Boston is now the fourth-priciest rental market in the United States, dropping one spot from last year, as reported by ApartmentAdvisor. The median asking prices for apartment listings in Boston have increased for studios, two-bedroom apartments, and three-bedroom-plus units compared to last August, but one-bedroom prices have decreased by more than 5 percent. Nationally, rent prices are rising at a slower pace, with the typical US rent reaching $2,070 in July, according to Zillow.
Comparing prices in various neighborhoods in Boston, the analysis found that the cost of studio apartments has decreased in some areas, while certain neighborhoods like Brighton have experienced price increases. Additionally, one-bedroom apartments in neighborhoods like Dorchester and Mission Hill have seen significant price drops compared to last year.
As for two-bedroom apartments, the cost in areas like Fenway has skyrocketed, while deals can be found in the Back Bay and South Boston. Three-bedroom-plus units in downtown Boston and Fenway are experiencing a rise in costs, while the Back Bay and Charlestown offer more affordable options.
Overall, ApartmentAdvisor’s analysis reveals that Boston has dropped to the fourth spot in the list of the most expensive rental cities in the US. For renters in search of more affordable options, Providence, RI, has seen a nearly 14 percent decline in the median rent for one-bedroom apartments year over year. In other New England cities, Cambridge remains the priciest community despite a 3.8 percent decrease in asking rents, while Springfield, MA, offers more affordable options. Renters in the Greater Boston area may have more negotiating power, as more landlords are offering concessions in July compared to the previous year.
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Photo credit www.boston.com