Boston, MA Rental Market Trends
Boston Rent Report: April 2023
Welcome to the Apartment List April 2023 Rent Report for Boston, MA. Currently, the overall median rent in the city stands at $2,081, after rising 2.6% last month. Prices and are now up 6.1% year-over-year. Read on to learn more about what’s been happening in the Boston rental market and how it compares to trends throughout the broader Boston metro area and the nation as a whole.
Boston rents are up 2.6% month-over-month and up 6.1% year-over-year
The median rent in Boston rose by 2.6% over the course of March, and has now increased by a total of 6.1% over the past 12 months. Boston’s rent growth over the past year has is similar to the state average (5.1%) and has outpaced the national average (2.6%).
Boston rent growth in 2023 pacing above last year
Three months into the year, rents in Boston have risen 5.9%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to March 2022 rents had increased 0.8%.
March rent growth in Boston ranked #1 among large U.S. cities
Boston rents went up 2.6% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #1. Similar monthly rent growth took place in Virginia Beach, VA (2.2%) and Cleveland, OH (1.9%).
Boston is the #13 most expensive large city in the U.S., with a median rent of $2,081
Citywide, the median rent currently stands at $2,011 for a 1-bedroom apartment and $2,096 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $2,081. That ranks #13 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,158 for a 1-bedroom, $1,327 for a 2-bedroom, and $1,350 overall. The median rent in Boston is 54.1% higher than the national, and is similar to the prices you would find in Santa Ana, CA ($2,122) and New York City, NY ($2,045).
Boston rents are 7.7% higher than the metro-wide median
If we expand our view to the wider Boston metro area, the median rent is $1,932 meaning that the median price in Boston proper ($2,081) is 7.7% greater than the price across the metro as a whole. Metro-wide annual rent growth stands at 5.7%, below the rate of rent growth within just the city.
The table below shows the latest rent stats for 18 cities in the Boston metro area that are included in our database. Among them, Burlington is currently the most expensive, with a median rent of $2,570. Lowell is the metro’s most affordable city, with a median rent of $1,510. The metro's fastest annual rent growth is occurring in Lawrence (10.5%) while the slowest is in Framingham (1.0%).
You can also use the map below to explore the latest rent trends in the Boston metropolitan area.
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.
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