Apartment Vacancies Surge In North End Boston
#RentalSupply is soaring in #NorthEnd Boston. See what’s driving this trend in our #RealEstate #MarketReport!
The North End has long been one of Boston’s premier apartment rental markets. Known as Boston’s Little Italy, the North End offers residents one of the best culinary scenes in the city within walking distance to Downtown Boston. Unfortunately, it is this proximity to Downtown that’s left the North End apartment rental market reeling. The pandemic has caused a supply glut of apartments in Boston we haven’t seen in decades. The excess inventory has been concentrated to a few specific areas in Boston, namely the areas close to Downtown and those neighborhoods close to local Universities. The vacancy rate for North End apartments currently sits at 7.85%, the 3rd highest vacancy rate out of all 25 neighborhoods that make up Boston. That marks a +$485.82% increase in vacancy rate compared to April 2020. While that is a shocking number, it pails in comparison to #1 Downtown and #2 Seaport, where the current vacancy rate sits at 22.22% and 21.10% respectively.
Read more: http://www.city-data.com/blogs/blog47384-apartment-vacancies-surge-north-end-boston.html
