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A new report from rental portal site Zumper shows Boston has retained its spot as one of the most expensive rental markets in the nation, despite the pandemic’s disruptions.
Median monthly rent for a one-bedroom unit in the metro area sat at $2,470 in October, a 2.4 percent drop from September but a 14.9 percent jump from October 2020, when many renters were playing landlords off one another in search of ever-steeper discounts or leaving the city for cheaper suburban units entirely.
That put Boston just behind New York City – median one-bedroom rent $3,180 – and San Francisco – median one-bedroom rent $2,800 – among the nation’s 100 biggest metro areas.
The median monthly rent for a two-bedroom unit in Boston was $2,940 last month, up 5 percent from September and 13.1 percent up from October 2020. While Boston was far outstripped by San Francisco ($3,800) and New York City ($3,480) in this category, it was nearly tied with Washington, D.C. ($2,950), San Jose, California ($2,810), Los Angeles ($2,970) and Miami ($2,870).
The trend identified in Zumper’s report also tracks with reports from real estate data company Yardi Matrix, which said Boston’s median rent grew 10.3 percent from October 2020 to October 2021. Much of the increase has been concentrated in what Yardi terms “lifestyle” assets, largely higher-end properties catering to those who rent by choice but might have the means to buy a home.
Helping fuel this increase is a significant imbalance between new jobs in the metro area and new rental units completed, Yardi reports. The number of jobs in Greater Boston has grown an average of 6.2 percent between April and August of this year, while the number of new apartments completed as of October amounted to only 2.4 percent of the region’s total stock.
Many real estate agents have also told Banker & Tradesman that prospective homebuyers stymied during a spring market that’s been hotter than any in recent memory chose to sign new leases this fall, instead of continuing their home search.
