Boston’s rental prices are undeniably high, and a recent report ranked the city among the top five most expensive markets in the country last month.

In August, Boston was the fourth most expensive city for renters nationwide.

Zumper’s new National Rent Report looked at 100 cities across the country, aggregating data from more than 1 million active listings, including a national rent index for both one- and two-bedroom units.

The report found the national median rent for a one-bedroom unit increased by 1.6% from last year, reaching $1,534. Rents for two-bedroom units also rose, up 2.7% to $1,915.

Prices in Beantown are nearly double those levels.

In Boston, the prices for one- and two-bedroom units were flat month over month at $2,800 and $3,500, respectively. But year over year, prices for one-bedroom units fell 2.10% while two-bedroom units rose 2.90%.

New York took the No. 1 spot at $4,500 a month for a one-bedroom unit. Jersey City, New Jersey, came in at No. 2 at $3,400 and San Francisco, California, rounded out the top three at $3,160.

Zumper attributes the increases to the country’s “enormous rental demand” even as supply soars.

“Many multifamily operators have reported high resident retention this year, with notably few people leaving the rental market to buy homes,” according to the report. “The U.S. rental vacancy rate has consistently held at 6.6% in Q1 and Q2 2024.”

Zumber CEO Anthemos Georgiades said in an era where the amount of new supply is shattering records, it’s remarkable to see vacancy rates holding steady.

“Strong renter retention alongside our growing national rent index underscores the robust demand present in the U.S. market,” Georgiades said.

Boston rents continue to rise higher than national average

Boston apartment rents rose again last month at a rate higher than national rent increases.

Apartment List’s latest rent report found Boston-area apartment rents rose 1.3% month over month in April, compared to a 0.9% increase nationally, ranking Boston as 37th among the country’s 100 largest cities.

Boston Apartment Rents

Boston apartment rents rose sharply over the past month, according to the report, up 15.4% from the same time last year, compared to the national rent growth of 16.3%. April was the fourth straight month rents increased in the city following a decline in December.

Boston Median Apartment Rent

The current median rent for a one-bedroom apartment in Boston is $2,045 and $2,179 for a two-bedroom unit.

Despite the increase, Boston’s year-over-year rent growth fell below the 15.9% state average, and the 16.3% national average.

While other large cities across the country saw more modest rent growth, Boston saw sharp increases making it one of the more less affordable areas.

And it isn’t just Boston, other Bay State cities are experiencing similar if not faster growth and rental increases. Rents in Worcester grew 18.9% from last year compared to Boston’s 15.9% growth.

Medford had the fastest rent growth in the area, rising 21.7% year over year with a median two-bedroom rent costing $2,588 and one-bedrooms going for $1,736.

Cambridge had the most expensive rent of the largest cities in the Bay State where the median rent for a two-bedroom unit was $2,850. Rents there increased 2.2% month over month and 16.5% from last year.

The least expensive rents in the area are in Lowell where the median rent for a two-bedroom unit is $1,793. Rents there grew 2.7% month over month and 11.8% from last year.

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‘Boston rents soaring’

Don’t look now, but Boston-area rents are really shooting up. The reason is simple: Too much demand, too little supply.

The market could get more tight and expensive later this year if the local economy keeps improving. Not that we’re complaining about the latter. The area needs jobs. But they’ll come at a cost — of course.

Contact me to find to set up an appointment to start your Boston condo buying process.

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