Rents in Boston increased 1.9 percent in February compared to the same month a year ago, in line with a national trend toward higher rents in cities where home values continue to decline, according to Zillow.
According to the Zillow Rent Index, Boston rent spent February at $1,835, a 1.9 percent increase over the same month a year prior and one of the most expensive among the 25 metropolitan areas tracked by the index.
During the same time period, home values in Boston declined 2.5 percent to $302,800, Zillow said.
The trend was more defined in Chicago, where rents increased nearly 9 percent while home values fell 11 percent.
While the housing market collapse is nearing bottom, the backlog of foreclosures, negative equity and high unemployment are keeping the market from recovering, the Seattle, Wa.-based real estate information web site said.
Nationally, Zillow's home value index declined 4.5 percent while median rents increased 2 percent between February 2011 and February 2012.
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