MassPharm is located in Boston’s collegiate epicenter. The city is known for its plethora of universities, and the highest concentration of them is in the Fenway area. The schools in this area form what’s known as the Colleges of Fenway group. As a MassPharm student you will be constantly be surrounded by students from your school and neighboring ones like Emmanuel, Wentworth, Massachusetts College of Art and Design, Northeastern University, and so on. And wherever you choose to live, you will most likely be living with other students. The demographics of this area are very young--it’s the perfect place to be a college student. Many Bostonians are from other parts of the country because of how many students come to the city for school. During their first year at school, they complain a lot about Boston’s climate. They complain that it’s freezing, snowy, and gray in the winter, and in the summer it’s too hot with the stifling humidity. Spring is usually very rainy, and days in the fall can vacillate between cold and warm on any given day. This gripes are understandable, but on the days when Boston’s weather cooperates (and these are quite common) with temperatures in the 70s and not a cloud in the sky, there isn’t a better place to be. These days make it more than worth dealing with the freezing cold and thick humidity.
Welcome to the November 2022 Boston Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the November 2022 key findings and figures for the Boston rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Boston and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Boston average rent prices in the chart below.
Boston rent prices increased over the last month. From October to November, the city experienced a 2.73% increase for the price of a one-bedroom apartment. The rent price for a Boston one-bedroom apartments currently stands at $2,711.0.
When we take a look at the two-bedroom comparison from October to November, Boston experienced a 4.1% increase for the price of a two-bedroom apartment. The rent price for a Boston two-bedroom apartments currently stands at $3,452.0.
Rent prices have increased in Boston over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 3 of the Boston suburbs increased last month. On the other hand, 4 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Lowell, MA, Medford, MA, Woburn, MA .
Rent decreased in Cambridge, MA, Allston, MA, Malden, MA, Quincy, MA.
7 suburbs are currently priced lower than the city of Boston.
Rent growth in Boston over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Boston average rent prices appear to be relatively affordable for local residents.
The price for a Boston one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's November 2022 National Apartment Report and data set here.
For more information about Boston and surrounding area rent prices, take a look at the complete data set below.
|1 BR November||1 BR M/M % Change||2 BR November||2 BR M/M % Change|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.