2021 Boston Rental Market Report

The COVID-19 pandemic has had a drastic effect on the rental market in several cities in the United States. Boston is no exception, but if we look at the most recent data and figures from the last 6 months, the rental market in Boston seems to be on a path to recovery.

Both the real-time availability rate (RTAR) and real-time vacancy rate (RTVR) have contracted rapidly since last December and that is good news for all the stakeholders in Boston’s rental market. While the RTAR has dropped by -81.72%, there has been a decline of -86.42% in the RTVR when compared to last year. Now, availability of Boston apartments is tighter than it was in December 2019, before COVID rocked the housing market.

The YOY average rent price for 1 bedroom and 2 bedroom apartments in Boston has dropped by -3.07% and -0.55% respectively since last year. The pattern is the same outside the city of Boston where the 1 bedroom and 2 bedroom prices have fallen by -2.1% and -0.83%. This is undoubtedly the result of the supply inflation we saw during the pandemic.

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