Boston Rent Report for July; Increases Across Entire Metro

BOSTON–Rents have increased 0.4% over the past month and have increased marginally by 0.5% in comparison to the same time last year. Currently, median rents in Boston stand at $1,690 for a one-bedroom apartment and $2,100 for a two-bedroom. This is the seventh straight month that the city has seen rent increases after a decline in December of last year, according to a national report from Apartment List. Boston’s year-over-year rent growth lags the state and national averages, which both stand at 1.2%.

Rent increases have been occurring across the entire Boston metro. Out of the largest 10 cities, 8 of them have had rising prices. Haverhill has seen the fastest rent growth in the metro, with a year-over-year increase of 4.6%. The median two-bedroom there costs $1,520, while one-bedrooms go for $1,220. Lowell has seen the biggest rent drop, with a decline of 1.3%. The median two-bedroom there costs $1,520, while one-bedrooms go for $1,220. Newton has the most expensive rents of the largest cities in the Boston metro, with a two-bedroom median of $2,330; rents were up 0.1% over the past month and 2.0% over the past year.

While Boston’s rent skyrocketed over the year, many large cities nationwide saw decreases, such as Seattle (-2.4%), Chicago (-1.8%), and Baltimore (-1.6%).

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