The cost of renting an apartment in the Boston Metro stepped higher during 2017, but our multi-family market could be showing signs of cooling. According to a recent report published in Curbed, year-over-year median rents for one-bedroom apartments increased 0.9% during 2017, reaching $2,270 per month. Two-bedroom apartments saw a rent increase of 3.8%, reaching $2,700 per month.
To give you some idea of local rent comparisons, we pulled data from RentJungle for a one-bedroom apartment in Quincy. Quincy puts you within about 10 miles from downtown Boston, offering a reasonable commute. Quincy one-bedroom apartments rent for an average of $1,999 per month; up 3.8% from a year ago. Two-bedroom apartments in Quincy rent for an average of $2,463, which is up 4.22% from a year ago.
Despite the upward trend, the Boston Metro currently has lower apartment rents than San Francisco, New York, Los Angeles, San Jose and Washington D.C. During the past few years, the Boston Metro has added thousands of new residential units, and more inventory will come to market during 2018. This will not result in oversupply – but it may temper rent increases throughout 2018, especially for luxury units. However, demand is very strong for lower-cost units, and certain areas command a premium.
Looking at the national average for apartment rents, one-bedroom units are seeing the highest rent increase. On a year-over-year basis, one-bedroom median rents are up 9.8%, reaching $1,255 per month. Two-bedroom apartment median rents are up 2.2%, reaching $1,388.
When you are ready to begin, relocate or expand your business in the Boston Metro, or ready to invest in commercial property, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property.
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