Apartment Rental Market in Fenway Boston
We’re launching our annual #Boston #apartment rental market report soon. Here’s a preview of #Fenway!
For landlords and real estate professionals tracking rental market data for Fenway Boston, those numbers tell a tale of two neighborhoods -Fenway before the pandemic, and the Fenway after. Simply put, the “before” data reflected a rental market that was red hot. A year ago, the vacancy rate was a slim 1.06%, with the average rent for Fenway apartments sitting at a record high $3100. Since February of 2020 vacancy rates risen to 11.12% and average rent has dropped 6.5% to $2900.
Fenway is not alone in this problem. Other neighborhood close to Downtown and local Universities are feeling the same supply gluts, with many seeing rent prices drop has high as 10%. Meanwhile, rent prices have remained steady and even risen in many other neighborhoods within Boston and immediately outside.
None of this should be a surprise to anyone. Most cities in the US have undergone a similar transformation, with the most expensive and desirable cities experiencing the most dramatic shifts.
