2023 Back Bay Apartment Rental Market Report

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

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