Boston real estate market: Declining apartment rents continue into 2021. Year-over-year rental prices for single-family homes in most major markets increased more in December 2020 than in December 2019, despite a pandemic-fueled slowdown in late winter and early spring, according to CoreLogic. Boston apartment market was one of the few markets in which year-over-year rental prices fell from December 2019 levels.
Nationally, rent growth reached pre-pandemic rates by October. Data from December indicates rents rose by 3.8% year-over-year, compared to a 2.9% jump in December 2019. Single-family rentals were in demand as families sought homes that offered more space. Demand for multifamily rentals fell in markets across the country. Some areas saw lower growth or declines in rents.
The Boston, MA metropolitan area had the biggest year-over-year decrease of the 20 markets CoreLogic measured, with rents dropping by 7.2% from December 2019. The decrease was attributed to the pandemic-related absence of college students, who typically move into the city in the fall. For the final five months of 2020, Boston apartment rental market experienced the largest decrease among the metro areas CoreLogic measured. The median rental price for a single-family home in Boston the Boston area in November 2020 was $2,571.