Renting

An in-depth look at the Massachusetts rental market (Jan.)

Where are prices falling? Where are they climbing? Where can you get a deal now?

In Brockton, the median asking price for a one-bedroom apartment has increased 2.8% year over year. Lane Turner/Globe staff/File 2020

By Eileen Woods

January 4, 2024

3 minutes to read

Boston’s big Sept. 1 move-in day may be long in the rearview mirror, but apartments are still commanding high prices.

It costs more to rent an apartment in every housing category in Boston than it did at this time last year. It’s a cold slap as the city waits to see how much snow it’s going to get this weekend.

Boston’s apartment market

Dear Renter, you’ll have to dig deeper into your pocket than you did last year for properties with the most bedrooms. The biggest increase is being felt in the three-bedroom-plus market, with prices up nearly 17% year over year, according to a report Apartment Advisor, an online rental marketplace, released Thursday. It wasn’t a double-digit increase in the two-bedroom market, but an 8.68% rise is nothing to shrug off.

Boston.com staff
Source: ApartmentAdvisor
Based on available listings
* there weren’t enough listings for comparison

Studio apartments

But there are deals to be had if you know where to search. A look at available listings in Jamaica Plain finds a nearly 13% decrease in the median asking price for a studio rental compared with last January. The South End and Beacon Hill had only marginal decreases in price. Brighton and Back Bay are seeing the biggest jump in asking prices, which is a dismaying prospect given that the winter is the best time to get a deal on a place in the region. But who wants to move in the snow?

One-bedroom apartments

Apartment hunters looking for deals may find them in Dorchester and West Roxbury, according to the ApartmentAdvisor analytics. The North End and Brighton are experiencing the biggest jump in asking prices, with Jamaica Plain and Mission Hill not far behind.

Two-bedroom apartments

In Mission Hill, where gentrification is a pressing concern, the median asking rent for a two-bedroom has skyrocketed more than 22%, the most significant increase of any neighborhood. Beacon Hill and Brighton (again) are not far behind. Deals on two-bedrooms may be had in South Boston, where prices have dropped 11.76% year over year.

Three-bedroom apartments

Don’t let the percentage increases in Back Bay, Downtown, and Beacon Hill scare you off. One month does not a trend make, and, as we’ve noted, these figures are based on available listings; a dearth of available apartments can make for bigger shifts in percentages. We’ll keep our eyes on those neighborhoods in the months to come. Roslindale and South Boston may be the best bets for bargain hunters; asking rents are down by double digits year over year.

The national apartment market

Boston remains the third most expensive city for apartment hunters in the nation, with an overall median rent of $3,000. The city hasn’t budged from that spot for months.

In Apartment Advisor’s list of the most expensive markets, New York City came in No. 1 (no surprise) with a median asking rent of $4,477 for a one-bedroom. Jersey City took the No. 2 slot, with a $2,209 ask.

Looking to head north for a bargain? Portland, Maine, also made the top 10, with a median asking rent of $2,500 for a one-bedroom unit:

RANK	CITY	1-BEDROOM	2-BEDROOMS
1.	New York City	$4,477	$5,850
2.	Jersey City	$3,209	$4,227
3.	Boston	$3,000	$3,555
4.	San Francisco	$2,895	$3,826
5.	Portland, Maine	$2,500	$2,000
6.	Miami	$2,365	$3,133
7.	San Diego	$2,295	$2,980
8.	Washington, D.C.	$2,235	$2,994
9.	San Jose	$2,195	$2,900
10	Los Angeles	$2,116	$2,800

Source: ApartmentAdvisor
Based on available listings

Four other New England cities made the top 100 list: Providence (15), Burlington, Vt. (19), Manchester, N.H. (20), and Hartford, Conn. (49).

Back in the Commonwealth

“The median rent price for a one-bedroom apartment in Massachusetts was $2,495 in December, up 2.1% from November and also up 2.1% year over year,” according to a report ApartmentAdvisor released on New Year’s Day.

The median asking rent for a one-bedroom slipped only slightly ($3,045) in Brookline — not enough to dethrone it as the most expensive community for renters in the state. Boston, Cambridge, Medford, Somerville, and Watertown rounded out the top 5 priciest.

Renters looking to depart Boston for Brockton for deals will find that the median asking price for a one-bedroom apartment in the Plymouth County city has increased nearly 3% to $1,645 compared with January 2023. Perhaps Worcester? The median asking price has climbed roughly 4% to $1,663.

The least expensive communities in the state were Pittsfield, Holyoke, Springfield, Fall River, and Leominster.

What are prices doing in the community you’ve set your sights on?

More on renting

Eileen Woods

Editor, real estate

Eileen McEleney Woods is the real estate editor for Boston.com and editor of the Boston Globe's Sunday real estate section (Address).

An in-depth look at the Massachusetts rental market (Jan.)

Where are prices falling? Where are they climbing? Where can you get a deal now?