Boston's Average Rent Price Continues to Climb To Record Highs

https://ownbusinessnews.com/bostons-average-rent-price-continues-to-climb-to-record-highs/ With just 5 week remaining until September 1, Boston’s average rent price is still climbing to new record highs weekly. The current average rent price of $2,710 for non-luxury Boston apartments is up +7.6% year-over-year and up +0.57% since last month. Price growth has shown signs of slowing down through July, but they will likely continue to rise until the pivotal 9/1 leasing date. Why are Boston rents going up? Boston’s rent prices are going up because of a record-low supply of available apartments in Boston. The current real-time availability rate of Boston apartments 2.04%. That is less than half of the previous all-time low July availability rate of 4.25%, which was recorded in 2019. That means apartment hunters in Boston are seeing half of the rental inventory they were seeing prior to the pandemic. With supply so low and demand for housing greater than ever, prices have nowhere to go but up. Inflation is also adding to landlord expenses, which is trickling down to the renter.

Comments

Post a Comment

Popular posts from this blog

Boston Apartment Availability Drops 87% In Six Months In Rapid Recovery

Image
Boston’s apartment availability percentage has been on a wild ride over the past 24 months.   In October of 2019, apartment availability was near an all-time low at 1.74% following a decade of growing demand for rental units in Greater Boston.   In 2020, it rapidly climbed to its highest level in more than a decade and peaked at 13.43% in March, more than double its cyclical high in March of 2019 (5.56%).   Since then, apartment availability has been in a free fall, and is beginning to flatten at 1.97%, very close to its level in October 2019.   That marks an 87.04% drop in availability rate in just 7 months for Boston apartments . To state the obvious, the pandemic was the main contributing factor in all of this volatility.   But why such a huge swing in both directions?   Boston is no stranger to high apartment turnover. Historically, the availability percentage has fluctuated between 2% and 8% every year, with its peak occurring in March/April and its low in October/November.   This
Read more

Most Affordable Boston Neighborhoods to Buy a House

Image
  Buying a home in Boston certainly is an expensive venture these days.  Thanks to a steadily growing metro population and a shortage of single family homes for sale in Boston , median sale prices have been steadily rising to the point of absurdity in some neighborhoods.  The median sales price for a single family Boston home is $767K over the past 365 days according to MLS data, and there are 12 neighborhoods where that figure is above $1M.   Prices like that could be discouraging if you’re a prospective home buyer in Boston and budget is a concern, but don’t give up hope.  A deeper dive into the MLS data will show that there are still some neighborhoods where there are single family homes under $500K.  In this article we’ll look at what neighborhoods have the lowest single family median sales prices.  All Boston real estate data provided by Boston Pads. Mattapan Mattapan boasts the lowest median sales price out of all the neighborhoods in Metro Boston at $546,325.  Unfortunately, si
Read more

Most Affordable Neighborhoods To Rent an Apartment In Boston

https://www.thepostcity.com/most-affordable-neighborhoods-to-rent-an-apartment-in-boston/ Boston’s average rent price has been rapidly rising in 2022 after 2 years of stagnation during COVID. The current average rent price for Boston apartments ($2,722) is up +8.23% year-over-year and as of April, that figure has surpassed its previous all-time high of $2,646 set in June 2020. Now the city of Boston is among the most expensive places to rent an apartment in the US. If you’re a renter on a budget in Boston, these numbers can be intimidating. Luckily, we combed through tons of apartment data to find the most affordable neighborhoods to rent an apartment near Boston. Here’s the list!
Read more