Boston Rental Market Update: Neighborhood Insights and Trends
Boston Rental Market Update: Neighborhood Insights and Trends
As of April 22, Boston’s rental market has seen notable fluctuations in median list prices across various apartment types, according to ApartmentAdvisor, an online rental marketplace. Here’s a detailed look at the current rental landscape:
Median List Prices by Apartment Type
- Studio: $2,325
- 1-bedroom: $2,748
- 2-bedroom: $3,400
- 3-bedroom-plus: $4,200
Source: ApartmentAdvisor
Two-Bedroom Rentals
The median list price for two-bedroom apartments is rising in several Boston neighborhoods. Roxbury leads with a median list price of $3,200, marking an impressive year-over-year increase of over 18%. West Roxbury and Mission Hill follow with jumps of 15.2% and 12.8%, respectively.
However, there are deals to be found in Beacon Hill and South Boston, where median list prices have decreased by at least 5%.
Source: ApartmentAdvisor (Data from April 1-22, 2024)
Three-Bedroom Rentals
For those in need of a three-bedroom unit, Downtown Boston offers a significant decrease in median list prices, down by 27%. Beacon Hill and the West End also present favorable prices. On the other hand, Mission Hill ($4,500) and Hyde Park ($3,300) have seen year-over-year increases of over 25%.
Source: ApartmentAdvisor (Data from April 1-22, 2024)
One-Bedroom Rentals
Apartment seekers looking for one-bedroom units may find good deals in Dorchester, where the median list price has dropped nearly 19% year-over-year, and Downtown (-7.8%). Conversely, prices have significantly increased in Charlestown (24.6%), Roxbury (12.3%), and Jamaica Plain (12.5%).
Source: ApartmentAdvisor (Data from April 1-22, 2024)
Studio Rentals
For those seeking a studio apartment, Roxbury, South Boston, and Dorchester offer median list prices well below last year’s figures.
Source: ApartmentAdvisor (Data from April 1-22, 2024)
Boston’s Ranking in High Rental Prices
Boston ranks third in the nation for high rental prices, behind New York City and San Francisco. Here’s how it stacks up:
Top 10 Cities by Median Rent for One-Bedroom Units
- New York City: $3,750
- San Francisco: $2,950
- Boston: $2,748
- Burlington, VT: $2,614
- Jersey City: $2,599
- Portland, ME: $2,500
- San Diego: $2,335
- San Jose: $2,300
- Miami: $2,297
- Washington, D.C.: $2,297
Source: ApartmentAdvisor (Data from March 2024)
Two other New England cities made it to ApartmentAdvisor’s top 100 list: Providence at rank 18 ($1,725) and Manchester, N.H. at rank 26 ($1,510).
Massachusetts Rental Market Overview
According to ApartmentAdvisor’s March report, the median rent price for a one-bedroom apartment in Massachusetts was $2,513, reflecting a slight increase of 0.7% from February and a 2.6% increase year-over-year.
Top 10 Most Expensive Communities for Renters in March
- Cambridge: $2,900 (-0.7%)
- Brookline: $2,842 (5.3%)
- Boston: $2,800 (4.7%)
- Burlington: $2,744 (1.8%)
- Somerville: $2,700 (3.8%)
- Lexington: $2,586 (10.3%)
- Dedham: $2,570 (2%)
- Watertown: $2,500 (-12.3%)
- Arlington: $2,473 (20.6%)
- Newton: $2,345 (3.5%)
Source: ApartmentAdvisor (Data from March 2024)
Get in Touch with a Local Expert
Navigating the rental market in Boston can be challenging, but you don’t have to do it alone. For personalized assistance and expert advice, contact Benjamin Hicks, a seasoned real estate broker with extensive knowledge of Boston’s neighborhoods and rental trends.
Benjamin Hicks
- Tel: +1 (617) 529-0751
- Email: ben@bridgemontrealty.com
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