Boston Condos for Sale and Apartments for Rent
Boston apartments are so expensive.
As Boston renters are returning to downtown Boston because students and young professionals began to leave their parents basements, the migration back to the Boston is taken place. The result, landlords of desirable apartments are setting new prices on leases which soared in some cases close to 20 percent, as downtown Boston landlords cashed in on strong demand and low availability for apartments.
Those Boston apartment price bumps — largely a recovery from early-pandemic discounts — drove Boston’s average monthly apartment rent to $4,878, a 17.4% increase from the previous year But new data show that landlords’ unprecedented repricing power has likely run its course.
National Apartment Rental Market
Nationally, price growth on renewed leases has posted a similar slowdown. According to rental analytics site RealPage, renewal increases have leveled off this year at around 10 percent or 11 percent after doubling in the second half of last year.
Chart via RealPage
Boston Apartments for Rent
That decelerating growth among reupped leases stems from an overall cooling of the rental market. This cooling should continue in Boston as we approach the month of September, where the majority of leases commence.
