Boston Average Rent Price Breaks It’s All Time High

Boston Pads average rent price has just surpassed its all-time high, according to the most recent apartment data from Boston Pads. The current average rent price for non-luxury apartments in Boston is $2,648. The previous record was set in early June of 2020, when the
average rent price hit $2,646 before experiencing a downturn as a result of the pandemic-induced rental supply glut.

It appears that the relief in rent prices was short-lived in Boston. Apartment prices began to trend back upwards in October of last year. This coincided with the return of students to most of Boston’s largest campuses after shutting down during the 2020-2021 academic year. Since then, apartment availability and vacancy rates have hit historic lows as the current rental supply has struggled to catch up to the restored demand.

Prices for Boston apartments have accelerated particularly for larger units. The average rent price for 3 bedroom and 4 bedroom apartments hit all time highs in consecutive weeks in late January and early February this year and have continued to climb since. Boston’s 5 bedroom average rent price hit its all time high during the first week of March this year, while 2 bedroom units just exceeded its record high this week.