Boston apartments have some of the highest rents of any major metro area in the United States. In fact, only New York City and San Francisco are more expensive. Although Boston has recently experienced a building boom, the supply of residential housing remains critically low. Yet, the demand for housing in Boston remains incredibly high. This factors into why Boston apartments are so expensive versus other cities, in the United States and around the world.
Average Boston Apartment Prices
As you now know, Boston is the third most expensive city in the country. So, how does that affect renters in regard to rental fees? According to Boston Pads Real Time Data the average rent for a Boston apartment is currently….
| Apartment Size | 2022 Average Rent Price | 2021 Average Rent Price | % Change |
|---|---|---|---|
| Studio Apartments | $1,840 | $1,821 | +1.04% |
| 1 Bedroom Apartments | $2,134 | $2,188 | -2.47% |
| 2 Bedroom Apartments | $2,645 | $2,602 | +1.65% |
| 3 Bedroom Apartments | $3,203 | $3,080 | +3.99% |
| 4 Bedroom Apartments | $3,954 | $3,719 | +6.32% |
| 5 Bedroom Apartments | $4,762 | $4,457 | +6.84% |
Please note that these figures are for average Boston apartment prices as of June 1, 2022 and June 1, 2021.
Boston Rental Prices Are Bouncing Back
It’s true that the pandemic drove down the rental fees a bit during the height of the pandemic. When campuses and offices closed in 2020, it caused our rental supply to surge to unprecedented levels. This caused prices to fall during the latter half of 2020 and into the first half of 2021. However, prices in Boston have bounced back. Now in 2022, average rent prices have already exceeded their previous all-time high set in June of 2020.
When the vacancy rate soared to record levels in September of 2020, landlords took it as an opportunity to make much-needed renovations while their outdated apartments lay empty. As a result, Boston’s apartment inventory is much newer now than it was prior to the pandemic which is a positive. With better inventory you’re going to see higher prices.
High Real Estate Prices Pushing More…