August Report: Boston Rents Stay Flat While Somerville Sees Highest Growth in Metro
August 16, 2017 - By The Real Reporter with Apartment List
BOSTON—Apartment List recently published its August 2017 Boston Rent Report detailing the shift in rents experienced by Boston and cities throughout Boston Metro.
According to the report, Boston rents have remained flat over the past month even though they have increased moderately by 2.7% year over year. Now, the median rents in Boston are $1,680 for a one-bedroom apartment and $2,090 for a two-bedroom. While Boston’s year-over-year rent growth remains below 3%, the state’s average growth rate remains at 4.5% and the country’s persists at 2.9%.
Since the start of 2017, rent increases have been occurring across the entire Boston Metro. Of the largest 10 cities Apartment List collected data for, 9 of them have seen price increases. Somerville has experienced the fastest rent growth in the metro, with a year-over-year increase of 8.2%. The median two-bedroom there costs $2,100, while one-bedrooms go for $1,690. Meanwhile, this year has presented Marlborough with the largest rent decline in the metro. With median two-bedrooms going for $1,530 and one-bedrooms pricing at $1,220, the city’s rent has dropped 2.2%. Haverhill experienced a 0.2% rent drop over the past month, but the rate has risen 1.3% over the past year. There, the median two-bedroom rate resides at $1,450. Of the largest cities in the Boston metro, Brookline has the most expensive rents, with a two-bedroom median of $2,640. Overall, Brookline’s rents have increased 0.3% over the past month and 5.4% over the past year.
While rent growth in Boston has remained stable over the past month, the city still distinguishes itself as one of the priciest in the nation for renters. The median two-bedroom rent in Boston resides at $2,090 in comparison to the national average of $1,160. Across the country, rents have grown by 2.9% so far this year. Similar cities have experienced rent growths this month, but Boston still remains among the most expensive. Read the full report from Apartment List HERE.
