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Boston retains title of third highest rents in the nation

by Michael Crook

It’s been a good week for rental data. Earlier this week, Zumper released its monthly national rent report, which ranks cities in the U.S. by how expensive each respective rental market is. When matched up with a recent report published by TurboTenant, a software program that offers property management tools, agents can get an idea where the rental market is right now, both locally and nationally.

In March, the national rental average for a one-bedroom apartment landed at $1,219, marking a 0.1% month-over-month decrease and a 0.2% year-over-year increase. Similarly, the national rental average for two-bedroom apartments reached $1,463, representing a 0.1% month-over-month decrease and a 0.9% year-over-year increase.

Unsurprisingly San Francisco ranked as the No. 1 city for high rental costs for both one- and two-bedroom apartments ($3,500 and $4,580, respectively), with New York coming in second ($3,000 and $3,320, respectively). These two cities have been cemented as the top rental markets for a while, but both remained flat over the last month. In terms of the more dynamic markets, Oklahoma City had the fastest month-over-month growth for one-bedroom rentals, increasing by 5.3%.

Boston maintained its position as the third most expensive rental market in the nation. Zumper reported the average price for a one-bedroom apartment in Boston to be $2,500, with the average rent for a two-bedroom apartment being around $2,900.

Boston experienced no growth in the price for both one- and two-bedroom apartments month over month. However the rent for one-bedroom apartments increased by 4.6% year over year; that number was 5.5% for two-bedroom apartments.

TurboTenant found that the average number of days that an apartment remained on the market in Boston was 40, almost three times longer than the national average of 15.

 

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