Starting off the new year, Boston held onto its spot as the 3rd most expensive rental market in the nation. Rent prices for one bedroom units are down nearly 6% since this time last year.
In 2016, there seems to have been a migration away from the central, pricier areas to the outer, less expensive neighborhoods. Mission Hill (+12%) and Columbus Park – Andrew Square (+11%) had the fastest growing rents this year and were the only neighborhoods with double digit rent growth. Harvard Square, Commonwealth, and Winter Hill saw the next biggest rent spikes, all up around 8% since this time last year.
On the other end of the cost spectrum, Area IV saw the biggest rent decline, down 12% since this time last year. Beacon Hill, Chinatown – Leather District, and West Cambridge followed behind, all with 10% yearly price drops.
To see how Boston rents compare with the rest of the nation’s, view our January National Rent Report, which analyzes over 1 million active listings to identify rental trends across the 100 largest U.S. cities.
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