Renting

An in-depth look at the Mass. apartment market (March)

Where are prices climbing? Where are they falling? Check out the Boston neighborhood breakdown.

Asking rents for studios and one-bedroom apartments in Dorchester have fallen, according to ApartmentAdvisor, an online rental marketplace. John Tlumacki/Globe staff/File 2023

By Eileen Woods

March 8, 2024

3 minutes to read

The cost of renting a three-bedroom-plus apartment in Boston proper is markedly higher than in March 2023, according to an analysis of available listings then and this month.

It may take more than the luck of the Irish to get a bargain in the best place in the nation to celebrate St. Patrick’s Day.

The median asking price for an apartment in that market on March 7 ($4,200), reflects a 23% year-over-year increase, according to an analysis of datasets provided by ApartmentAdvisor.

Other segments of Boston’s rental market also saw increases, but not quite as dramatic:

Source: ApartmentAdvisor
Based on available listings on March 7, 2023, and March 7, 2024

Rents by neighborhood

Studio apartments

If you are looking for a bargain and your budget calls for a studio apartment, asking prices are down year over year in South Boston, Dorchester, and Downtown. But in Allston and Back Bay, prices are nearly 11% higher.

Source: ApartmentAdvisor
Latest prices are as of March 7, 2024.
* There aren’t enough listings for a reliable dataset.
**Dataset is unavailable

One-bedroom apartments

The median list price for a one-bedroom apartment in Roxbury is considerably higher (15.56%) than it was last March, which may be a reflection of gentrification, as more high-priced units hit the market. Meanwhile, prices have slipped in Dorchester and South Boston:

Two-bedroom apartments

Asking prices are soaring in the Fenway/Kenmore neighborhood: In March 2023, you had to shell out $2,500 for a two-bedroom apartment. As of March 7, the median asking price was $3,760. West Roxbury, Mission Hill, and Allston are also seeing significant year-over-year increases. Bargain hunters may want to try South Boston while they are catching the St. Patrick’s Day Parade:

Three-bedroom apartments

If you’re looking for a three-bedroom apartment in the North End, be prepared to dig deeper into your couch cushions. The median asking price this month reflects a roughly 49.33% increase. Prices also shot up in Hyde Park, Beacon Hill, and Allston. You may want to head Downtown and to the Back Bay for bargains:

Boston vs. the nation

Prices may be climbing in Boston, but nationally, the city has slipped down one spot, becoming the fourth-most-expensive city in the nation for renters — behind New York City, Jersey City, N.J., and San Francisco. These were the top 10:

RANK	CITY	AVE. COST OF A 1-BEDROOM APARTMENT
1.	New York City	$4,445
2.	Jersey City, N.J.	$2,862
3.	San Francisco	$2,850
4.	Boston	$2,800
5.	Miami	$2,490
6.	San Diego	$2,295
7.	Washington, D.C.	$2,280
8.	Portland, Maine	$2,198
9.	San Jose	$2,195
10.	Los Angeles	$1,942