ProSource Media

https://timebusinessnews.com/bostons-rental-market-starts-year-in-deep-freeze/ We’re less than 2 months into 2022, and the apartment rental market in Boston has yet to come out of hibernation. Historically, Boston’s rental market cycle begins to kickstart in the first few weeks of January as students return for the second semester. We typically see apartment availability start the year between 2-3%, and it usually doubles in the first two months of the year. That is not the case so far in 2022. We began the year with record low apartment availability at 1.67%. Since then, availability of Boston apartments has increased to 2.81% in the city, which is still well below its pre-COVID level in February of 2020 (4.03%). Even vacancies are down by similar margins. The current vacancy rate of 0.63% is half that of its February 2020 level (1.28%).

https://canvas.brown.edu/eportfolios/33048/Home/Bostons_Rental_Market_Slow_To_Start_2022 Boston’s apartment rental market has been slow to become active so far in 2022. After 2 years of COVID-induced market disruption, it looks like many renters are opting to sit out 2022. Landlords have reported that they’ve seen a record number of renters resigning leases instead of reentering the September 1 leasing rush. Based on current Boston rental market data, the city began the year with record low apartment inventory in terms of both vacancy rate and availability rate, following a year when both supply metrics reached all-time highs. This fluctuation was a direct result of the adoption of remote learning and remote work policies. This severely diminished rental demand in downtown neighborhoods and student enclaves in Boston. As a result of the supply glut, rent prices dropped in Boston last year for the first time in over a decade.