May 18, 2024

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Boston Apartment Rental Market Has Taken A Hit But Begins Recovery

The redevelopment of student housing in the heart of downtown Hartford  could begin in November - Hartford Courant

The apartment rental market in Boston has seen a series of ups and downs in terms of the average rent prices, vacancy rates and the availability rates. If we look at the Boston vacancy rate, we can notice a YOY rise in real time vacancy rate (RTVR) by +23.83%. A similar pattern can be observed in the Boston availability rate which has seen a YOY rise of +31.79%. At present, the real time availability rate of apartments in Boston is 2.39%, only slightly lower than that of areas outside Boston with an availability rate of 2.58%. The real time vacancy rate of apartments in Boston is currently 1.99%. This is almost the same as the vacancy rates of apartments in the suburbs Boston that have a real time vacancy rate of 1.97%. 

If you are searching for apartments for rent in Boston, you can expect to see an average price of $2,567 across all sized units. This is almost equal to the average rent in areas outside Boston ($2,582). The average price of apartments in Boston has recorded a YOY drop of -2.17%. On the other hand, the YOY change in the average price of apartments outside Boston has seen a small increase of +0.26%. 

Prices for Boston apartments can vary greatly depending upon the number of bedrooms in the unit. If you are renting a one-bedroom apartment in Boston, you can expect an average rent price of $2,013.  This price has dropped by -7.49% YOY. Conversely, a two-bedroom apartment in Boston will cost around $2,490 on average following a year-over-year fall by -3.04%. 

Furthermore, a three bedroom apartment in Boston has an average rent price of $3,029. Such apartments have observed a +1.03% increase in prices YOY. Bigger spaces like four or five bedroom apartments in Boston are fairly cheaper than the same sized apartments in the areas outside Boston. A four-bedroom apartment in Boston costs an average of $3,592 whereas, in areas outside Boston, a four-bedroom apartment has an average rent price of $3,806. Similarly, a 5 bedroom apartment in Boston costs $4,415 whereas, outside Boston, it costs $4,655.