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An in-depth look at the Massachusetts rental market (July edition)

Renting
Boston’s real estate market jumped $28 billion this year, according to Zillow.
The median rent for a one-bedroom in Boston was $2,540 per month in June, up 3.7% compared with May. The Boston Globe

The median rental price for a one-bedroom apartment in the state has gone up 9 percent since March, according to a report ApartmentAdvisor.com released Friday.

The median rent for a one-bedroom apartment in Massachusetts was $2,400 in June, which reflects an increase of 2 percent over May. Meanwhile, the median rent for a one-bedroom climbed to $2,861 in Cambridge, the most expensive city on the list. That rent reflects a 2.58 percent increase over May and a 9.24 percent jump in the past three months. (ApartmentAdvisor analyzes listings on its website to reach its findings.)

Boston, with a median rent of $2,540 for a one-bedroom apartment, sits at No. 4 in the tally of the commonwealth’s most expensive rental markets, according to the report. Waltham jumped into the No. 2 spot, with a median rent for a one-bedroom at $2,854, and Brookline, which had a median tally of $2,545 in June, slipped to No. 3. (Note, for big shifts in inventory, such as a big multifamily development opening to leases, the website factors in “a weighted average price for like units in the same property versus including each individual unit.”)

The least expensive “cities” in Massachusetts were, in order: Springfield, Fall River, Worcester, and Haverhill.

The bad news for renters is that prices were up in several communities, with Quincy, Waltham, and Weymouth logging the biggest increases. The markets with the biggest month-over-month decreases were Revere, Braintree, and Lynn. In Boston, Charlestown, Mission Hill, the Seaport, and the South End saw a month-over-month drop in the median rent overall. In Cambridge, Kendall and Harvard squares saw decreases.

Click on the map below to see the median monthly rent in select Massachusetts communities:

 

Here are ApartmentAdvisor’s findings for studios and one-, two-, and three-bedroom apartments in various communities and a breakdown by neighborhood in Boston and Cambridge:

Studios

studio-rents-boston-june

One-bedrooms

1-bedroom-rents-boston-june

Two-bedrooms

2-bedroom-rents-boston-june

Three-bedrooms

3-bedroom-rents-boston-june

By neighborhood in Boston and Cambridge:

boston-cambridge-rents

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