Boston has seen, according to one study, the median price for a one-bedroom fall by 17 percent citywide between January 2020 and this month, and Beacon Hill hasn’t been immune to this trend.
According to Zumper, an online marketplace for apartment rentals, the median price for a one-bedroom in the city had fallen to $2,150 in January 2021 from $2,610 during that same month last year.
Boston’s rental market hinges largely on students, and students are now studying remotely or at their parent’s house, or they’re not coming back to Boston, especially international students
Another real estate factor
Another factor that accounts for the drop in rental prices on Beacon Hill is that many people who had intended to relocate to Boston for work were left limbo when the pandemic struck and their employers mulled over whether to open their offices back up, or to have them work remotely instead.
Some Boston landlords are also offering incentives to tenants they would never have considered pre-COVID, like allowing pets or paying the broker’s fees themselves, and Natoli anticipates that tenants will expect this leniency from landlords as a given going forward.