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Renting
The March 2023 edition includes a breakdown by Boston neighborhood and a look at the going New England and national prices.
The average cost of a studio apartment in Boston hit a 2022 peak of $2,890 a month in November, but in February the rental market here saw the mean rent slip to $2,152.
That’s good news for renters looking for a place to hang their hat in a city hurting for affordable housing inventory, but those drops we’ve seen in rents across the board since their post-pandemic peak appear to be tapering off, according to a report Apartment Advisor, an online rental database, released March 8.
The rental market breakdown by Boston neighborhood for a studio unit:
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
The median cost of a one-bedroom hit a high of $3,266 in early October, but was sitting at $2,700 as of Wednesday. That reflects a drop of more than 17% during that six-month time frame, but prices have been pretty flat over the past few weeks.
The breakdown by neighborhood for a one-bedroom unit:
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
The median cost of a two-bedroom in Boston hit a 2022 high of $3,706 around Labor Day, but was $3,173 on Wednesday. That’s a 14.4% drop, but this section of the market has bounced lately around from a low of $3,123 to $3,252 for the past two months, a difference of $129. Allston and West Roxbury have seen the biggest declines in rent since August, according to the report, while prices are climbing in Roxbury and Dorchester.
The breakdown by neighborhood for a two-bedroom unit:
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
The median cost of a three-bedroom in the city skyrocketed in 2022 and hasn’t slipped much. It hit a median high of $3,489 at year’s end and was sitting at $3,354 on Wednesday, a difference of $135 (roughly a 4% decrease). The Back Bay has seen the biggest hike in rental prices, but a new development can skew the results. The same can be said for the cost of renting downtown.
The breakdown by neighborhood for a three-bedroom-plus unit:
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
The Massachusetts rental market
Statewide, rental prices are climbing, according to a report the website released March 3. “The average rent price for a one-bedroom apartment in the Commonwealth was $2,485 in February, up 0.9% from January and up nearly 10.4% from last year during the same period.”
Rents rose the fastest in Lynn (9.6%), Somerville (7.8%), and Medford (7.8), and the top 10 most expensive communities for renters were:
| Community | Average rent one-bedroom unit |
|---|---|
| Cambridge | $3,000 |
| Watertown | $2,827 |
| Medford | $2,791 |
| Brookline | $2,775 |
| Somerville | $2,750 |
| Boston | $2,700 |
| Waltham | $2,687 |
| Melrose | $2,589 |
| Revere | $2,395 |
| Braintree | $2,345 |
Note: Figures are based on available website listings
These were the top 10 least expensive communities for renters:
| Community | Average rent one-bedroom unit |
|---|---|
| Fall River | $1,349 |
| Springfield | $1,370 |
| Leominster | $1,467 |
| Worcester | $1,558 |
| Haverhill | $1,600 |
| Framingham | $1,750 |
| Lowell | $1,823 |
| Everett | $1,873 |
| Lynn (tie) | $2,000 |
| Malden (tie) | $2,000 |
| Salem (tie) | $2,000 |
Note: Figures are based on available website listings
What is happening in your community?
“Despite some indications that the pace of rent growth will be slower this year compared to last year, median rent prices remain quite high compared to last year in most of the cities we track,” the report said.
The national rental market
The median national rent for a one-bedroom apartment in the United States was $1,475 in February, which reflects a 1.26% month-over-month increase in cost and a 5.7% jump year over year, Apartment Advisor noted in a report it released March 1.
“National median rent prices grew slightly in February, but were holding relatively flat compared to last quarter, continuing an overall deceleration that began last summer,” the report said.
These were the top five most expensive cities for renters:
| City | Median Rent for a one-bedroom unit |
|---|---|
| New York City | $3,741 |
| San Francisco | $2,901 |
| Boston | $2,700 |
| San Jose, Calif. | $2,468 |
| Miami | $2,310 |
Note: Figures are based on available website listings
These were the least expensive:
| City | Median Rent for a one-bedroom unit |
|---|---|
| Wichita | $685 |
| Tulsa | $822 |
| Oklahoma City | $842 |
| El Paso | $850 |
| Indianapolis | $912 |
Note: Prices are based on available listings
The New England rental market
These were the median rents for a one-bedroom apartment in the New England states and the percentage change month over month and year over year:
| State | Median rent in Feb. | Month-over-month Change |
Year-over-year Change |
|---|---|---|---|
| Connecticut | $1,638 | -0.7% | +25.8% |
| Maine | $1,100 | -15.4% | +1.9% |
| Massachusetts | $2,485 | +0.9% | +10.4% |
| New Hampshire | $1,548 | +1% | +10.6% |
| Rhode Island | $1,625 | +1.4% | +3.4% |
| Vermont | * | * | * |
Note: Figures are based on website listings. An (*) means there weren’t enough listings to tabulate.
Massachusetts was the most expensive state to rent a one-bedroom apartment in February based on the report, and West Virginia was the least expensive ($660 a month for a one-bedroom).
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