Average Rent Price for Boston Apartments Surpasses $3,000

As we approach the half-way point of 2023, Boston’s apartment rental market has reached a new milestone. The average rent price for apartments in Boston has surpassed $3,000 for the first time on record. As of May 1, Boston’s average rent price has increased by $150 since January 1 and is now up +15.55% compared to a year ago.

Boston’s average rent price is calculated by taking the average of: studio, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom prices. To ensure the highest accuracy, these average rent prices exclude luxury apartment buildings which often have wild fluctuations in pricing on a daily basis.

A look at the historical trend line for this average rent figure shows that prices have accelerated significantly once pandemic restrictions were lifted in late 2021. Prices did fall during the pandemic years as rental demand was negatively impacted by distance based learning and remote work. Since apartment demand has returned to Boston, we’re seeing an unprecedented acceleration in rent price growth.