2023 Beacon Hill Apartment Rental Market Report

https://bostonpads.com/blog/boston-rental-market/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%.

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