ITEM PHOTO BY OWEN O’ROURKE
Gabrielle Rohde plans on moving out of Lynn despite its lower rent.
By GABE MARTINEZ
LYNN — The skyrocketing cost of rent in Boston is squeezing millennials and forcing them to the North Shore where housing is more affordable.
Potential renters say they are coming to Lynn because it’s not only cheaper, but it’s close to Boston by car and is easy to get to by public transportation.
Soraya Cacici, owner of Nest Forward, a Lynn-based real estate firm, said while demand is growing for housing in Lynn, she is convinced that construction of apartments has not caught up.
“In downtown, we’re seeing mainly younger folks without kids,” she said. “It’s a lot of first-time buyers who feel they are being priced out of Boston, Somerville and Cambridge.”
As development of luxury housing booms in Boston, surrounding cities like Lynn should put shovels in the ground to catch the spillover from a rash of 20-somethings coming north, she added.
“There is not enough existing housing to take advantage of that spillover,” Cacici said.
The median rent for a one-bedroom apartment in Boston is $2,340 — the third highest in the country, according to Zumper, a real estate research website.
In contrast, the average rent in Lynn for a similar apartment is $1,150, according to Cacici.
This dramatic price difference has fueled the demand for housing in Lynn.
Millennials like Paul Nkwa, a student at North Shore Community College, said he enjoys living in Lynn.
“My friend lived here before and he liked it because it’s cheaper than Boston, but still close,” he said.
While rent in Lynn and surrounding towns is significantly lower than Boston, these prices are still high for many young people.
Leonardo Deoliveira, a Peabody resident, has started looking for apartments with his friends.
“We’ve been looking at places in Peabody and Salem,” Deoliveira said. “Anywhere but my parents’ house.”
Deoliveira said living with friends would make rent cheaper and also allow them to broaden their options with available housing.
Gabe Martinez can be reached at [email protected] follow him on Twitter @gemartinez92.
