Boston-area rents are still rising, but not as fast

Work has started on the Fenway Center project in Boston’s Fenway neighborhood, which will contain 312 apartments when completed. –Dina Rudick/The Boston Globe

Rents are still rising in Greater Boston, but not as quickly as they were a couple of years ago.

The opening of new apartment buildings in the region has helped to blunt the surge in rents, according to two new reports, the latest sign that the wave of development is starting to have an effect on housing costs.

Rents were essentially flat in the last three months of 2017, according to real estate data firm Reis Inc. The average rent of $2,117 a month is 2.9 percent higher than a year ago. That’s half as much as the rate of increases in 2014 and 2015.