Factors that Determine the Average Rent in Boston

Factors that Determine the Average Rent in Boston

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Boston is among the oldest cities in the USA and the most populous city in the municipality. Boston covers 48 miles and estimated population was at 687,587 in 2017. Boston is a Centre for higher education, including, engineering, business, law, and medicine. It is also a world leader in the areas of entrepreneurship and innovation.

Boston is considered one of the cities with the highest cost of living. Further, the neighborhoods in the area are in high demand thus space is limited, and the price always keeps rising. The demographics choosing to settle in the city are continually evolving. The average rent in Boston area is not cheap for the rooms and apartments which is caused by the following factors;

  • Neighborhood

The Boston neighborhoods have common themes including transportation, proximity to work, price and the cultural centers. When choosing the desired community, the likes and dislikes of the person determine which area to settle. Also, there is the online database used for real estate and local startups that provides detailed rental information at the native level.

Roslindale is one of the most affordable neighborhoods in Boston, and the average rent stands at $2,311 per month. Another region where tenants pay 42,327 on average is Roxbury. East Boston also offers an average rent of $2,589 each month. For renters looking for great deals, listings are available starting from $2,613 while Jamaica Plain has an average of $2,625 and $2,687 at Dorchester.

The rent per month in Brighton is below the average when compared to the average rent in Boston. Back Bay, North End Boston, and Chinatown-Leather District are the most expensive neighborhoods. Chinatown averages at $3,700 and North End Boston stands at $3,689 while Back Bay offers $3,648 per month.

  • Vacancy rate

The affordable neighborhoods in Boston include South Dorchester, West Roxbury, and Mattapan. It is unlikely that the rent in Boston might be offered at a cheaper rate if the vacancy rate is used as the basis to measure the possibility of any drop in the prices. The vacancy rate has dropped by 50% over the last five years, hence due to the high demand, it is unlikely that the rent might fall.

  • Size of the Apartment

The Boston apartments are in an average size of 815 square feet, but variations exist according to the type of the apartment. 489 sq. Ft. is the average size of a studio and a one-bedroom apartment has a square footage of 707.2. Also, an apartment with two bedrooms averages at 986 sq. Ft. The rent for a studio apartment in Boston costs $2,138 and the one bedroom apartment’s average at $2.797 for one month.

The average monthly rent throughout the Boston city is estimated at $2,458 by ZRI, but Jumpshell calculates the average rent based on the number of bedrooms. However, depending on the neighborhood, the estimated numbers can drastically change.

The rent for one bedroom in Boston is $2636 a month which is an increase of 10.96% when compared to last year statistics. The two bedroom apartment averages about $3306 a rise of 11.16% in comparison to the previous year.

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