How much does it cost to rent an apartment in Boston? According to Zumper downtown Boston is the third most expensive place to rent in the country.
This time, according to Zumper average rent in Boston was $2,410.00 per month in August 2021
Zumper competitor ApartmentList also has Boston as one of the most expensive areas to rent an apartment in September 2021.
Remember also that these are all that we call median market rents–the price it takes to rent a new apartment right now. This is distinct from the city’s actual median rent, which is in most cases many hundreds of dollars cheaper.or in some prestigous areas much higher like Back Bay and Beacon Hill apartments
The fact is, sadly, that there is just not one single definitive resource to tell us exactly how much it costs to rent–not yet, anyway.
As always, if you have any questions you can contact us directly,
National rent growth accelerates—again
If the housing story of 2020 was how the pandemic set the sales market on fire, the story of 2021 is how the sales market set the rental market on fire. Zumper’s national index for one-bedrooms has reached a new all-time high in every month of 2021 except April, and two-bedrooms have hit a new all-time high in every month since February.
The median one-bedroom rental price now sits at $1,352, while for two bedrooms it’s $1,663. Since March 2020, one-bedroom rent has risen 10.7 percent, while two bedrooms have risen a whopping 13.1 percent. For context, rent hovered around 1 percent higher during 2020, and in 2019, rent was flat on a year-over-year basis. To have double digit rent growth over the course of a year and a half is a shocking level of growth, especially considering the vast majority of it has come in the last 9 months.
There are a few things driving the growth. First, the hot housing market that’s pushing rent up in Phoenix is doing the same in similar markets where single-family home values have risen rapidly in the aftermath of the pandemic. As prices soar and competition becomes overly intense, people who are at the stage in their life where they’d usually buy a home are priced out or exhausted with the process. They’re building up in the rental market over time and driving up costs.
Second,a number of big cities that saw precipitous rent drops are seeing rent snap back to where it was prior to the pandemic. New York City’s median one-bedroom rent dropped by 17.6 percent between March 2020 and January 2021, but is now up 3.5 percent relative to March 2020. This has played out in a number of East Coast cities, including Miami, Washington, and Boston, although to varying degrees.
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