Jamaica Plain Rental Market Forecast 2022
It appears that average rent in Jamaica Plain has been spared the rapid price acceleration that has been typical of most Boston neighborhoods thus far in 2022. Average rent prices have already blown past their previous all-time highs in nearby Mission Hill and Allston this year, both of which have historically been more affordable rental markets for off campus apartments near Northeastern University. Perhaps that explains why RTAR has been significantly lower than pre-pandemic levels in Jamaica Plain compared to Allston and Mission Hill, where record-high rents could be pushing renters further out.
Despite its relative affordability, the current apartment supply metrics indicate that rent prices will continue to rise in Jamaica Plain as we approach September. The current RTAR in Jamaica Plain is down -32.75% since early May, indicating that apartment availability has already peaked for 2022 and is dropping rapidly. Demand for affordable apartments has never been higher in Boston. Given the current Jamaica Plain RTAR is nearly 50% lower than its June 2019 level, it is likely that the RTAR will break through its previous all-time low (1.02%) set in November 2019. There seems to be no loss of demand to move to the Greater Boston Area. It would be prudent to examine ways we can maximize bedroom and unit count on any upcoming developments in the area.
This should create a sense of urgency for Jamaica Plain renters who haven’t locked down an apartment yet for the Fall. As prices soar to record highs in other neighborhoods, more renters will look towards affordable neighborhoods like Jamaica Plain, putting further downward pressure on the already tight rental supply. We expect rent prices to continue to climb in Jamaica Plain as a result. Those who put off their apartment search in Jamaica Plain will be faced with limited options and higher prices.
At the current rate of price growth, the average rent…