So despite the seasonably low RTAR and the record-low RTVR in Charlestown, average rent price has remained mostly unchanged since November.
2022 Charlestown Rental Market Outlook
Charlestown’s apartment rental market has historically seen much less seasonal supply volatility than most areas in Boston prior to COVID. That has remained consistent throughout the pandemic, and may be even more true now. Charlestown’s current RTAR (0.88%) is 80.95% lower than Boston’s current apartment availability (4.62%).
We expect rental supply metrics to get even tighter as we head towards August. Charlestown’s rental market has historically seen high demand during the summer rental season, which took a hit during the pandemic due to remote work and remote learning. As more people return to work this year, we expect demand for summer rentals to return in full swing in2022, which will place even more demand on Charlestown’s already tight rental supply.
Despite the apartment shortage in Charlestown, the market has been slow to react with price increases. Charlestown renters who sign early in 2022 will likely find lower rent prices than they have historically despite the limited inventory. We don’t expect these prices to stay low for long, as the current apartment supply shortage will inevitably push prices north during the latter half of 2022. While it’s uncertain if Charlestown will break its previous all-time rent mark this year, it’s clear that those who put off signing a lease until later this year will be faced with higher prices and even more limited apartment inventory.