South End Apartment Rental Market Forecast 2023
The most recent apartment data for the South End shows a trend similar to that which we saw last year. We’re seeing less turnover than we’ve seen in the years prior to the pandemic. This forebodes an even scarcer rental market as we near the 9/1 leasing date. If this doesn’t change, we could certainly see RTAR and RTVR again hit an all-time low in August of this year. This year, renters in the South End must brace themselves for even more limited choices. Those who approach the situation with a sense of urgency will be better off, and are more likely to find an apartment that meets their needs in this neighborhood.
There are other factors at play as well. A slower economy has already had a negative impact on some of the nation’s biggest housing markets outside of Boston, but that trend has yet to materialize here. The housing shortage is the main force at play keeping prices high in Boston, both for apartment rentals and homes for sale.
The only way out of the shortage is to accelerate housing construction and create a pro-development environment for builders. Last year we saw one of the lowest years for new housing units created since 2014 during a time when we’re desperate for new inventory. Rent prices are unlikely to stop climbing if this critical need is not addressed. We will continue to monitor these trends as they develop.