Boston’s apartment rents fell in June, a sign that the apartment market has been more damaged by the effects of the coronavirus pandemic than Beacon Hill apartment landlords anticipated. Rents in executed leases in Boston were 5.8% lower in June than they were last year.
It might get worse for landlords
Some neighborhood rents were flat and others had a reduction in rent. Studio rents decreased in Charlestown, Dorchester, East Boston, and Jamaica Plain. One-bedroom rents in Back Bay, Beacon Hill, Charlestown, and South Boston had similar rent reductions.
Boston Apartment Inventory tripled in 2020
Across Greater Boston, apartment inventory is up 58% from 2019, according to Multiple Listing Service Property Information Network data pulled by real estate agent David Bates and published in Bates’ newsletter. Back Bay’s inventory nearly tripled, rising from 102 available units to 290, while the South End and Beacon Hill’s inventories more than doubled.
As of today’s date, MLS is reporting 261 Beacon Hill apartments for rent for September 2020