The Boston Rental Market

Taylor Yates  |  November 3, 2022

Monthly feature

The Boston Rental Market

Boston is one of the great cities in the United States. With excellent employment and education sectors, it attracts residents from around the country and around the world. Therefore, yes, it's a little more expensive to rent here. But remember, salaries are also generally higher, balancing out the cost of living. In actuality, when compared to cities like New York, San Francisco, Chicago, or now even Austin, Boston offers serious value.

With a booming metropolitan economy, incomes are considerably high, and the cost of living is still achievable. Additionally, residents benefit from the city's incredible historical and cultural benefits. Boston is rich with visual and musical arts and has an excellent dining and entertainment scene. What more could you ask of a city?

New residents moving to Boston look at the high price points and simply can't make their way into homeownership directly. Renting is their best option. Recently, with an influx of new residents, rental prices have increased quickly. According to an article published by the Boston Herald, renters need to prepare for a competitive market with limited inventory. Great properties in more desirable areas are flying off the market. If renters aren't one of the first to inquire, the likelihood of getting the property is low.

If you’re entering or re-entering the rental market, don’t worry, you’re not alone. According to the last census data, over 63% of Bostonians are renters. There’s no secret to finding the best apartment in Boston – what matters is finding the right residence that suits your budget and needs.

Make a list of "must-have" and "would-like" items.

This list is different for every renter, and fortunately, Boston has a vast variety of areas and rental properties. For some, it’s important that they are within close commuting distance to their office, while others prioritize harbor views. 

Designate your budget

Rental rates vary significantly by area, size, finishes, and type of building. For example, the average rent for a one-bedroom apartment in Boston is just over $3,100. However, there are much less expensive neighborhoods like Allston, Andrew Square, and Oak Square. More costly areas include Seaport District, South End, and Back Bay.

Tenants need to remember that costs go beyond their monthly payments. Be prepared to pay a deposit and budget for utilities.

Narrow down your location

When it comes to living in Boston, it's essential to know that the traffic congestion can be severe, and the public transit system can be unreliable. Therefore, consider your lifestyle when choosing a location, and keep your commute front of mind. Fortunately, with the increased flexible work option, this is no longer as significant of a factor for many Bostonians.  

Prepare for competition 

There are no two ways to look at it; the Boston rental market is hot, and getting the perfect place will be challenging. So start looking early and be prepared to go up against some competition. 

Apply right away 

If you find a place you like, apply right away – the same day if possible. Your goal should be to secure the apartment as soon as possible before the next prospective tenant shows up.

Lastly, don’t let frustration get the best of you. Understand what you need to have in a rental, search diligently, act decisively and for more information get in touch!

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