2022 Back Bay Apartment Rental Market Report

It’s been a roller coaster two years for Boston’s most expensive apartment rental market, Back Bay. Prior to the pandemic, Back Bay was experiencing record lows in apartment availability and vacancies alongside all-time high average rent prices. Then in 2020, COVID-19 dramatically increased the apartment supply.

The real-time vacancy rate (RTVR) for Back Bay apartments was launched sky-high, eclipsing the 7% mark in September 2020 for the first time on record. Then, starting in March of last year, the RTVR rapidly contracted. By September of 2021, Back Bay had set a new all-time low RTVR.