Boston Apartment Rent Growth Dips 2% In October; Still Up 5% Y/YNovember 01, 2022
BOSTON — According to a report from Apartment List, Boston rents have declined 1.8% over the past month, but have increased significantly by 5.1% in comparison to the same time last year. Currently, median rents in Boston stand at $2,030 for a one-bedroom apartment and $2,116 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in August. Boston’s year-over-year rent growth lags the state average of 6.0%, as well as the national average of 5.7%.
Throughout the past year, rent increases have been occurring not just in the city of Boston, but across the entire metro. Of the largest 10 cities that Apartment List tracks data on in metro Boston, all of them have seen price increases.
Revere has seen the fastest rent growth in the metro, with a year-over-year increase of 13.6%. The median two-bedroom there costs $2,012, while a one-bedroom goes for $1,621. Over the past month, Medford has seen the biggest rent drop in the metro, with a decline of 3.8%. Median two-bedrooms there cost $2,396, while one-bedrooms go for $1,666. Cambridge has the most expensive rents of the largest cities in the Boston metro, with a two-bedroom median of $2,890; rents fell 1.6% over the past month but rose 4.6% over the past year. Lowell has the least expensive rents in the Boston metro, with a two-bedroom median of $1,680; rents went down 0.8% over the past month but rose 10.0% over the past year. read full report here