Boston, Massachusetts Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Boston, Massachusetts rental market.
Highlights
An apartment for rent in Boston, Massachusetts typically goes for $3,999 per month, while a single-family home for rent in Boston, Massachusetts has a monthly cost of around $4,018. Renter-occupied units make up 65% of the local housing market, while the rental vacancy rate in Boston, Massachusetts is at 4.2.
Boston, Massachusetts
Average Apartment Rent
$3,999
Y-o-Y Change in Average
Apartment Rent
0.6%
Average Single-Family Rent
$4,018
As of July 2024
Compared to a year ago, Boston, Massachusetts apartments have recorded a 0.6% rent increase.
Boston, Massachusetts |Average apartment rent trend
Boston, Massachusetts| Average apartment rent
Boston, Massachusetts | Apartment rent ranges
At 98.46%, apartments priced Over $2,000 represent the bulk of Boston, Massachusetts rentals, while condos priced $1,000 - $1,500 hold the lowest share of the market – 0.1%.
Boston, Massachusetts | Housing tenure**
Renters take up 65% of Boston, Massachusetts real estate, occupying a total of 179,867 units, while homeowners live in 96,186 properties.
Median number of rooms of renter-occupied housing units**
3.8
Renter median household income**
$63,605
Average household size of renter-occupied housing units**
2.17
Rental vacancy rate**
4.2%
Boston, Massachusetts | Renter-occupied housing units by no. of bedrooms**
There are 62,946 rentals in Boston, Massachusetts with 2 beds making up the highest share of the market, at 35%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 2,011 units. Overall, the median number of rooms in Boston, Massachusetts homes for rent is 3.8.
Boston, Massachusetts |Renter-occupied units by age of householder**
Most condos for rent in Boston, Massachusetts are occupied by residents in the 25 - 34 years age group (34%), followed by those in the 35 - 44 years age group (17%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Boston, Massachusetts | Renter-occupied housing units by family type**
Boston, Massachusetts | Renter-occupied housing units by the presence of own children**
A total of 69,379 apartments for rent in Boston, Massachusetts, or 39% of all rentals are family households. Additionally, 19% of rental homes include children under the age of 18 – that’s 34,994 units. All in all, the median size of a renter-occupied household in Boston, Massachusetts is 2.17.
Boston, Massachusetts | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 51% of the rental market. In contrast, residents with less than a high school degree reside in 13% of the homes for rent in Boston, Massachusetts.
Boston, Massachusetts | Renter-occupied units by year structure built**
The highest share of Boston, Massachusetts apartment rentals, namely 41% or 73,899 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (10%, 18,655 units), and the ones Built 2010 - 2019 (9%, 16,851 units).
Boston, Massachusetts | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Boston, Massachusetts renters (39%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Boston, Massachusetts condos for rent is 2016.
Boston, Massachusetts | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 45% of Boston, Massachusetts renters have No vehicle available per household, 40% of them have 1 vehicle available, and 12% have 2 vehicles available.
Boston, Massachusetts | Means of transportation to work of householders living in renter-occupied housing units**
Boston, Massachusetts |Geographical mobility in the past year for householders living in renter-occupied housing units**
Boston, Massachusetts | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Boston, Massachusetts apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
