Boston apartment rental market
Boston Apartment Rental Market
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Boston apartment rental market
These are the most and least affordable cities for renting in Massachusetts
Renters can expect to pay vastly different amounts based on where they choose to live in Massachusetts. With monthly rents varying by up to $3,000 for the same sized home in different Massachusetts cities, location is everything in the Commonwealth, according to a new study from Rentometer.
The rental estimate company identified cities with populations of at least 25,000 and compared them based on the median monthly rental cost for a three-bedroom single-family home.
Cambridge was the third-most expensive city for renting nationwide. To live in the charming home of Harvard, renters shelled out a median of $5,500 monthly.
Contrastingly, Springfield was renters’ most affordable option in Massachusetts at $2,472 per month, but didn’t come close to being one of the least expensive options nationwide.
This price gap wasn’t exclusive to the Massachusetts market, as rents in California ranged from $1,750 in Ridgecrest to $7,500 in Santa Monica.
Boston apartment rental market
The number of millionaires nationwide has tripled since 2019, and 1 in 11 of them now rents. Boston has become one of the fastest-growing hotspots for these ultra-wealthy individuals, according to a study by RentCafe.
Using data from the Institute for Social Research and Data Innovation at the University of Minnesota, RentCafe found that the number of millionaire homeowners in Boston increased by 196% between 2019 and 2023, while the number of millionaire renters boomed by an impressive 418%.
While trends are shifting, still far more millionaire households own homes than rent them. In Boston, around 6,100 millionaires own homes, while just over 550 rent.
Boston apartment rental market
The national apartment rental market saw its first decline in three years. Watch the video below for more info.
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As the pandemic comes more under control more and more Boston apartment renters have descend onto Boston apartment rental market, many young professionals and students are returning to the city for the fall and winter season which is creating more competition for fewer an fewer apartments for rent as we approach the holiday season.
