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An In-Depth Look at the Massachusetts Rental Market: January issue

An In-Depth Look at the Massachusetts Rental Market: January issue

#InDepth #Massachusetts #Rental #Market #January #issue Welcome to Alaska Green Light Blog, here is the new story we have for you today:

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Including a breakdown by Boston neighborhoods.

Keith Bedford/Globe Staff
Passengers board an MBTA Green Line train at the intersection of Commonwealth Avenue and Harvard Street in Allston. Keith Bedford/Globe Staff/Files 2016

The news for renters looking for less than a three-bedroom apartment in many of Boston’s neighborhoods is getting better.

Studio prices are down nearly 6% in Allston, but the neighborhood has seen double-digit declines in asking prices for one- and two-bedroom apartments since August, according to reports a market report by Apartment Advisor released on Wednesday.

Renters on the hunt can also uncover bargains in the Jamaica Plains, which has seen similar declines since the summer.

These were the average rents for apartments in Boston in December, according to the website:

no. of bedroomsAverage asking rent of offersStudio$2,528One bedroom$2,900Two bedrooms$3,279Three bedrooms plus$4,300

And here’s what these neighborhoods are asking for:

apartment-consultant-studio-dec-rent(* indicates that there were not enough entries to compare)apartment-consultant-1bed-dec-rentapartment-consultant-2bed-dec-rentapartment consultant-3bed-dec-rentSOURCE: HOUSING CONSULTANT

In Massachusetts

The median list price for a one-bedroom rental in the Commonwealth rose 5% to $2,438 from November to December Apartment Advisor’s December Market Report for Massachusetts.

There was mostly good news in the most expensive cities in the state for tenants:

City median list price
for a 1-room change in %
Nov-Dec Cambridge3,0190.6%Boston2,871-2.7%Brookline2,800-1.5%

These were the cheapest cities to rent, and it’s no surprise that they’re not close to Boston:

Pittsfield: $1,288

Fall River: $1,350

Leominster: $1,425

Worcester: $1,500

Month-on-month prices fell the most in Medford (-14.7%) and Winthrop (-7%), but rose the most in Somerville (8.2%) and Salem (5.7%).

How are the rents doing in the community you’re eyeing?

And nationally…

According to this, rents in the United States rose by 3.8% in 2022 a report from the Apartment List websitebut they fell in 90 of the country’s 100 largest cities in December, falling 0.8% month-on-month.

“The timing of this cooling in the rental market is consistent with the typical seasonal trend, but its magnitude was significantly sharper than what we have seen in the past,” the researchers reported. “Last year represented a return to pre-pandemic levels of rental growth, after the astronomical 17.6 percent increase in rents we saw in 2021.”

They predict a “shift of bargaining power back to the tenants.”

In fact, Boston ranks 7th on the site’s list of cities with the slowest metro-level rental growth over the past six months. Metro that experienced the slowest rental growth during this period is another local location: Providence. San Francisco and San Jose were the only two subways where the median rent is lower than it was before the pandemic.

The city with the fastest rental growth over the last six months and the last 12? Indianapolis. Five other Midwest cities were in the top 10: Kansas City, Chicago, Columbus, Cincinnati and St. Louis. The report credits the Midwest with being “one of the last bastions of affordability” after people began flocking to the Sunbelt.

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