Boston’s Average Rent Price Continues to Climb To Record Highs

With just 5 week remaining until September 1, Boston’s average rent price is still climbing to new record highs weekly. The current average rent price of $2,710 for non-luxury Boston apartments is up +7.6% year-over-year and up +0.57% since last month. Price growth has shown signs of slowing down through July, but they will likely continue to rise until the pivotal 9/1 leasing date.
Why are Boston rents going up?

Boston’s rent prices are going up because of a record-low supply of available apartments in Boston. The current real-time availability rate of Boston apartments 2.04%. That is less than half of the previous all-time low July availability rate of 4.25%, which was recorded in 2019. That means apartment hunters in Boston are seeing half of the rental inventory they were seeing prior to the pandemic. With supply so low and demand for housing greater than ever, prices have nowhere to go but up. Inflation is also adding to landlord expenses, which is trickling down to the renter.