Labor Day Weekend is the traditional move-in weekend for college students and when landlords expect their Beacon Hill apartments to be filled. But this COVID- 19 rental season.
How does it look?
Year-over-year rents are down 3% and concessions are on the rise as 13,000 of the market’s approximately 250,000 rental units remain available for rent, according to data compiled by the Boston Globe. Zumper data shows an 8% drop in year-over-year one-bedroom rent.
Boston rent growth has fallen much more steeply than the national average, and its decline is more precipitous than the rest of the commonwealth. Clark said the price declines are the first since Zillow began tracking the Boston multifamily market in 2014.
More residential inventory is about to hit the market. In July, 100 projects that will deliver nearly 21,000 new units were underway, and a further 56,000 units were in the planning and permitting stages. That could mean owners have not seen rents hit rock bottom yet.