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|
|City Of Boston||$2,712||7.72%|
|BOSTON – BACK BAY||$3,686||14.57%|
|BOSTON – SOUTH END||$3,430||10.48%|
|BOSTON – SOUTH BOSTON||$3,067||9.59%|
|BOSTON – ALLSTON||$2,569||9.50%|
|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.