Rent prices did decline in the South End for a 2 year period during the pandemic, going as low as a -9.65% decrease year-over-year by the end of June 2021. Since then, the market has recovered strongly. Now, South End’s average rent price is up by over 8% year-over-year, and it’s only a matter of days before it surpasses its record high.
South End Rental Market in 2022
Whenever you combine record low apartment inventory with record high inflation, what you have is a recipe for soaring rent prices. Renters in South End have to be prepared for higher prices and fewer options in 2022. Those who act with a sense of urgency will fare the best in 2022. Apartment availability has already begun to trend downwards in South End, indicating that the annual peak in apartment availability is already behind us for the 2022 rental season.
Prices are going to continue to climb and likely accelerate as the RTAR continues to shrink towards its cyclical low point in late August. The earlier you act this year, the more options and lower prices you’ll see. Rent prices will climb throughout the year and may even reach 9-10% year-over-year growth by 2023.