Image default
Finance

Boston’s 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.

What Are the Average Rent Price Increases Around Boston?

Boston’s average rent price is up +7.72% year-over-year, while average rent has grown by +7.88% in Boston’s suburbs.  Back Bay saw the largest year-over-year rent increase out of all neighborhoods in Boston at +14.57%.  Waltham (+12.09%), South End (+10.48%), and Cambridge (+10.13%) all saw double digit rent price growth over the past 12 months.

Town Neighborhood Avg. Rent Avg. Rent % Change
All Areas $2,700 7.84%
City Of Boston $2,712 7.72%
Outside Boston $2,673 7.88%
BOSTON – BACK BAY $3,686 14.57%
WALTHAM $2,223 12.09%
BOSTON – SOUTH END $3,430 10.48%
CAMBRIDGE $3,031 10.13%
BOSTON – SOUTH BOSTON $3,067 9.59%
BOSTON – ALLSTON $2,569 9.50%
BROOKLINE $2,951 9.11%
BOSTON – FENWAY/KENMORE $3,138 9.07%
BOSTON – NORTH END $3,180 8.77%
BOSTON – ALLSTON-BRIGHTON $2,373 8.55%
BOSTON – DOWNTOWN $3,436 8.44%

Are Rent Prices Going Down In Boston?

At this moment, it does appear that the average rent price will level off after September 1 and begin to turn downward as we approach 2023.  It appears like we’re entering into an economic recession as a result of poor fiscal and energy policy.  This will likely cause housing demand to wane over the next year, which should keep rent prices from continuing to climb upwards.

Related posts

PLANNING EARLY CAN RESULT IN HIGHER WEALTH CREATION

Quincy Roger

Helping Companies Under Distress Through Voluntary Administration

Quincy Roger

How to Dispute Errors on Your Credit Report with Proper Credit Repair Methods

Quincy Roger