Boston Apartments

Real-time data and market reports for Boston's apartment rental market.

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2023 Back Bay Apartment Rental Market Report

Record high rent prices and record low inventory is the trend for Boston’s most expensive apartment rental market, Back Bay. Average rent price for Back Bay apartments is currently at a record high of $3,998 and will pass the $4,000 soon. Real-time availability rate (RTAR) peaked at 2.61% in early April, marking the second consecutive year that apartment availability failed to surpass 3% at the seasonal peak. In years past, that figure would typically peak well above 4%, but now the market is tighter than ever. Here are the trends driving Back Bay’s apartment rental market. Unprecedented Rental Supply Shortage in Back Bay The current real-time availability rate (RTAR) in Back Bay is 1.71%. That figure is down -3.93% year-over-year and down -57.99% from its pre-pandemic level in May 2019 (4.07%). Back Bay’s RTAR hit an all-time low in October of last year when it bottomed out at 0.18%. Click to view full article: 2023 Back Bay Apartment Rental Market Report

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2023 Mission Hill Sales Market Report

The real estate market in Mission Hill has started 2023 in a deep chill as property sales decline city-wide. Mission Hill has recorded just 3 residential property transactions over the past 3 months. That ties the lowest 3 month total in the past five years of MLS data. The 30 day median sale price also failed to eclipse $1M for 3 months in a row for the first time since mid 2021. Let’s take a closer look at the trends driving Mission Hill’s real estate market. Total Real Estate Sales in Mission Hill Since November, Mission Hill has recorded just one property sale in each of the last 3 months. Given its small geographical area, total residential sales for Mission Hill real estate typically average around 3-4 per month. Still, just 3 residential sales over a 3 month period is the lowest rolling 3 month total since late 2019. We can make some fair assumptions that that our misguided war on fossil fuels and bizarre fiscal policies that helped ignite runaway inflation and subsequent high interest rates could be a strong reason for this steep decline in sales volume. Historically, inflation almost always creates uncertainty in the marketplace which slows down velocity of spending. The question we need to start asking ourselves is how long this will last. Click to view full article: 2023 Mission Hill Sales Market Report

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2023 Back Bay Apartment Rental Market Report

Record high rent prices and record low inventory is the trend for Boston’s most expensive apartment rental market, Back Bay. Average rent price for Back Bay apartments is currently at a record high of $3,998 and will pass the $4,000 soon. Real-time availability rate (RTAR) peaked at 2.61% in early April, marking the second consecutive year that apartment availability failed to surpass 3% at the seasonal peak. In years past, that figure would typically peak well above 4%, but now the market is tighter than ever. Here are the trends driving Back Bay’s apartment rental market. Unprecedented Rental Supply Shortage in Back Bay The current real-time availability rate (RTAR) in Back Bay is 1.71%. That figure is down -3.93% year-over-year and down -57.99% from its pre-pandemic level in May 2019 (4.07%). Back Bay’s RTAR hit an all-time low in October of last year when it bottomed out at 0.18%. Click to view full article: 2023 Back Bay Apartment Rental Market Report

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Most Expensive Neighborhoods to Rent An Apartment in Boston

Over the past decade, Boston has emerged as one of the nation’s most expensive rental markets. During that time, Boston’s local economy has transformed from the rugged blue-collar town of the twentieth century to a white-collar tech hub of the twenty-first century. The population has boomed over this time span, increasing demand for housing in Boston’s core areas. This has caused rent prices to climb so much that Boston overtook San Francisco as the nation’s second most expensive rental market last year. If you plan on renting an apartment in Boston, be prepared to pay top dollar. You can find more affordable rents away from Boston’s downtown neighborhoods. These areas are situated in the south and west of the city. In general, the closer you get to Boston’s city center, the higher rent prices you will encounter. If you’re wondering which neighborhoods have the highest rents, look no further. These are the most expensive neighborhoods to rent an apartment in Boston in 2023. Click to view full article: Most Expensive Neighborhoods to Rent An Apartment in Boston

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Most Expensive Suburbs to Rent An Apartment in Boston

Over the past few decades, Greater Boston has recorded some of the nation’s fastest rent price growth in the country. Thanks to increasing enrollment at local universities and a growing population, rent prices have skyrocketed in many of metro Boston’s neighborhoods. This trend has affected the entire metropolitan area, not just the city of Boston. Renters can find more affordable apartments in the suburbs away from the city center in some areas. However, some of Boston’s suburbs are in very high demand and are every bit as expensive as Boston proper. In this article, we’ll have a look at the most expensive Boston suburbs to rent an apartment. Click to view full article: Most Expensive Suburbs to Rent An Apartment in Boston

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2023 North End Apartment Rental Market Report

The apartment rental market in Boston’s North End has begun 2023 like many other metro Boston neighborhoods: with record high rent prices and record low inventory. Availability for North End apartments is down from March 2022, which happened to be an all-time low for March at the time. As a result of the lean inventory, prices have been climbing in North End since the pandemic subsided, and now sit at record highs. Here are the trends driving the North End apartment rental market in 2023. Low Supply of Apartments in Boston’s North End The current real-time availability rate (RTAR) of apartments in North End is 6.04%. Historic North End rental data shows that apartment availability is down -7.93% YOY. RTAR typically peaks in March in the North End, so it is unlikely that apartment availability will rise above the 7% mark in 2023. It’s worth noting that in September of last year, North End’s RTAR hit an all-time low of 0.62%. Click to view full article: 2023 North End Apartment Rental Market Report

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2023 Charlestown Apartment Rental Market Report

The apartment rental market in Charlestown Boston will present challenges to renters in 2023. The most recent rental data for Charlestown shows that vacancies are currently at a historic low while apartment availability is down by ~25% compared to a year ago. Renters looking for apartments in Charlestown will find fewer options than in years past, much like what renters are experiencing throughout Greater Boston. Here are the main trends driving Charlestown’s rental market in 2023. Record Low Apartment Inventory in Charlestown The current real-time vacancy rate (RTVR) for Charlestown apartments is 0.15%. That is the lowest RTVR on record, and amazingly that figure has hovered at that level for the better part of the past 9 months. Vacancy rates have typically always been lower in Charlestown compared to the rest of Boston, but 0.15% is unprecedented in this neighborhood. Click to view full article: 2023 Charlestown Apartment Rental Market Report

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2023 South End Apartment Rental Market Report

South End’s apartment rental market peaked early in 2023. Availability for South End apartments hit its yearly high mark in February of this year and has been falling since. Considering that apartment availability typically peaks in April in the South End, it’s an ominous sign that inventory continues to struggle to keep pace with demand for apartments in Boston’s South End. As a result, the average rent price in the South End is up by double digit margins since last year and hit an all-time high a few weeks ago in March. Here are the main trends driving South End’s apartment rental market in 2023. Click to view full article: 2023 South End Apartment Rental Market Report

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2023 Brighton Apartment Rental Market Report

Scarce would be the word describing the Brighton apartment rental market thus far in 2023. As the market enters into peak season, both real-time availability rate (RTAR) and real-time vacancy rate (RTVR) for Brighton apartments are down by -29.22% and -62.50% respectively year-over-year. As a result, Brighton’s average rent price continues to hit new record highs with each passing month. Here are the main trends driving the Brighton MA apartment rental market in 2023. Click to view full article: 2023 Brighton Apartment Rental Market Report

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Average Rent Price for Boston Apartments Surpasses $3,000

As we approach the half-way point of 2023, Boston’s apartment rental market has reached a new milestone. The average rent price for apartments in Boston has surpassed $3,000 for the first time on record. As of May 1, Boston’s average rent price has increased by $150 since January 1 and is now up +15.55% compared to a year ago. Boston’s average rent price is calculated by taking the average of: studio, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom prices. To ensure the highest accuracy, these average rent prices exclude luxury apartment buildings which often have wild fluctuations in pricing on a daily basis. A look at the historical trend line for this average rent figure shows that prices have accelerated significantly once pandemic restrictions were lifted in late 2021. Prices did fall during the pandemic years as rental demand was negatively impacted by distance based learning and remote work. Since apartment demand has returned to Boston, we’re seeing an unprecedented acceleration in rent price growth. Click to view full article: Average Rent Price for Boston Apartments Surpasses $3,000

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2023 Jamaica Plain Apartment Rental Market Report

Jamaica Plain’s apartment rental market has experienced unprecedented rental price growth over the past 18 months. Rent prices in Jamaica Plain are up +12.25% year-over-year and up +17.39% compared to May 2021. The rising rents have been fueled by a surge in demand for Jamaica Plain apartments, as many renters have been priced out of the downtown markets. Here are the main trends driving Jamaica Plain’s rental market in 2023. Click to view full article: 2023 Jamaica Plain Apartment Rental Market Report

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2023 Beacon Hill Apartment Rental Market Report

The apartment rental market in Beacon Hill Boston is seeing the highest rent prices on record in 2023. Beacon Hill’s average rent price surpassed its previous all-time high in February of this year, and has since been climbing to new highs each month. Median days on market for Beacon Hill apartments are down by -54.55% since last year while average rent is up by +9.97% over the same time span, suggesting demand for rentals in this historic neighborhood is higher than it has been in years past. Apartment Vacancies Near Zero in Beacon Hill The real-time vacancy rate (RTVR) in Beacon Hill is currently 0.14%, down by -60% compared to last May. The vacancy rate has been hovering close to the zero mark for most of the last year and a half, suggesting that demand is even higher now than prior to the pandemic. Even more interesting is that Beacon Hill did not see the typical spike in RTVR in September of last year as it has seen in years prior. In fact, RTVR hit an all-time low in Beacon Hill during November of 2022 when it bottomed out at 0.07%. Click to view full article: 2023 Beacon Hill Apartment Rental Market Report

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What Is A Good Salary To Live In Boston?

Are you thinking about moving to Boston and wondering what a suitable salary would be? You’re not alone. Boston is an amazing city- that’s why millions of people from across the world consider moving to Boston every year. Our metro housing market is known to be pricey- the cost of living in Boston is significantly higher than the national average. However, you do get what you pay for; although living in Boston is going to come at a premium, it’s often well worth the price of admission. So, why is Boston so expensive? Supply and demand. The demand for housing in Boston has outpaced supply for decades- leading to higher rents. We also experience high home purchase prices compared with most of the country. Housing cost is the largest expense you need to consider if you want to move to Boston. As a rule of thumb, you should budget to spend no more than 1/3 of your monthly salary on rent. Households need to have money left over after paying rent in order to live comfortably, which is why your rent-to-income ratio should not go above 33%. You should adopt and deploy a leasing and/or sales strategy that matches your income. Consider increasing the number of roommates you have in order to secure a superior apartment for the same price point, or even less. Click to view full article: What Is A Good Salary To Live In Boston?

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2023 Boston Apartment Rental Market Report

As of the first week of January, Boston’s apartment rental market seems to picked up right where it left off in 2022. Boston’s average rent price continues to push to new record highs with each passing week while apartment inventory is at an all-time low for January. Even as economic conditions have worsened and rent prices have declined nationwide, Boston rents have continued to climb due in part to the historically low new apartment supply we’re experiencing. Still, rent price growth has rapidly decelerated over the past few months in Boston. Based on current energy and fiscal policies, an economic resurgence is unlikely to happen any time soon. The problematic and confusing economic policies coupled with inflation also suggest that Boston’s rent prices are about to stagnate and possibly fall. Let’s take a closer look at the main trends driving Boston’s apartment rental market in 2023. Click to view full article: 2023 Boston Apartment Rental Market Report

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2023 North End Apartment Rental Market Report

The apartment rental market in Boston’s North End has begun 2023 like many other metro Boston neighborhoods: with record high rent prices and record low inventory. Availability for North End apartments is down from March 2022, which happened to be an all-time low for March at the time. As a result of the lean inventory, prices have been climbing in North End since the pandemic subsided, and now sit at record highs. Here are the trends driving the North End apartment rental market in 2023. Low Supply of Apartments in Boston’s North End The current real-time availability rate (RTAR) of apartments in North End is 6.04%. Historic North End rental data shows that apartment availability is down -7.93% YOY. RTAR typically peaks in March in the North End, so it is unlikely that apartment availability will rise above the 7% mark in 2023. It’s worth noting that in September of last year, North End’s RTAR hit an all-time low of 0.62%. Click to view full article: 2023 North End Apartment Rental Market Report

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Why Boston Apartments Are So Expensive

Boston apartments have some of the highest rents of any major metro area in the United States. In fact, only New York City and San Francisco are more expensive. Although Boston has recently experienced a building boom, the supply of residential housing remains critically low. Yet, the demand for housing in Boston remains incredibly high. This factors into why Boston apartments are so expensive versus other cities, in the United States and around the world. Average Boston Apartment Prices As you now know, Boston is the third most expensive city in the country. So, how does that affect renters in regard to rental fees? According to Boston Pads Real Time Data the average rent for a Boston apartment is currently…. Click to view full article: Why Boston Apartments Are So Expensive

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What Is A Good Salary To Live In Boston?

Are you thinking about moving to Boston and wondering what a suitable salary would be? You’re not alone. Boston is an amazing city- that’s why millions of people from across the world consider moving to Boston every year. Our metro housing market is known to be pricey- the cost of living in Boston is significantly higher than the national average. However, you do get what you pay for; although living in Boston is going to come at a premium, it’s often well worth the price of admission. So, why is Boston so expensive? Supply and demand. The demand for housing in Boston has outpaced supply for decades- leading to higher rents. We also experience high home purchase prices compared with most of the country. Housing cost is the largest expense you need to consider if you want to move to Boston. As a rule of thumb, you should budget to spend no more than 1/3 of your monthly salary on rent. Households need to have money left over after paying rent in order to live comfortably, which is why your rent-to-income ratio should not go above 33%. You should adopt and deploy a leasing and/or sales strategy that matches your income. Consider increasing the number of roommates you have in order to secure a superior apartment for the same price point, or even less. Click to view full article: What Is A Good Salary To Live In Boston?