Boston Pads

Full post: https://bostonpads.com/blog/boston-rental-market/2023-back-bay-apartment-rental-market-report/ Record high rent prices and record low inventory is the trend for Boston’s most expensive apartment rental market, Back Bay. Average rent price for Back Bay apartments is currently at a record high of $3,998 and will pass the $4,000 soon. Real-time availability rate (RTAR) peaked at 2.61% in early April, marking the second consecutive year that apartment availability failed to surpass 3% at the seasonal peak. In years past, that figure would typically peak well above 4%, but now the market is tighter than ever. Here are the trends driving Back Bay’s apartment rental market. Unprecedented Rental Supply Shortage in Back Bay The current real-time availability rate (RTAR) in Back Bay is 1.71%. That figure is down -3.93% year-over-year and down -57.99% from its pre-pandemic level in May 2019 (4.07%). Back Bay’s RTAR hit an all-time low in October of last year when it bottomed o...

Full post: https://bostonpads.com/blog/boston-housing-market/2023-mission-hill-real-estate-sales-market-report/ The real estate market in Mission Hill has started 2023 in a deep chill as property sales decline city-wide. Mission Hill has recorded just 3 residential property transactions over the past 3 months. That ties the lowest 3 month total in the past five years of MLS data. The 30 day median sale price also failed to eclipse $1M for 3 months in a row for the first time since mid 2021. Let’s take a closer look at the trends driving Mission Hill’s real estate market. Total Real Estate Sales in Mission Hill Since November, Mission Hill has recorded just one property sale in each of the last 3 months. Given its small geographical area, total residential sales for Mission Hill real estate typically average around 3-4 per month. Still, just 3 residential sales over a 3 month period is the lowest rolling 3 month total since late 2019. We can make some fair assumptions that that...