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An in-depth look at the Massachusetts rental market
Asking rents in Boston showed now signs of cooling off in June.
The median rent in Boston has surpassed $3,000, and no wonder: The demand, fueled by college students and tech and financial workers, shows no signs of ebbing.
On June 13, RentCafe, an online marketplace, ranked Boston as the third most sought-after city by renters in the Northeast, behind Philadelphia and the Bronx, N.Y. That ranking is based on apartment availability, page views, favorited listings, and saved personalized searches.
As far as pricing goes, Boston ranks third in the nation for expensive rental costs. These were the top 10, according to Apartment Advisor, also an online listing site:
| Rank | city | Median Rent (1 bedroom) |
|---|---|---|
| 1. | New York City | $4,066 |
| 2. | San Francisco | $2,884 |
| 3. | Boston | $2,604 |
| 4. | San Jose, Calif. | $2,587 |
| 5. | Miami | $2,561 |
| 6. | San Diego | $2,394 |
| 7. | Washington, D.C. | $2,363 |
| 8. | Los Angeles | $2,240 |
| 9. | Seattle | $1,950 |
| 10. | Denver | $1,845 |
Rental prices in Boston
These were your average asking rents for apartments in Boston, according to a report Apartment Advisor released Tuesday:
| unit type | Average Rent | % Change year over year |
|---|---|---|
| Studio | $2,300 | 11.74% |
| 1-bedroom | $2,750 | 3.20% |
| 2-bedroom | $3,300 | 9.09% |
| 3-bedrooms+ | $3,900 | 20.51% |
Bargains can be had for studio apartments in the Back Bay, but for three-bedroom-plus units, that neighborhood has as big ask: The average asking rent for a studio there in June was $2,495, a decrease of nearly 17% since August 2022, but for the big apartments, asking prices have climbed more than 56% since August.
Prospective renters looking for bargains on one- and two-bedroom apartments could turn to the North End and Allston for deals. Asking prices for rentals in both categories have declined in the North End by up to 25% since August. Costs are climbing for one-bedrooms in Roslindale (17.72%) and for two-bedroom units in the Seaport (24.83%).
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
And so goes the Commonwealth
The median rent for a one-bedroom apartment in Massachusetts in May was $2,495, which reflects a 0.8% month-over-month increase but 6.5% year-over-year jump, according to a report Apartment Advisor released in early June.
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These were the five most expensive communities for renters based on available listings on the site: Cambridge, Burlington, Brookline, Waltham, and Somerville.
The five least expensive were Pittsfield, Gardner, New Bedford, Fall River, and Fitchburg. “Prices in all five of these cities were down or flat over last month and relatively unchanged compared to last year at this time, with the exception of Fall River, where one-bedroom median prices are 6.1% less year over year,” according to the report.
What is more telling is where prices are climbing the fastest, particularly year over year. And you don’t have to venture far from Boston: Melrose (a 26.5% jump), Medford (up 25%), and Watertown (a 22.7% increase).
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What are rental prices doing in the community you have your eye on?
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