An in-depth look at the Massachusetts rental market

Boston had the 3rd highest median rent for 1-bedrooms among major US cities in August.
Burlington, VT surprisingly jumped to the 10th most expensive rental market.
Asking rents dropped year-over-year for studios and 1-2 bedrooms in parts of Boston like Jamaica Plain.
Rents increased most for 3+ bedrooms in Charlestown, Back Bay, and West Roxbury.
Cambridge remains the most expensive rental market in Massachusetts, with median 1-bedroom rent of $3,000.

boston.com

Relevant topic timeline:

9/8/2023

Apartment Rents Plummet as Massive New Supply Outpaces Demand

Apartment rents in the U.S. are cooling off and are expected to turn negative compared to last year due to high supply of new units and increased options for renters, while high mortgage rates, home prices, and tight supply keep more people in the rental market.

9/14/2023

Manhattan Rents Stay Sky-High as Tenants Balk at High Prices and Limited Options

Manhattan renters may have reached their affordability threshold as median rents remain at a record high, leading to a decline in new leases and longer periods on the market, while landlords are hesitant to increase rents further; however, prices are unlikely to decrease significantly due to falling inventory levels and high demand.

9/17/2023

Bay Area Rents See Steepest Drop in Years as Supply Rises and Landlords Offer Deals

Rent prices in the Bay Area, including San Francisco and Oakland, are declining for the seventh straight month, with a year-over-year drop of 4.3%, providing some relief for renters; however, low-income tenants still face significant affordability challenges.

9/18/2023

Rent Growth Cools as Vacancy Rates Rise and Landlords Offer Concessions

Landlords are offering incentives to attract renters in the US housing market, even though the median asking rent is at a near-record high, with some landlords providing one-time discounts or a few months free to renters, which effectively lowers rents in certain areas, although this may not be reflected in asking-rent data. The rental vacancy rate has increased, leading to more vacancies for landlords to fill, and landlords are raising rents for existing tenants but not new tenants, in order to maintain high asking rents while strengthening returns. Demand for higher-end properties is declining, while more affordable units are in demand. The rental market varies across regions, with the West and South experiencing decreases in median asking rent, while the Midwest and Northeast have seen increases.

9/18/2023

Boston Home Prices Stay Near Record Highs Despite Mortgage Rate Spike

The Greater Boston housing market experienced a slow month in August, with home sales dropping to their lowest point for the month since 2010, primarily due to higher interest rates and a shortage of available homes for sale, leading to increased competition and higher prices for buyers.

Topics

Posted 9/7/2023, 10:39:00 PM

An in-depth look at the Massachusetts rental market

Boston had the 3rd highest median rent for 1-bedrooms among major US cities in August.
Burlington, VT surprisingly jumped to the 10th most expensive rental market.
Asking rents dropped year-over-year for studios and 1-2 bedrooms in parts of Boston like Jamaica Plain.
Rents increased most for 3+ bedrooms in Charlestown, Back Bay, and West Roxbury.
Cambridge remains the most expensive rental market in Massachusetts, with median 1-bedroom rent of $3,000.

boston.com

Relevant topic timeline:

9/8/2023

Apartment Rents Plummet as Massive New Supply Outpaces Demand

9/14/2023

Manhattan Rents Stay Sky-High as Tenants Balk at High Prices and Limited Options

9/17/2023

Bay Area Rents See Steepest Drop in Years as Supply Rises and Landlords Offer Deals

9/18/2023

Rent Growth Cools as Vacancy Rates Rise and Landlords Offer Concessions

9/18/2023

Boston Home Prices Stay Near Record Highs Despite Mortgage Rate Spike