Boston has one of the priciest rental markets in the nation, according to new research from Trulia.
The numbers are striking: more than two-thirds of one-bedroom apartments in Boston rent for at least $2,000 a month; and among two-bedroom units, more than 86 percent rent for more than $2,000, with nearly two-thirds renting for $2,500-plus.
Meanwhile, at the neighborhood level, the Chinatown/Leather District market is Boston’s priciest. Not only is the median rent a steep $3,045, but 96.3 percent of the area’s one-bedroom listings rent for more than $2,000.
High Rent’s Affect on Homeownership
High rents notwithstanding, the Boston housing market has been performing very well in 2016, with sales of both single-family homes and condos up double-digits over 2015.
That said, there remain disagreements in housing circles regarding how influential rising rents are on home purchases. While Freddie Mac research has suggested there is no correlation between the two (all rising rents do, Freddie argued, is take a bigger bite out of the savings consumers would apply towards a down payment), the most recent Redfin survey found consumers very wary of further rent increases, and as a result, more considerate of homeownership.
Here are the 10 most expensive rental markets in Boston, per Trulia’s analysis:
| Neighborhood | % of 1-Bedrooms Renting for $2,000+ | Median Rent |
|---|---|---|
| Chinatown/Leather District | 96.3% | $3,045 |
| West End | 92.9% | $2,515 |
| Downtown Boston | 90.5% | $2,928 |
| Back Bay | 85.9% | $2,500 |
| South End | 81.4% | $2,500 |
| Bay Village | 75.4% | $2,400 |
| Beacon Hill | 74.5% | $2,275 |
| Charlestown | 73.1% | $2,300 |
| Fenway-Kenmore | 67% | $2,200 |
| South Boston | 61.9% | $2,200 |