happening around the country.
The article points out that in 2015 foreign buyers spent $102.6 billion on residential properties. That is 50 percent more than in 2010. These foreign investors from countries like China and the Middle East are out pricing locals and raising the cost of real estate in cities like Boston.