So how did the Boston apartment market do this year? ( a brief summary )
Here is a summary of the most interesting developments of this year’s renter activity in Boston:
- Rents in Boston registered a sharp annul decrease of 8.3%. The average rent in Boston reached $3,144 in November.
- Following the national trend, Boston started its rental season with a two-month delay. In May, the city’s renter activity registered a 41% surge compared to the previous month, followed by an 26% increase in June. In July, the numbers were already dropping.
- Going against the national trend, Boston’s overall rental applications saw a 4% boost compared to 2019, driven especially by the significant influx of outside renters. This year, 13% more renters moved to Boston, most of them being older Millennials with a median income of $67K.
You can access the report here: https://www.rentcafe.com/blog/rental-market/market-snapshots/year-end-report-2020/