Boston’s Rental Market Slow To Start 2022

Boston’s apartment rental market has been slow to become active so far in 2022. After 2 years of COVID-induced market disruption, it looks like many renters are opting to sit out 2022. Landlords have reported that they’ve seen a record number of renters resigning leases instead of reentering the September 1 leasing rush.

Based on current Boston rental market data, the city began the year with record low apartment inventory in terms of both vacancy rate and availability rate, following a year when both supply metrics reached all-time highs. This fluctuation was a direct result of the adoption of remote learning and remote work policies. This severely diminished rental demand in downtown neighborhoods and student enclaves in Boston. As a result of the supply glut, rent prices dropped in Boston last year for the first time in over a decade.