How's the Boston condo rental market? Boston Condos For Sale Ford Realty

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The median rental price hit its highest level in two years in May, according to Realtor.com’s Monthly Rental Report.

Nationally, rental prices increased 5.5% from last year, an increase the report attributes to rising vaccination rates and scaled-back remote-work policies. Forty-three of the 50 largest metros had a median rent increase year over year, up from 40 in April and 33 in March, according to the report.

In May, the median rent in the United States was $1,527 per month. According to the report, rents are increasing faster than the 3.2% growth seen in March 2020. The report also found rents for one- and two-bedroom rentals reached new highs in May. Additionally, rents for studios grew for the first time in 10 months.

According to Realtor.com Chief Economist Danielle Hale, median rent prices reached their highest level in more than two years in May, surpassing pre-COVID levels.

“More than three-quarters of the 50 largest markets also hit this milestone, with rents climbing at an average pace of 9.1% year-over-year — nearly two times the overall inflation rate of 5%,” Hale said in a press release. “Highlighting COVID’s uneven impact across the U.S., rents continued to decline in the nation’s largest metros, like Los Angeles and Boston, where May prices were below prior peaks. However, some big cities, San Jose, are making big strides toward recovery, with rents on pace to see new highs later this year.”

Boston Apartment Rental Market 2021

Despite an average nationwide uptick, Boston rents declined year over year in May, down 3.8% to a median monthly rent of $2,400

All Beacon Hill apartments ranked Newest to Oldest Listing

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Boston Real Estate Search

How’s the Boston condo rental market?

In today’s updated Boston real estate blog post. Chief Economist Mark Zandi claims that the national apartment rental market remains strong, despite late payments from apartment renters.

How is the Boston Apartment rental market?

Here in Boston, I’m seeing an uptick in activity however, in my Boston Beacon Hill location we’re still way above in vacancies. As of the time of this writing the Beacon Hill market which is 1/4 mile sq had over 200 vacant apartments available between now and September 1, 2021

Original Boston Real Estate Blog Post

When I last wrote about the state of the Boston downtown condominium rental market, I mentioned that the market has “put the brakes” on. This trend continues, especially in the higher end of the market where we now see condos prices of $10,000 and higher are staying on the market much longer. In fact, the average days on market for a Downtown Boston condo rental have now risen over 90 days. The condo rental/apartment inventory has also risen pretty dramatically with over a 9 month supply of units, clearly indicating a renters market.

One of the things I have been watching, and baffled by, is the rental market. If you would have asked me a year ago, I would have said we will start seeing rental rates come down. Well, I was wrong in my timing. With all of the new construction we have seen in the building of apartments, rates are finally subsiding in Downtown Boston, with some price reductions

Even with rental rates slowly coming down, it is more affordable to own than rent. If you are in the market to start looking at condominiums to purchase, give me a call and we can start the search for your dream condo!

You can reach me at Ford Realty 617-720-5454 or via email realtyford@yahoo.com.

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