Renting

Renters’ expectations are way out of whack with reality in Boston

People probably understand that Boston rent is expensive, but it appears that they don’t know the half of it.

People probably understand that Boston rent is expensive, but it appears that they don’t know the half of it. Charlotte Observer / Contributor

By Megan Turchi

September 25, 2015

1 minute to read

It’s no secret that the Boston rental market is super expensive. In fact, Bostonians complain about it all the time. Even so, it apparently hasn’t sunk in for people just how expensive Boston rents have become.

The price range of the average apartment hunter diverges significantly from the actual median rent price in Boston, according to new numbers from the site Apartment List.

“When renters come to [Apartment List] they select on their profile what the price range and room size they are looking for,’’ Andrew Woo, manager of growth strategy and data analyst for Apartment List, told Boston.com. Those numbers show that renters’ expectations are out of step with reality.

In Boston, the difference between the renter search price and the median apartment price was -23 percent. Woo said the median two-bedroom in Boston costs $2,500 a month, while people were looking to spend on average just $1,925 a month for that kind of listing.

“It is a sizeable gap that could go toward a car or student loan payment,’’ Woo said.

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We’re not alone

Woo and his team compared search prices to reality in 59 cities with more than 300,000 residents.

Compared to other big coastal cities, Boston isn’t terrible, Woo noted. Boston renters should be less disappointed than those in New York, Miami, San Francisco, Washington D.C., and San Jose.

Woo said that the difference between New York renters’ average search price and the median apartment price was -50 percent.

“I think it speaks to the challenges facing renters,’’ Woo said. “The home ownership rate is lower than it’s been and the rising generation is struggling with student loan and later marriage.’’

However, the picture is better for renters in many other cities. Of the 59 cities Apartment List analyzed, 46 saw renters searching for a monthly payment close to, or even more expensive than, the actual median monthly rent. Cities where renters should be pleasantly surprised include Cleveland, Detroit, Philadelphia, Milwaukee and Memphis, Tennessee.