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An in-depth have a look at the Massachusetts rental market: November version

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Renting

Together with a breakdown by Boston neighborhood. The place are costs climbing? The place are they falling?

Boston stays the second-most costly metropolis for renters within the nation. Lane Turner/Globe Workers

Rents might have slipped 1.6% since September in Boston, however that dip wasn’t sufficient to dethrone town as the second-most costly metro within the nation, in response to experiences Condominium Advisor launched Wednesday.

The median hire for a one-bedroom condominium in Boston was $3,000 in October, in response to the web site, which calculates that determine primarily based on listings in its database.

Nationally

That is the second consecutive month during which Boston has edged out San Francisco for that second spot, behind New York Metropolis, the place the median hire for a one-bedroom condominium was a whopping $3,462.

Listed below are the highest 10 most costly metros for renters primarily based on October costs:

  1. New York Metropolis ($3,462 a month for a one-bedroom unit)
  2. Boston ($3,000)
  3. San Francisco ($2,950)
  4. Miami ($2,579)
  5. San Jose, Calif. ($2,576)
  6. San Diego, Calif. ($2,400)
  7. Washington, D.C. ($2,300)
  8. Los Angeles ($2,296)
  9. Seattle ($1,949)
  10. Riverside, Calif. ($1,838)

New York was the one metropolis within the prime 10 that didn’t see a worth drop in October.

The highest 10 least costly metros had been:

  1. Wichita, Kan. ($650 a month for a one-bedroom unit)
  2. El Paso ($800)
  3. Oklahoma Metropolis ($812)
  4. Tulsa ($830)
  5. Omaha, Neb. ($865)
  6. Albuquerque ($933)
  7. Milwaukee ($938)
  8. Louisville, Ky. ($941)
  9. Corpus Christi, Texas ($950)
  10. Memphis ($975)

In Massachusetts

Within the commonwealth, the typical hire for a one-bedroom condominium final month was down 2.3% to $2,442. However that displays a 15.7% year-over-year enhance, in response to an Condominium Advisor report. What are rents doing in the neighborhood you’ve your eye on? (The next map displays solely these communities with ample stock ranges.)

The costliest cities for renters in October had been no shock:

Cambridge ($3,106), up 0.5% month over month

Boston ($3,000), down 1.6%

Brookline ($2,915), down 3%

The least costly cities for renters had been:

Fall River ($1,375)

Springfield ($1,405)

Leominster ($1,421)

New Bedford ($1,448)

The largest will increase had been in Newton, Medford, and Malden. The largest drops had been in Winthrop, Beverly, and Quincy.

In Boston

Condominium Advisor updates its Boston knowledge day by day, so the next charts mirror pricing as of Nov. 3. As of that date, the typical rents for Boston correct had been:

  • Studio: $2,800
  • One-bedroom: $3,200
  • Two-bedroom: $3,600
  • Three-plus-bedroom: $3,700

Studios (* means there was inadequate stock)

One-bedroom models

Two-bedroom models

Three-plus-bedroom models


Supply By https://www.boston.com/real-estate/renting/2022/11/03/in-depth-look-mass-rents-nov/