Boston Pads

Full post: https://bostonpads.com/blog/boston-rental-market/2023-north-end-apartment-rental-market-report/ The apartment rental market in Boston’s North End has begun 2023 like many other metro Boston neighborhoods: with record high rent prices and record low inventory. Availability for North End apartments is down from March 2022, which happened to be an all-time low for March at the time. As a result of the lean inventory, prices have been climbing in North End since the pandemic subsided, and now sit at record highs. Here are the trends driving the North End apartment rental market in 2023. Low Supply of Apartments in Boston’s North End The current real-time availability rate (RTAR) of apartments in North End is 6.04%. Historic North End rental data shows that apartment availability is down -7.93% YOY. RTAR typically peaks in March in the North End, so it is unlikely that apartment availability will rise above the 7% mark in 2023. It’s worth noting that in September of last ...

Full post: https://bostonpads.com/blog/boston-rental-market/2023-charlestown-apartment-rental-market-report/ The apartment rental market in Charlestown Boston will present challenges to renters in 2023. The most recent rental data for Charlestown shows that vacancies are currently at a historic low while apartment availability is down by ~25% compared to a year ago. Renters looking for apartments in Charlestown will find fewer options than in years past, much like what renters are experiencing throughout Greater Boston. Here are the main trends driving Charlestown’s rental market in 2023. Record Low Apartment Inventory in Charlestown The current real-time vacancy rate (RTVR) for Charlestown apartments is 0.15%. That is the lowest RTVR on record, and amazingly that figure has hovered at that level for the better part of the past 9 months. Vacancy rates have typically always been lower in Charlestown compared to the rest of Boston, but 0.15% is unprecedented in this neighborhood.

Full post: https://bostonpads.com/blog/boston-rental-market/2023-south-end-apartment-rental-market-report/ South End’s apartment rental market peaked early in 2023. Availability for South End apartments hit its yearly high mark in February of this year and has been falling since. Considering that apartment availability typically peaks in April in the South End, it’s an ominous sign that inventory continues to struggle to keep pace with demand for apartments in Boston’s South End. As a result, the average rent price in the South End is up by double digit margins since last year and hit an all-time high a few weeks ago in March. Here are the main trends driving South End’s apartment rental market in 2023.

Full post: https://bostonpads.com/blog/moving/what-is-a-good-salary-to-live-in-boston/ Are you thinking about moving to Boston and wondering what a suitable salary would be? You’re not alone. Boston is an amazing city- that’s why millions of people from across the world consider moving to Boston every year. Our metro housing market is known to be pricey- the cost of living in Boston is significantly higher than the national average. However, you do get what you pay for; although living in Boston is going to come at a premium, it’s often well worth the price of admission. So, why is Boston so expensive? Supply and demand. The demand for housing in Boston has outpaced supply for decades- leading to higher rents. We also experience high home purchase prices compared with most of the country. Housing cost is the largest expense you need to consider if you want to move to Boston. As a rule of thumb, you should budget to spend no more than 1/3 of your monthly salary on rent. Households ne...

Full post: https://bostonpads.com/blog/boston-rental-market/2023-brighton-apartment-rental-market-report/ Scarce would be the word describing the Brighton apartment rental market thus far in 2023. As the market enters into peak season, both real-time availability rate (RTAR) and real-time vacancy rate (RTVR) for Brighton apartments are down by -29.22% and -62.50% respectively year-over-year. As a result, Brighton’s average rent price continues to hit new record highs with each passing month. Here are the main trends driving the Brighton MA apartment rental market in 2023.

Full post: https://bostonpads.com/blog/boston-rental-market/average-rent-price-for-boston-apartments-surpasses-3000/ As we approach the half-way point of 2023, Boston’s apartment rental market has reached a new milestone. The average rent price for apartments in Boston has surpassed $3,000 for the first time on record. As of May 1, Boston’s average rent price has increased by $150 since January 1 and is now up +15.55% compared to a year ago. Boston’s average rent price is calculated by taking the average of: studio, 1 bedroom, 2 bedroom, 3 bedroom and 4 bedroom prices. To ensure the highest accuracy, these average rent prices exclude luxury apartment buildings which often have wild fluctuations in pricing on a daily basis. A look at the historical trend line for this average rent figure shows that prices have accelerated significantly once pandemic restrictions were lifted in late 2021. Prices did fall during the pandemic years as rental demand was negatively impacted by dista...

Full post: https://bostonpads.com/blog/boston-rental-market/2023-boston-apartment-rental-market-report/ As of the first week of January, Boston’s apartment rental market seems to picked up right where it left off in 2022. Boston’s average rent price continues to push to new record highs with each passing week while apartment inventory is at an all-time low for January. Even as economic conditions have worsened and rent prices have declined nationwide, Boston rents have continued to climb due in part to the historically low new apartment supply we’re experiencing. Still, rent price growth has rapidly decelerated over the past few months in Boston. Based on current energy and fiscal policies, an economic resurgence is unlikely to happen any time soon. The problematic and confusing economic policies coupled with inflation also suggest that Boston’s rent prices are about to stagnate and possibly fall. Let’s take a closer look at the main trends driving Boston’s apartment rental mar...

Full post: https://bostonpads.com/blog/boston-rental-market/2023-jamaica-plain-apartment-rental-market-report/ Jamaica Plain’s apartment rental market has experienced unprecedented rental price growth over the past 18 months. Rent prices in Jamaica Plain are up +12.25% year-over-year and up +17.39% compared to May 2021. The rising rents have been fueled by a surge in demand for Jamaica Plain apartments, as many renters have been priced out of the downtown markets. Here are the main trends driving Jamaica Plain’s rental market in 2023.

Full post: https://bostonpads.com/blog/boston-rental-market/2023-beacon-hill-apartment-rental-market-report/ The apartment rental market in Beacon Hill Boston is seeing the highest rent prices on record in 2023. Beacon Hill’s average rent price surpassed its previous all-time high in February of this year, and has since been climbing to new highs each month. Median days on market for Beacon Hill apartments are down by -54.55% since last year while average rent is up by +9.97% over the same time span, suggesting demand for rentals in this historic neighborhood is higher than it has been in years past. Apartment Vacancies Near Zero in Beacon Hill The real-time vacancy rate (RTVR) in Beacon Hill is currently 0.14%, down by -60% compared to last May. The vacancy rate has been hovering close to the zero mark for most of the last year and a half, suggesting that demand is even higher now than prior to the pandemic. Even more interesting is that Beacon Hill did not see the typical spik...

Full post: https://bostonpads.com/blog/real-estate-investing/faq-property-inspections-for-boston-multifamily-investment-properties/ A property inspection is one of the most critical steps when buying or selling Boston multifamily investment properties. This article will cover everything you need to know about property inspections before buying or selling Boston investment real estate. Considering that the Greater Boston Area has numerous two and three-family properties that are often over 100 years old, it is a great idea to give your inspection process the due diligence it deserves. What is a property inspection? The goal of the inspection is to find any problems or possible problems with the property that may need to be fixed before its sale. A professional, licensed inspector thoroughly checks a building during a property inspection. Most of the time, the inspector will look at the building’s structure, its mechanical and electrical components, and any noticeable flaws or risks. ...

Full post: https://bostonpads.com/blog/moving/what-is-a-good-salary-to-live-in-boston/ Are you thinking about moving to Boston and wondering what a suitable salary would be? You’re not alone. Boston is an amazing city- that’s why millions of people from across the world consider moving to Boston every year. Our metro housing market is known to be pricey- the cost of living in Boston is significantly higher than the national average. However, you do get what you pay for; although living in Boston is going to come at a premium, it’s often well worth the price of admission. So, why is Boston so expensive? Supply and demand. The demand for housing in Boston has outpaced supply for decades- leading to higher rents. We also experience high home purchase prices compared with most of the country. Housing cost is the largest expense you need to consider if you want to move to Boston. As a rule of thumb, you should budget to spend no more than 1/3 of your monthly salary on rent. Households ne...

Full post: https://bostonpads.com/blog/boston-rental-market/2023-boston-apartment-rental-market-report/ As of the first week of January, Boston’s apartment rental market seems to picked up right where it left off in 2022. Boston’s average rent price continues to push to new record highs with each passing week while apartment inventory is at an all-time low for January. Even as economic conditions have worsened and rent prices have declined nationwide, Boston rents have continued to climb due in part to the historically low new apartment supply we’re experiencing. Still, rent price growth has rapidly decelerated over the past few months in Boston. Based on current energy and fiscal policies, an economic resurgence is unlikely to happen any time soon. The problematic and confusing economic policies coupled with inflation also suggest that Boston’s rent prices are about to stagnate and possibly fall. Let’s take a closer look at the main trends driving Boston’s apartment rental mar...

Full post: https://bostonpads.com/blog/home-improvement/top-7-boston-multifamily-home-renovation-projects-to-increase-property-value/ When it comes to investing in a Boston multifamily home, one of the keys to success is to make creative upgrades and attract tenants who pay more. That means taking the time to renovate in a way that improves the property’s value and marketability and reflects positively on you as an investor. You can have tremendous success investing in Boston real estate if you focus on adding value that returns your capital quickly and starts working in your favor longer term. Boston is an old city and there are always value-add opportunities in multifamily if you seek them out. With this in mind, let’s explore seven renovation projects that can help your Boston multifamily home investment succeed in this highly competitive market.

Full post: https://bostonpads.com/blog/boston-rental-market/2023-north-end-apartment-rental-market-report/ The apartment rental market in Boston’s North End has begun 2023 like many other metro Boston neighborhoods: with record high rent prices and record low inventory. Availability for North End apartments is down from March 2022, which happened to be an all-time low for March at the time. As a result of the lean inventory, prices have been climbing in North End since the pandemic subsided, and now sit at record highs. Here are the trends driving the North End apartment rental market in 2023. Low Supply of Apartments in Boston’s North End The current real-time availability rate (RTAR) of apartments in North End is 6.04%. Historic North End rental data shows that apartment availability is down -7.93% YOY. RTAR typically peaks in March in the North End, so it is unlikely that apartment availability will rise above the 7% mark in 2023. It’s worth noting that in September of last ...

Full post: https://bostonpads.com/blog/boston-rental-market/why-boston-apartments-are-so-expensive/ Boston apartments have some of the highest rents of any major metro area in the United States. In fact, only New York City and San Francisco are more expensive. Although Boston has recently experienced a building boom, the supply of residential housing remains critically low. Yet, the demand for housing in Boston remains incredibly high. This factors into why Boston apartments are so expensive versus other cities, in the United States and around the world. Average Boston Apartment Prices As you now know, Boston is the third most expensive city in the country. So, how does that affect renters in regard to rental fees? According to Boston Pads Real Time Data the average rent for a Boston apartment is currently….