Thorough breakdown of real estate data trends, their causes and their implications. Get insights into some of the nations hottest real estate markets so you can make informed decisions for real estate investing.
South Boston Apartment Average Rent Prices
Posted 07-22-2021 at 12:45 PM by zachparker7
The average rent price in South Boston has seen it’s first decline in over a decade, as prices for South Boston apartments fell by -2.69% compared to July 2020. While this certainly is unchartered waters for one of Boston’s strongest rental markets, it isn’t nearly as bad as the -4.21% average rent decline of the City of Boston.
As of July 2021, the average rent in South Boston is $2,942. It costs $2,084 to rent a 1 bedroom apartment in Southie. A 2 bedroom apartment in South Boston averages $2,750. Both prices for 1 and 2 bedroom rank 10th among all 25 Boston neighborhoods.
Prices for larger size units tend to be more expensive in South Boston. Average rent price for 3 and 4 bedroom apartments in South Boston cost $3,558 and $4,592 respectively. These prices are 20-30% higher than Boston’s average rent prices for 3 and 4 bedrooms, which are $3,047 and $3,633.
So if you’re looking to rent an apartment in South Boston, you’ll find much more reasonable prices for smaller size units compared to larger units.
YOY Changes in South Boston Apartment Prices
Average rent prices in South are down by -2.69% YOY. Prices fell more for smaller sized units as Studios and 1 bedroom apartments dropped -6.25% and -5.49% respectively. Larger units (2 -4 bedrooms) dropped by a margin less than 1.5% since July 2020.
Demand is typically so high for this famous Boston neighborhood that you can expect prices to continue on an upward trend towards 2022. Supply is already shorter in South Boston than it is in most neighborhoods presently, so apartment prices will likely see growth for the year 2021 in South Boston. What else would you expect from Boston’s toughest apartment rental market?
As of July 2021, the average rent in South Boston is $2,942. It costs $2,084 to rent a 1 bedroom apartment in Southie. A 2 bedroom apartment in South Boston averages $2,750. Both prices for 1 and 2 bedroom rank 10th among all 25 Boston neighborhoods.
Prices for larger size units tend to be more expensive in South Boston. Average rent price for 3 and 4 bedroom apartments in South Boston cost $3,558 and $4,592 respectively. These prices are 20-30% higher than Boston’s average rent prices for 3 and 4 bedrooms, which are $3,047 and $3,633.
So if you’re looking to rent an apartment in South Boston, you’ll find much more reasonable prices for smaller size units compared to larger units.
YOY Changes in South Boston Apartment Prices
Average rent prices in South are down by -2.69% YOY. Prices fell more for smaller sized units as Studios and 1 bedroom apartments dropped -6.25% and -5.49% respectively. Larger units (2 -4 bedrooms) dropped by a margin less than 1.5% since July 2020.
Demand is typically so high for this famous Boston neighborhood that you can expect prices to continue on an upward trend towards 2022. Supply is already shorter in South Boston than it is in most neighborhoods presently, so apartment prices will likely see growth for the year 2021 in South Boston. What else would you expect from Boston’s toughest apartment rental market?
Total Comments 0
