Renters in Boston are still moving because leases are up, because they want to, and because they can. Due to the ongoing Coronavirus pandemic, people have been looking for and expecting cheaper rent across Massachusetts. Across the country, the rental market has remained highly active amid the pandemic. According to a report based on responses from 9,000 renters, the percentage willing to move as soon as they found a new apartment grew to 62 percent in mid-April, a 10 percent increase from the end of March. The percentage of renters willing to stay at their current place plunged from 17 percent to 11 percent.
Rental market indicators show that inventory has decreased in some cities, while rent prices have held up across the country. The reduction in inventory is most likely directly linked to the pandemic, as people put their plans on hold either voluntarily or involuntarily. Due to a reduction in inventory, rent prices rose around 4 percent, from March through May, compared to the same period in May.
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