Increase in Vacancy Rates: Analyzing Average Rent Prices
From Fenway Park to the Museum of Fine Arts, Boston, Massachusetts, is home to important history in New England. The city has countless opportunities for education, career, art, recreation and social gatherings. However, over the past 10 months, the city has undergone major changes to its real estate market. The vacancy rates have increased in the past 10 months, subsequently allowing for high availability rates. However, with a real-time availability rate of 5.51% and a vacancy rate of 3.78%, East Boston may be on the road to a full recovery. Let’s take a look at the average rent prices of apartments in East Boston, covering areas such as Eagle Hill, Maverick Square, Orient Heights and Jeffries Point.
East Boston Apartment Average Rent Prices
East Boston is a popular peninsula that is home to many different cultures. The area has a mixture of skyline views and suburban neighborhoods with many condo/ apartment complexes. The commute time to the city center is quick and hassle-free, making it a valuable piece of real estate. With Belle Isle Marsh boasting over 350 acres of greenery, East Boston has some unique features that make it a beneficial option for renters. The rent prices fluctuate depending upon the specific neighborhood.
The average price for a studio apartment in East Boston is $1,439.
The average price for a one-bedroom apartment in East Boston is $1,766.
The average price for a two-bedroom apartment in East Boston is $2,225.
The average price for a three-bedroom apartment in East Boston is $2,644.
The average price for a four-bedroom apartment in East Boston is $2,876.
How the East Boston Rental Market Has Shifted Over the Past Year
The real estate market in East Boston has undoubtedly shifted, however, there are still many positive opportunities for landlords and renters. Typically the largest YOY (year over year) changes occur in downtown areas. In other words, downtown areas have seen the most drastic change. Most of this is due to residents relocating to less densely populated areas. This is a common trend happening now across the United States. Cities such as New York and Los Angeles have witnessed similar real estate changes. Let’s take a look at some of the YOY changes in rent price for East Boston apartments.
The YOY change for a studio apartment in East Boston is 0.63%.
The YOY change for a one-bedroom apartment in East Boston is -5.76%.
The YOY change for a two-bedroom apartment in East Boston is -0.85%.
The YOY change for a three-bedroom apartment in East Boston is -0.26%.
The YOY change for a four-bedroom apartment in East Boston is -9.45%.
