Boston Pads

Full post: https://bostonpads.com/blog/boston-rental-market/2022-medford-ma-apartment-rental-market-report/ Based on the most recent rental supply figures, demand for Medford MA apartments has never been stronger. Thus far in 2022, both apartment availability and vacancy rates in Medford have remained 20-30% below their pre-pandemic levels from 2019. During COVID, rental supply levels and average rent prices remained stable in Medford compared to most Greater Boston neighborhoods. Now as a result of the tight inventory, Medford’s average rent price is up +4.63% year-over-year and has surpassed its previous all-time high from July 2020 ($2,159) by $57. Let’s have a look at the trends moving Medford’s apartment rental market in 2022.

Full post: https://bostonpads.com/blog/boston-housing-market/is-boston-good-for-real-estate/ The city of Boston has experienced record housing market growth over the past decade. Median sale prices have soared on account of a tight supply of for-sale properties and growing demand. In 2011, the median sale price for a single-family home in Boston was $375,000. Just 11 years later, that figure has more than doubled to $812,000. With such rapid price growth, you may be wondering if Boston is still a good place to purchase a home that will appreciate in value long-term? Boston is still a good place to buy real estate because the city’s long-term economic outlook is positive. Despite the current economic slump we’re experiencing, there are many reasons to believe that they are only temporary and Boston’s housing market will recover. Here are a few reasons why:

Full post: https://bostonpads.com/blog/boston-rental-market/2022-newton-ma-apartment-rental-market-report/ The rental market in Newton, MA is experiencing historically low apartment inventory thus far in 2022. Newton apartment availability is down by -59.85% compared to pre-pandemic levels in mid-July 2019, while vacancies are down -82.79% over the same time span. Late last month, both the real-time availability rate (RTAR) and real-time vacancy rate (RTVR) in Newton hit all-time lows of 1.33% and 0.16% respectively. As a result, the average rent price for Newton apartments is up +8.52% year-over-year and sits just $21 shy of its previous all-time high set February 2020 ($2,690). Apartment Supply At Historic Lows in Newton MA The current real-time vacancy rate (RTVR) of apartments in Newton, MA is 0.21%. That ties Newton for the second lowest RTVR among Boston suburbs behind Arlington. Vacancies are down -87.57% year-over-year and have remained below the 1% mark since March of ...

Full post: https://bostonpads.com/blog/boston-rental-market/2022-watertown-apartment-rental-market-report/ If you were to look at the last two years of rental data in Watertown MA, it’s hard to tell that a pandemic ever occurred. When vacancy rates and apartment availability soared to unprecedented levels throughout Greater Boston during COVID, Watertown’s rental supply stayed steady. With the exception of a slight surge in vacancies in the summer of 2020, Watertown’s apartment rental market barely skipped a beat. Now in 2022, the average rent price for Watertown apartments has hit an all-time high and vacancies hit their lowest level on record. Watertown Apartment Rental Market Supply Figures The real-time vacancy rate (RTVR) in Watertown currently sits at 0.62%. That figure has stayed below the 1% mark since the beginning of 2022, and at the end of June Watertown’s RTVR dropped to an all-time low of 0.31%. That indicates that apartment occupancy is at an all-time high in Wate...

Full post: https://bostonpads.com/blog/boston-rental-market/2022-arlington-apartment-rental-market-report/ Arlington, MA’s apartment rental market has proven to be one of the strongest in Greater Boston. It has historically been less affected by the highly cyclical demand swings that are typical in Boston’s core neighborhoods. Sure enough, that trend prevailed during COVID. When Boston’s real-time availability rate (RTAR) hit an astronomical 13.37% in March 2021, Arlington’s RTAR peaked at a much lower 8.19%. Arlington’s apartment availability has remained below Boston ever since. Now in 2022, the average rent price for Arlington apartments has risen to a new all-time high. The current average rent in Arlington ($2,437) is up +4.82% year-over-year and up +12.20% or $265 from pre-pandemic levels in July 2019. Let’s take a closer look at what has driven this trend.

Full post: https://bostonpads.com/blog/boston-rental-market/2022-quincy-apartment-rental-market-report/ Quincy’s apartment rental market proved to be an outlier throughout the pandemic. When apartment vacancies soared to over 9% in the city of Boston during COVID, the real-time vacancy rate (RTVR) never surpassed 3% in Quincy. Despite the relative stability and low inventory, rent prices for Quincy apartments did drop by 5% last year, and they still remain well below previous all-time highs. Quincy Apartment Supply Metrics Remain Strong Quincy’s current real-time availability rate (RTAR) is 1.29%. Interestingly, the current RTAR is nearly identical to its pre-pandemic level in mid-June 2019, when the availability rate sat at 1.28%. A look at Quincy’s historical rental market trends illustrates that low apartment availability is the norm in Quincy, MA.

Full post: https://bostonpads.com/blog/boston-rental-market/2022-jamaica-plain-apartment-rental-market-report/ The rental market in Jamaica Plain is experiencing historically low inventory in 2022. With just 10 weeks remaining until the pivotal 9/1 leasing date, the real-time vacancy rate (RTVR) of Jamaica Plain apartments has surpassed its previous all-time low set in August of 2019. Apartment availability has dropped by -47.27% compared to its pre-pandemic level in June of 2019. Despite the record low rental supply, average rent in Jamaica Plain still sits $123 below its all-time high set on June 1, 2020. Jamaica Plain Rental Supply Metrics The current RTVR in Jamaica Plain is 0.50%. That figure marks a -91.08% decrease in vacancies compared to a year ago when apartment supply numbers were still inflated due to the pandemic. Just two weeks ago, the RTVR hit an all-time low of 0.16%, indicating an astounding apartment occupancy percentage of 99.84% in Jamaica Plain. At this poi...

Full post: https://bostonpads.com/blog/boston-rental-market/2022-brighton-apartment-rental-market-report/ The apartment rental market in Brighton, MA has recorded a historic comeback in 2022 following a year and a half of rental supply disruption. In May 2021, the real-time availability rate (RTAR) of Brighton apartments soared to a record-high 10.3%. This caused rent prices to drop for the first time in over a decade in Brighton. Once pandemic restrictions were lifted and Bostonians began returning to work and school, the market swiftly responded. Now, the rental market in Brighton is stronger than ever and average rent prices have already risen above their previous all-time highs set before the pandemic.

Full post: https://bostonpads.com/blog/boston-rental-market/2022-boston-mid-year-apartment-rental-market-report/ We are halfway through 2022 and the apartment rental market in Boston has never looked stronger. Apartment inventory levels are at historic lows while average rent prices continue to break through all-time highs with each passing week. Even more impressive, we’re just 14 months removed from when the Real-Time Availability Rate (RTAR) of Boston apartments surged to an unprecedented 13% due to COVID lockdowns, remote work, and distance based learning. To call it a market turn-around would be an understatement. Words can not properly encompass how fast we watched demand pour right back into the Greater Boston housing market. Boston Apartment Availability Hovers at Historic Lows Boston’s current RTAR is at a mind numbingly low 3.38% and trending downwards. That marks a -68.50% drop in apartment availability year-over-year and a -32.53% decrease from its pre-pandemic lev...

Full post: https://bostonpads.com/blog/boston-housing-market/how-is-inflation-affecting-the-boston-housing-market/ This year has brought with it some economic uncertainty that will inevitably affect the local housing economy. Last month, the year-over-year consumer price index was up by a staggering +8.3%, indicating that post-pandemic inflation concerns are far from over. The Fed has been steadily raising interest rates this year as a result. But how exactly will this affect the Boston housing market? Inflation will affect the Boston housing market by causing home sales to drop and median sale prices to decelerate in 2022. The combination of higher interest rates and high home prices will push many buyers out of the market this year. Shortages in labor, materials, and diesel gas will push up the cost of development and property maintenance, which will help to keep home prices growing this year, but at a significantly lower margin than previous years. Rent prices in Boston will grow...

Full post: https://bostonpads.com/blog/boston-housing-market/how-is-inflation-affecting-the-boston-housing-market/ This year has brought with it some economic uncertainty that will inevitably affect the local housing economy. Last month, the year-over-year consumer price index was up by a staggering +8.3%, indicating that post-pandemic inflation concerns are far from over. The Fed has been steadily raising interest rates this year as a result. But how exactly will this affect the Boston housing market? Inflation will affect the Boston housing market by causing home sales to drop and median sale prices to decelerate in 2022. The combination of higher interest rates and high home prices will push many buyers out of the market this year. Shortages in labor, materials, and diesel gas will push up the cost of development and property maintenance, which will help to keep home prices growing this year, but at a significantly lower margin than previous years. Rent prices in Boston will grow...

Full post: https://bostonpads.com/blog/boston-rental-market/2022-north-end-apartment-rental-market-report/ Looking back over the last two years, few Boston neighborhoods saw as much supply upheaval as did the North End. As apartment availability hit unprecedented levels all over the city in March 2021, only 4 Boston neighborhoods recorded a higher real-time availability rate (RTAR) during that time: Fenway, Allston, Mission Hill and Downtown. What happened next must qualify as one of the fastest and most drastic market corrections in history. North End’s RTAR hit a new all-time low by October of last year, and now the area is experiencing historically low apartment availability. As a result, average rent prices in the North End have recently surpassed previous all-time highs set before the pandemic.

Full post: https://bostonpads.com/blog/moving/nyc-vs-boston-cost-of-living-comparison/ Over the past decade, Boston has been rapidly ascending the list of most expensive places to live in the US. As the metro region has grown, real estate and rent prices have soared due to an ever-increasing demand for housing and a limited supply of apartments and property listings. In January, the Herald reported that Boston could soon surpass San Francisco as the second most expensive city behind New York City. So it appears that we now have a new type of rivalry with the Big Apple: sky-high housing costs. But how high is the Boston cost of living compared to NYC? In this article, we’ll compare the two in terms of median sale prices, average rent, and median household income.

Full post: https://bostonpads.com/blog/boston-rental-market/2022-charlestown-apartment-rental-market-report/ The apartment rental market in Charlestown, MA has undergone some changes over the past two years. Charlestown did not experience the same apartment supply disruption as most of the neighborhoods in Boston during the pandemic. While Boston’s real-time availability rate (RTAR) peaked at 13% last year, Charlestown’s RTAR recorded a much lower yearly high of 6.42%. Now, both RTAR and real-time vacancy rate (RTVR) are below the historical averages for May, and the RTVR currently sits at an all-time low of 0.44%. Despite the relatively stable rental supply, rent prices for Charlestown apartments have dropped by a larger margin than most neighborhoods in Boston. This may present an opportunity for renters in 2022.

Full post: https://bostonpads.com/blog/moving/nyc-vs-boston-cost-of-living-comparison/ Over the past decade, Boston has been rapidly ascending the list of most expensive places to live in the US. As the metro region has grown, real estate and rent prices have soared due to an ever-increasing demand for housing and a limited supply of apartments and property listings. In January, the Herald reported that Boston could soon surpass San Francisco as the second most expensive city behind New York City. So it appears that we now have a new type of rivalry with the Big Apple: sky-high housing costs. But how high is the Boston cost of living compared to NYC? In this article, we’ll compare the two in terms of median sale prices, average rent, and median household income.

Full post: https://bostonpads.com/blog/boston-housing-market/boston-real-estate-market-may-soften-for-buyers-in-2022/ Real estate sales in the city of Boston have slowed over the first few months of 2022, indicating a cooling housing market. Since the beginning of the year, the average 30-year fixed APR has increased by over 70%, as rates jumped from 3.183% to 5.422%. This has slightly softened the market for buyers, as the total number of listings on market has increased since January. While home prices have increased so far in 2022, they’ll likely decelerate during the latter half of the year considering both housing supply and interest rates are on the rise. Boston’s Real Estate Inventory Growing While Number of Property Sales Sluggish Boston’s total inventory of for sale properties has been growing steadily over the first four months of 2022. We began the year with 90 single family homes for sale in Boston. The supply of single family properties has since increased to 162 for-sa...

Full post: https://bostonpads.com/blog/boston-rental-market/2022-cambridge-apartment-rental-market-report/ Thus far, 2022 has been good to the apartment rental market in Cambridge, MA. After 18 months of rental supply saturation and price shrinkage caused by COVID, the market in Cambridge has turned a corner. Now, availability of Cambridge apartments is on par with pre-pandemic levels and the average rent price is closing in on its all-time high set in April of 2020. Even more impressive, the real-time vacancy rate (RTVR) in Cambridge hit an all time low of 0.50% last month, indicating that renter demand is outpacing apartment supply at the current moment. Cambridge Apartment Supply Metrics The current RTVR in Cambridge is 0.62%, up slightly from its all time low set late last month. That is 46.09% lower than the pre-COVID RTVR in mid-May 2019 (1.15%). This is a remarkable recovery considering the vacancy rate hit an unprecedented 8.27% in October 2020. There are still 3 month...

Full post: https://bostonpads.com/blog/boston-housing-market/boston-real-estate-market-mid-year-forecast-2022/ Boston’s real estate market has been one of the nation’s storylines over the past decade. The metro area has seen the housing market explode as the limited supply of real estate inventory just hasn’t been able to keep pace with growing demand. Now, Massachusetts holds the 5th highest median sale price among all 50 states, and Boston is not far behind San Francisco in terms of real estate prices. Many predicted that the red hot Boston real estate market would cool off in 2022 amidst record inflation, rising interest rates, and a recession looming. Half way through the year, it looks like those predictions may be turning into reality. Real estate sales have dipped slightly compared to the beginning of the year and inventory is up considerably from last year. However, Boston real estate prices are still rising thus far in 2022, albeit at a slower rate than last year.

Full post: https://bostonpads.com/blog/boston-rental-market/2022-south-end-apartment-rental-market-report/ We are into the fifth month of 2022, and demand for South End apartments is stronger than it’s ever been. Following a year and a half of market uncertainty, demand came roaring back in the latter half of 2021. By January of this year, apartment availability in South End had contracted to an all-time low of 0.40%. As of May 1, apartment occupancy has hit an astonishing 99.9% in Boston’s South End. Record Low Vacancies in South End Boston The most recent apartment data for South End shows a staggeringly low real-time vacancy rate (RTVR) of 0.10%. While South End is no stranger to low vacancy rates, the neighborhood has never recorded an RTVR this low. Considering that the RTVR doesn’t hit its annual low until late August, it’s possible that South End could achieve 100% occupancy before the end of the leasing season.

Full post: https://bostonpads.com/blog/boston-rental-market/is-it-expensive-to-rent-in-boston/ Boston has rocketed up the list of most expensive places to live in the United States over the past decade. As of now, Boston is the 3rd most expensive city to rent an apartment in the U.S. behind San Francisco and New York City. The Boston Herald predicted that Boston could overtake San Francisco at #2 on that list back in January 2022. Since then, rent prices for Boston apartments have been steadily rising, even surpassing previous all-time highs set before the pandemic. Let’s have a look at how expensive it is to rent an apartment in Boston. What Is the Average Rent Price in Boston? According to the most recent Boston rental data, the average rent price for an apartment in Boston is $2,779. That figure is up +7.29% compared to a year ago. The following table compares the average rent price of the Greater Boston Metro, the City of Boston, and Boston’s immediate suburbs for all size...

Full post: https://bostonpads.com/blog/boston-housing-market/boston-homes-for-sale-under-the-median-sales-price-of-780000/ Boston homes for sale, and their rising prices, have made national headlines multiple times over the past decade. Due to limited inventory, prices have continued to climb. The median sales price for a home in Boston is $780,000- with single families selling at a premium when compared to condos. That being said, there are still options below that figure all across the city! While homes in Boston are in short supply, motivated buyers working with a dedicated real estate professional can find a great home at this price point. Here are some of the featured homes for sale across different Boston neighborhoods:

Full post: https://bostonpads.com/blog/renters/featured-medford-apartments-for-rent/ The current demand for apartments in Medford is at an all time high. The Real- Time Vacancy Rate (RTVR) and the Real-Time Availability Rate (RTAR) are 20- 30% below the pre-pandemic levels- meaning there’s just not enough inventory. This much demand in the Medford area is typical. Due to the lack of inventory, the average rent price for Medford apartments is up 4.63% from this time last year. It’s now $57 more expensive on average to rent than the previous all time high of $2,159 in July 2020. That being said, if you are looking to live in the Medford area, we have the most inventory available. Let’s take a look at some featured Medford MA apartments that are available for rent.

Full post: https://bostonpads.com/blog/boston-housing-market/boston-real-estate-market-mid-year-forecast-2022/ Boston’s real estate market has been one of the nation’s storylines over the past decade. The metro area has seen the housing market explode as the limited supply of real estate inventory just hasn’t been able to keep pace with growing demand. Now, Massachusetts holds the 5th highest median sale price among all 50 states, and Boston is not far behind San Francisco in terms of real estate prices. Many predicted that the red hot Boston real estate market would cool off in 2022 amidst record inflation, rising interest rates, and a recession looming. Half way through the year, it looks like those predictions may be turning into reality. Real estate sales have dipped slightly compared to the beginning of the year and inventory is up considerably from last year. However, Boston real estate prices are still rising thus far in 2022, albeit at a slower rate than last year.

Full post: https://bostonpads.com/blog/boston-activities/top-10-things-to-do-boston-budget-2022/ Boston is one of America’s most diverse and exciting cities. Few other cities can compare to the storied past of Boston. It’s got its own history and culture that make it one of the best places to live. Better yet, it can actually be quite affordable if you know where to look. While many associate Boston with high culture, the Boston Tea Party, or the Red Sox, there are so many hidden areas to discover in the beautiful city. Whether you’re here for a day or you’re looking to become a new resident, finding the best of Boston doesn’t have to break your budget. Here are some of the best things you can do in Boston on a budget!

Full post: https://bostonpads.com/blog/boston-activities/top-10-things-to-do-boston-budget-2022/ Boston is one of America’s most diverse and exciting cities. Few other cities can compare to the storied past of Boston. It’s got its own history and culture that make it one of the best places to live. Better yet, it can actually be quite affordable if you know where to look. While many associate Boston with high culture, the Boston Tea Party, or the Red Sox, there are so many hidden areas to discover in the beautiful city. Whether you’re here for a day or you’re looking to become a new resident, finding the best of Boston doesn’t have to break your budget. Here are some of the best things you can do in Boston on a budget!

Full post: https://bostonpads.com/blog/boston-rental-market/8-cheapest-places-to-live-in-boston/ Finding the right neighborhood within your budget is a tall order. You have to consider a lot of things, such as: how easily you can get to work or school, your fuel and transportation budget, access to parking, shopping and local activities. You also have to take into account the forces of supply and demand and how it impacts pricing of available apartments in various Boston neighborhoods. Well, don’t worry because we’ve done the hard work, so you don’t have to. Below, you’ll find everything you need to know about the more affordable neighborhoods in Boston. We also provided some great information on locations with a higher level of Real Time Available Rates (RTAR) so you can see more apartments quicker at lower costs than other areas.

Full post: https://bostonpads.com/blog/boston-rental-market/condos-vs-apartments-in-boston-with-similar-monthly-payments/ Boston apartment vacancy is lower than ever- 78.77% lower than it was just a year ago. In fact, the current real- time vacancy rate for the city of Boston is 0.38%. This means 99.62% of apartments in Boston are currently occupied! Additionally, the median days on market for available apartments is just 3 days– this doesn’t leave renters with a lot of time to make a decision once they do see a unit they like! On the other hand, while supply is also limited for buyers, renters with enough money in the bank for a downpayment and closing costs would do well to consider the home ownership route if they want more options. There are currently 1,219 condos for sale in Boston. Here are some examples of condos vs. apartments in Boston with similar monthly payments.

Full post: https://bostonpads.com/blog/boston-rental-market/condos-vs-apartments-in-boston-with-similar-monthly-payments/ Boston apartment vacancy is lower than ever- 78.77% lower than it was just a year ago. In fact, the current real- time vacancy rate for the city of Boston is 0.38%. This means 99.62% of apartments in Boston are currently occupied! Additionally, the median days on market for available apartments is just 3 days– this doesn’t leave renters with a lot of time to make a decision once they do see a unit they like! On the other hand, while supply is also limited for buyers, renters with enough money in the bank for a downpayment and closing costs would do well to consider the home ownership route if they want more options. There are currently 1,219 condos for sale in Boston. Here are some examples of condos vs. apartments in Boston with similar monthly payments.

Full post: https://bostonpads.com/blog/boston-housing-market/featured-multi-family-homes-for-sale-in-boston/ Whether you’re looking to reduce living costs or diversify your investment portfolio, investing in multi-family homes for sale in Boston might have crossed your mind. After all, even first time homebuyers are considering this path to homeownership more and more. The appeal is simple: incoming rents will help offset your mortgage costs, and you’ll build equity. If you need help deciding if you should invest in a Boston multi-family, you need to take a hard look at your finances and speak to a mortgage professional. In the meantime, take a look at some of the multi-family homes currently on the market in Boston. You’ll find our mortgage calculator in each listing and get a rough estimate of what your monthly payment would look like!

Full post: https://bostonpads.com/blog/real-estate-news/newest-luxury-apartment-buildings-in-boston-2022/ Boston’s apartment scarcity has been put back in the spotlight in 2022. The apartment supply shortage took a hiatus during the pandemic, as remote learning and remote work temporarily diminished renter demand. Now that Boston is back in business, rental supply figures are even lower than before COVID. Sadly, we’re seeing historically low apartment availability and as a result, record-high rent prices. It’s time to start talking about how we need to get supply going through a myriad of innovative ways. Adding More Supply is Key In order to combat rising rents, we need the Boston Planning and Development Authority to find new ways to add square footage of living space. And, of course, speed up housing development to meet rising demand. Perhaps thinking of allowing landlords to fully retrofit garden and basement level spaces could quickly open up additional square footage that ...