With the 121st running of the Boston Marathon, which, fun fact, is the world’s oldest annual marathon, we figured this week’s post should talk about the great city of Boston. So with that said let’s, dive into what’s going on in the rental world in Beantown!
What Do You Get For Rent? Rent Comps in Boston, Massachusetts
Like most cities, Boston rents vary greatly from one neighborhood to another. If you take the average rent for an entire city, it doesn’t really help you get a sense for what rents might be in a particular area.
To give you an idea of what rents are in a certain section of Boston, we entered the address of a specific landmark: The Massachusetts State House. Twenty-three 2-bedroom apartment rentals (listed within the last 12 months), within .4 miles of the state house, were analyzed.
According to this search, as of March 14, 2017, the average rent is $2,792.
For this area, the apartment with the lowest rent is a small 2-bedroom unit in an older building on Tremont Street for $1,500. While only a few streets away, the highest rent is a 2-bedroom unit in a luxury apartment building (in the newly revived Downtown Crossing area) for $3,627.
Boston Rent Comps
Boston, MA is well known for its culture, sports, art, entertainment, shopping and of course—a high cost of living. In fact, Boston has long been a city of rising rental rates (since 2010), however recent findings show the cost of renting an apartment has finally started to decrease.
We learned from a recent story in the Boston Globe (January 2017), that the decline in rental rates was shown to be modest; approximately $30 – $40 a month. They attribute the thousands of new apartments (being built all over Boston and its surrounding cities) to slow down the rising cost of rentals.
For more information on rent comps in Boston, click here for our report.
This blog was provided by Rentometer, the fastest, easiest way to compare rents anywhere in the U.S. Rentometer uses advanced technology and data management tools to provide a thorough rent comparison analysis within seconds, for any address in the U.S. Rentometer also offers premium subscription services for professional users that need more information and services to help them build and operate their rental housing businesses.