Boston is one of the most expensive cities for single-family rents in the nation, according to a new report.
Beantown was ranked No. 6 in Rentometer’s 2024 Single-Family Rentals Report, which analyzed rental trends across 857 cities, focusing on three-bedroom, single-family homes. The report offers insights into rent prices, growth trends and regional variations.
Boston and Miami are the only large cities outside of California in the report’s top 10.
Nationally, rent growth slowed to 0.8% with the average single-family rent rising to $2,357 last year, marking the smallest increase in years, according to the report.
Boston’s single-family rents increased 5.1% year over year in 2024, which the report noted was five times the national average. The average price of a three-bedroom, single-family home for rent in Boston was $4,161.
Boston wasn’t the only Massachusettts city noted on the list.
Cambridge topped the list of mid-sized cities with the most expensive average rent for a three-bedroom home at $5,687. It came in ahead of California’s Huntington Beach, Glendale and Berkeley. Rentometer said cities on this list were “predominantly education and tech hubs reflecting strong demand driven by high-income professionals and limited housing supply.”