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https://bostonpads.com/blog/boston-housing-market/2023-mission-hill-real-estate-sales-market-report/ The real estate market in Mission Hill has started 2023 in a deep chill as property sales decline city-wide. Mission Hill has recorded just 3 residential property transactions over the past 3 months. That ties the lowest 3 month total in the past five years of MLS data. The 30 day median sale price also failed to eclipse $1M for 3 months in a row for the first time since mid 2021. Let’s take a closer look at the trends driving Mission Hill’s real estate market. Total Real Estate Sales in Mission Hill Since November, Mission Hill has recorded just one property sale in each of the last 3 months. Given its small geographical area, total residential sales for Mission Hill real estate typically average around 3-4 per month. Still, just 3 residential sales over a 3 month period is the lowest rolling 3 month total since late 2019. We can make some fair assumptions that that our misguid...

https://bostonpads.com/blog/boston-rental-market/2023-north-end-apartment-rental-market-report/ The apartment rental market in Boston’s North End has begun 2023 like many other metro Boston neighborhoods: with record high rent prices and record low inventory. Availability for North End apartments is down from March 2022, which happened to be an all-time low for March at the time. As a result of the lean inventory, prices have been climbing in North End since the pandemic subsided, and now sit at record highs. Here are the trends driving the North End apartment rental market in 2023. Low Supply of Apartments in Boston’s North End The current real-time availability rate (RTAR) of apartments in North End is 6.04%. Historic North End rental data shows that apartment availability is down -7.93% YOY. RTAR typically peaks in March in the North End, so it is unlikely that apartment availability will rise above the 7% mark in 2023. It’s worth noting that in September of last year, North ...

https://bostonpads.com/blog/boston-rental-market/2023-charlestown-apartment-rental-market-report/ The apartment rental market in Charlestown Boston will present challenges to renters in 2023. The most recent rental data for Charlestown shows that vacancies are currently at a historic low while apartment availability is down by ~25% compared to a year ago. Renters looking for apartments in Charlestown will find fewer options than in years past, much like what renters are experiencing throughout Greater Boston. Here are the main trends driving Charlestown’s rental market in 2023. Record Low Apartment Inventory in Charlestown The current real-time vacancy rate (RTVR) for Charlestown apartments is 0.15%. That is the lowest RTVR on record, and amazingly that figure has hovered at that level for the better part of the past 9 months. Vacancy rates have typically always been lower in Charlestown compared to the rest of Boston, but 0.15% is unprecedented in this neighborhood.

https://bostonpads.com/blog/boston-rental-market/2023-south-end-apartment-rental-market-report/ South End’s apartment rental market peaked early in 2023. Availability for South End apartments hit its yearly high mark in February of this year and has been falling since. Considering that apartment availability typically peaks in April in the South End, it’s an ominous sign that inventory continues to struggle to keep pace with demand for apartments in Boston’s South End. As a result, the average rent price in the South End is up by double digit margins since last year and hit an all-time high a few weeks ago in March. Here are the main trends driving South End’s apartment rental market in 2023.

https://bostonpads.com/blog/boston-rental-market/2023-brighton-apartment-rental-market-report/ Scarce would be the word describing the Brighton apartment rental market thus far in 2023. As the market enters into peak season, both real-time availability rate (RTAR) and real-time vacancy rate (RTVR) for Brighton apartments are down by -29.22% and -62.50% respectively year-over-year. As a result, Brighton’s average rent price continues to hit new record highs with each passing month. Here are the main trends driving the Brighton MA apartment rental market in 2023.

https://bostonpads.com/blog/boston-rental-market/average-rent-price-for-boston-apartments-surpasses-3000/ As we approach the half-way point of 2023, Boston’s apartment rental market has reached a new milestone. The average rent price for apartments in Boston has surpassed $3,000 for the first time on record. As of May 1, Boston’s average rent price has increased by $150 since January 1 and is now up +15.55% compared to a year ago. Boston’s average rent price is calculated by taking the average of: studio, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom prices. To ensure the highest accuracy, these average rent prices exclude luxury apartment buildings which often have wild fluctuations in pricing on a daily basis. A look at the historical trend line for this average rent figure shows that prices have accelerated significantly once pandemic restrictions were lifted in late 2021. Prices did fall during the pandemic years as rental demand was negatively impacted by distance based le...

https://bostonpads.com/blog/boston-rental-market/2023-jamaica-plain-apartment-rental-market-report/ Jamaica Plain’s apartment rental market has experienced unprecedented rental price growth over the past 18 months. Rent prices in Jamaica Plain are up +12.25% year-over-year and up +17.39% compared to May 2021. The rising rents have been fueled by a surge in demand for Jamaica Plain apartments, as many renters have been priced out of the downtown markets. Here are the main trends driving Jamaica Plain’s rental market in 2023.