Last night, I received a phone call from inquisitive women asking me about the Boston apartment rental market. She heard stories about apartment renters getting into bidding wars. I was a little dumbfounded by this because from my experience the rental market seems little soft, but normal for this time of year and given the recent weather conditions. Anyway, I did some research based on MLS data and my conclusion was that rents are very high in Boston and there seems to be plenty of inventory.
The following is a breakdown of some Boston neighborhood per price, number of apartments available and days on the market.
Back Bay – 103 apartment rentals available with the highest list price in downtown Boston at $5,621. The average time currently on the market for a Back Bay apartment is 56 days.
Beacon Hill – 48 apartments available for rent with an average list price of $3,094. The average time currently on the market for a Beacon Hill apartment is 48 days.
South Boston – 84 apartments currently available for rent with an average listing price of $2,736. The average time currently on the market for a South Boston apartment is 45 days.
South End – 68 apartments available for rent with an average list price of $3,306. The average time currently on the market for a South End apartment is 55 days.
West End – has only 19 apartments for rent, but the average time on the market is 440 days. Interesting three of those apartments have been on the market for over thousand days. If you were to eliminate those three apartments from the equation, it would still be over 100 days on the market for an average listing.
Total number of (only) downtown Boston apartments is 504. This number is actually much higher because most large apartment buildings don’t list there available listings on MLS.