East Boston Apartment Rental Market Forecast 2023
As we approach the September 1 leasing date, it’s safe to assume that rent prices will level off in East Boston in the short term. There will be the usual price reductions as last second apartments enter the market and/or poorly showing or overpriced properties languish. Rent prices nearly always improve in fall months as seasonal demand dies down. It will be interesting to see if East Boston bucks the trend due to the fact that it is cheaper than most areas. With the strong Boston jobs report last month and increasing wages; this fall in East Boston could see some rental pricing surprises. As always, we will bring you the real time data, and you can draw your own conclusions.
That being said, based on current supply figures it does not appear that East Boston’s RTAR will fall below its previous all-time low of 0.79% recorded in December of last year. As of now, apartment availability is up year-over-year albeit slightly, and supply absorption is happening at a lower rate in 2023 than it did in 2022 at this point in time.
Still, East Boston is in desperate need of new housing inventory as is the rest of Boston. As prices surge elsewhere, Eastie will continue to attract budget-conscious renters looking for a reprieve from soaring rent prices near Downtown. If East Boston is to remain affordable, it will need additional housing units to offset growing demand in the area. We will continue to report on these market trends as they develop.