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Rental market update (September edition). Where can you score a bargain?
There are deals to be had in Dorchester and Back Bay.
Renters looking to score a deal on a one-bedroom apartment in Boston will find that the median rental prices for available units this month in Dorchester, Back Bay, and the North End have gone down quite a bit.
The cost of a one-bedroom in Dorchester, based on available apartments, is down nearly 24 percent compared to September 2023 and roughly 20 percent compared to September 2022, according to a Boston.com analysis of data from ApartmentAdvisor, an online rental marketplace.
In Back Bay, the cost has dropped 14.4 percent compared to September 2023 and 10.7 percent compared to September 2022.
In the North End, prices are down 13.3 compared to September 2023 and 24.6 percent compared to September 2022.
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Meanwhile, in Hyde Park, the median price of a one-bedroom available now is 42.1 percent higher than it was last September.
Prices for one-bedroom apartments in Boston neighborhoods
Here’s a look at what prices are doing in every Boston neighborhood for a one-bedroom based on available units:
| NEIGHBORHOOD | MEDIAN RENT SEPT. 2022 | MEDIAN RENT SEPT. 2023 | MEDIAN RENT SEPT. 2024 | % CHANGE SEPT. 2023-24 | % CHANGE SEPT. 2022-24 |
|---|---|---|---|---|---|
| Allston | $2,273 | $2,400 | $2,400 | 0.0% | 5.6% |
| Back Bay | $3,500 | $3,650 | $3,600 | -1.4% | 2.9% |
| Bay Village | * | * | * | * | * |
| Beacon Hill | $3,000 | $2,850 | $2,989 | 4.9% | -0.4% |
| Brighton | $2,500 | $2,595 | $2,385 | -8.1% | -4.6% |
| Charlestown | $2,919 | $2,961 | $2,825 | -4.6% | -3.2% |
| Chinatown | * | * | * | * | * |
| Dorchester | $2,872 | $3,019 | $3,000 | -0.6% | 4.5% |
| Downtown | $3,835 | $3,756 | $3,722 | -0.9% | -2.9% |
| East Boston | $2,609 | $2,550 | $2,525 | -1.0% | -3.2% |
| Fenway | $3,310 | $3,300 | $3,200 | -3.0% | -3.3% |
| Hyde Park | * | $1,900 | $1,900 | 0.0% | * |
| Jamaica Plain | $2,500 | $2,698 | $3,158 | 17.0% | 26.3% |
| Leather District | * | * | * | * | * |
| Longwood | * | * | * | * | * |
| Mattapan | * | * | * | * | * |
| Mission Hill | $2,619 | $2,500 | $2,500 | 0.0% | -4.5% |
| North End | $3,450 | $3,000 | $2,800 | -6.7% | -18.8% |
| Roslindale | $2,185 | $2,420 | $2,373 | -1.9% | 8.6% |
| Roxbury | $2,150 | $2,200 | $2,200 | 0.0% | 2.3% |
| Seaport | $3,927 | $4,271 | $4,278 | 0.2% | 8.9% |
| South Boston | $3,740 | $3,490 | $3,325 | -4.7% | -11.1% |
| South End | $3,588 | $3,395 | $3,552 | 4.6% | -1.0% |
| West End | $3,533 | $3,790 | $3,585 | -5.4% | 1.5% |
| West Roxbury | * | $2,369 | $2,009 | -15.2% | * |
Studio rentals
In this corner of the market, prices are down in several neighborhoods, most notably in the Back Bay, where the cost of available studio units is down 23.1 percent compared to September 2023 and 10.7 percent compared to September 2022:
| STUDIO | |||||
|---|---|---|---|---|---|
| NEIGHBORHOOD | MEDIAN RENT SEPT. 2022 | MEDIAN RENT SEPT. 2023 | MEDIAN RENT SEPT. 2024 | % CHANGE SEPT. 2023-24 | % CHANGE SEPT. 2022-24 |
| Allston | $2,000 | $2,075 | $2,100 | 1.2% | 5.0% |
| Back Bay | $2,800 | $3,250 | $2,500 | -23.1% | -10.7% |
| Bay Village | * | * | * | * | * |
| Beacon Hill | $2,200 | $2,500 | $2,250 | -10.0% | 2.3% |
| Brighton | $2,708 | $2,150 | $2,075 | -3.5% | -23.4% |
| Charlestown | $2,200 | * | * | * | * |
| Chinatown | * | * | * | * | * |
| Dorchester | $2,708 | $2,638 | $2,225 | -15.7% | -17.8% |
| Downtown | * | $3,545 | $3,072 | -13.3% | * |
| East Boston | * | $2,621 | $2,200 | -16.1% | * |
| Fenway | $2,761 | $2,700 | $2,450 | -9.3% | -11.3% |
| Hyde Park | * | * | * | * | * |
| Jamaica Plain | * | * | $2,000 | * | * |
| Mattapan | * | * | * | * | * |
| Mission Hill | * | $1,900 | $2,050 | 7.9% | * |
| North End | $2,668 | * | $2,300 | * | -13.8% |
| Roslindale | $2,068 | * | * | * | * |
| Roxbury | * | * | $2,125 | * | * |
| Seaport | $3,126 | $3,446 | $3,426 | -0.6% | 9.6% |
| South Boston | $3,178 | $3,383 | $2,830 | -16.3% | -11.0% |
| South End | $3,053 | $3,107 | $2,950 | -5.1% | -3.4% |
| West End | $2,863 | $2,949 | $3,001 | 1.8% | 4.8% |
| West Roxbury | * | * | * | * | * |
Two-bedroom rentals
If you’ve ever dreamed of living on Beacon Hill and chatting with politicians over a Dunkin’ pumpkin spice latte, now may be the time to act. The cost of available two-bedroom apartments in this tony enclave is down 30.9 percent compared to September 2023 and 32.7 percent compared to September 2022.
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It’s costlier now to live in Mission Hill than it was two years ago, but not as much as it did last September:
| NEIGHBORHOOD | MEDIAN RENT SEPT. 2022 | MEDIAN RENT SEPT. 2023 | MEDIAN RENT SEPT. 2024 | % CHANGE SEPT. 2023-24 | % CHANGE SEPT. 2022-24 |
|---|---|---|---|---|---|
| Allston | $3,000 | $2,995 | $3,400 | 13.5% | 13.3% |
| Back Bay | $5,686 | $5,400 | $5,450 | 0.9% | -4.2% |
| Bay Village | * | * | $5,100 | * | * |
| Beacon Hill | $5,650 | $5,500 | $3,800 | -30.9% | -32.7% |
| Brighton | $2,798 | $2,750 | $2,995 | 8.9% | 7.0% |
| Charlestown | $4,200 | $3,700 | $3,750 | 1.4% | -10.7% |
| Chinatown | * | * | $3,795 | * | * |
| Dorchester | $2,600 | $2,800 | $2,800 | 0.0% | 7.7% |
| Downtown | $4,800 | $4,938 | $5,415 | 9.7% | 12.8% |
| East Boston | $3,275 | $3,125 | $3,100 | -0.8% | -5.3% |
| Fenway | $4,024 | $4,495 | $3,843 | -14.5% | -4.5% |
| Hyde Park | $2,275 | $2,600 | $2,750 | 5.8% | 20.9% |
| Jamaica Plain | $3,000 | $3,000 | $2,900 | -3.3% | -3.3% |
| Mattapan | * | * | $2,698 | * | * |
| Mission Hill | $2,695 | $4,133 | $3,000 | -27.4% | 11.3% |
| North End | $3,550 | $4,250 | $3,345 | -21.3% | -5.8% |
| Roslindale | $2,700 | $2,700 | $2,700 | 0.0% | 0.0% |
| Roxbury | $2,600 | $2,595 | $3,000 | 15.6% | 15.4% |
| Seaport | $5,502 | $6,103 | $5,718 | -6.3% | 3.9% |
| South Boston | $4,200 | $3,800 | $3,800 | 0.0% | -9.5% |
| South End | $4,455 | $4,350 | $4,639 | 6.6% | 4.1% |
| West End | $4,598 | $4,954 | $5,108 | 3.1% | 11.1% |
| West Roxbury | $2,900 | $2,800 | $2,725 | -2.7% | -6.0% |
Three-bedroom-plus rentals
Could rents be cooling off in Boston? The cost of an apartment with three or more bedrooms in Back Bay is down nearly 37 percent compared to last September, but renters will be shelling out 13.7 percent more than they did two years ago.
Deals can be had in Charlestown, where the median cost of a three-bedroom there is down 6.2 percent compared with September 2023 and 38.4 percent compared to September 2022.
Moving downtown, meanwhile, will cost you nearly 24 percent less than it did last September, while prices in Fenway will set you back 31.8 percent more than last September:
| NEIGHBORHOOD | MEDIAN RENT SEPT. 2022 | MEDIAN RENT SEPT. 2023 | MEDIAN RENT SEPT. 2024 | % CHANGE SEPT. 2023-24 | % CHANGE SEPT. 2022-24 |
|---|---|---|---|---|---|
| Allston | $4,200 | $4,425 | $4,200 | -5.1% | 0.0% |
| Back Bay | $7,495 | $13,500 | $8,525 | -36.9% | 13.7% |
| Bay Village | * | * | * | * | * |
| Beacon Hill | * | $22,000 | $11,750 | -46.6% | * |
| Brighton | $3,973 | $4,100 | $4,200 | 2.4% | 5.7% |
| Charlestown | $7,000 | $4,600 | $4,313 | -6.2% | -38.4% |
| Chinatown | * | * | * | ||
| Dorchester | $3,000 | $3,100 | $3,400 | 9.7% | 13.3% |
| Downtown | $6,256 | $10,000 | $7,625 | -23.8% | 21.9% |
| East Boston | $3,225 | $3,600 | $3,848 | 6.9% | 19.3% |
| Fenway | $4,900 | $3,813 | $5,025 | 31.8% | 2.6% |
| Hyde Park | $3,200 | $3,175 | $3,550 | 11.8% | 10.9% |
| Jamaica Plain | $3,400 | $4,000 | $3,750 | -6.3% | 10.3% |
| Mattapan | $3,500 | * | * | ||
| Mission Hill | $5,050 | $4,750 | $5,725 | 20.5% | 13.4% |
| North End | $5,200 | $4,988 | $4,575 | -8.3% | -12.0% |
| Roslindale | $2,875 | $3,575 | $3,375 | -5.6% | 17.4% |
| Roxbury | $3,248 | $3,300 | $3,795 | 15.0% | 16.8% |
| Seaport | * | $8,373 | * | * | * |
| South Boston | $4,500 | $4,538 | $4,800 | 5.8% | 6.7% |
| South End | $6,500 | $7,923 | $7,245 | -8.6% | 11.5% |
| West End | $5,513 | * | $5,563 | * | 0.9% |
| West Roxbury | * | $3,902 | $3,935 | 0.8% | * |
Boston rent prices vs. national rent prices
Boston has a tight grip on fourth place in the tally of the most expensive cities in the United States for renters, behind New York City, San Francisco, and Jersey City.
Other New England cities on the top 100 list include: Burlington, Vt. (No. 8), Providence (No. 16), Portland, Maine (No. 19), Manchester, N.H. (No. 26), and Hartford (No. 46):
| Rank # | City | Median Rent (1 Bedroom) | Median Rent (2 Bedroom) |
|---|---|---|---|
| 1 | New York City | $3,600 | $4,500 |
| 2 | San Francisco | $2,895 | $4,100 |
| 3 | Jersey City | $2,850 | $4,376 |
| 4 | Boston | $2,755 | $3,363 |
| 5 | Washington, D.C. | $2,375 | $3,095 |
| 6 | San Diego | $2,295 | $2,995 |
| 7 | San Jose | $2,250 | $2,895 |
| 8 | Burlington, Vt. | $2,250 | $2,500 |
| 9 | Los Angeles | $2,174 | $2,895 |
| 10 | Charleston, S.C. | $2,050 | $3,000 |
| 11 | Ann Arbor, Mich. | $2,046 | $2,100 |
| 12 | Honolulu | $2,000 | $2,750 |
| 13 | Chicago | $1,995 | $2,350 |
| 14 | Oakland | $1,950 | $2,550 |
| 15 | Miami | $1,928 | $2,922 |
| 16 | Providence | $1,850 | $1,950 |
| 17 | Riverside, Calif. | $1,800 | $2,265 |
| 18 | Seattle | $1,795 | $2,495 |
| 19 | Portland, Maine | $1,783 | $3,050 |
| 20 | Denver | $1,665 | $2,200 |
| 21 | Savannah, Ga. | $1,650 | $1,750 |
| 22 | Atlanta | $1,570 | $1,944 |
| 23 | Tampa | $1,545 | $1,800 |
| 24 | Sacramento | $1,545 | $1,925 |
| 25 | St. Petersburg, Fla. | $1,540 | $1,925 |
The Massachusetts rental market
“The median rent price for a one-bedroom apartment in Massachusetts dipped again in August to $2,500, down 0.8% compared to July, and flat compared to August 2023,” ApartmentAdvisor noted in its state report.
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Cambridge remained the most expensive city for renters, while Springfield offered the lowest prices.
What are prices doing in the community you have your eye on?
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