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

The excellent news: The common hire worth for a one-bedroom house in Massachusetts didn’t go up in September.

The unhealthy information: At $2,500, it’s nonetheless 18.5% increased than it was in September 2021. And in three cities — Cambridge, Boston, and Brookline, in that order — that common was considerably increased, in keeping with a report ApartmentAdvisor.com launched earlier this month.

There could also be excellent news on the horizon, nevertheless. An Oct. 4 report from CoStar Group/Residences.com, cited a 0.4% decline in Boston-area rents within the third quarter, reflecting a nationwide development.

“After 4 quarters of provide additions outpacing demand, the market is shifting, with nationwide asking rents declining over the past 90 days by 0.4%,” Jay Lybik, nationwide director of multifamily analytics at CoStar, stated in a press launch.

Seventy-five p.c of all main rental markets noticed declining rents. “Whereas year-over-year rent-growth knowledge presents a extremely constructive snapshot, pulling again the curtains reveals a market the place the vast majority of rents are retreating rapidly,” Lybik stated. “All indicators level to hire progress slowing even sooner than initially projected by the top of the yr.”

Again in Higher Boston, some communities noticed massive month-over-month will increase, in keeping with ApartmentAdvisor.com: Norwood (15.9%), Malden (10.4%), and Brookline (10.3%). Probably the most vital decreases? They’d be in Newton (-13.1%), Chelsea (-11.5%), Natick (-9.7%), and Worcester (-9.7%).

However what’s the market doing in every Boston neighborhood? The location breaks it down (Observe: Numbers are from Friday, Oct. 21):

Studios

One bed room

Two bedrooms

Three bedrooms