Charlestown Rental Market Absorbs 75% Of Vacant Apartment Inventory In Just 6 Weeks
The #ApartmentRentalMarket in #Charlestown #Boston has absorbed 75% of their #vacant #rentalsupply since Mid-April. See what’s driving this trend in our #MarketReport!
The rental market in Charlestown MA has historically been one of the more stable in Greater Boston. Whereas most neighborhoods in Beantown see high turnover combined with high demand due to the large the student population, Charlestown is one of the few neighborhoods where high demand is coupled with low turnover. For this reason, vacancy rates in Charlestown have historically been among the lowest in Boston. Until COVID came to town.
Apartment Supply Numbers In Charlestown Are On A Wild Ride
In September of 2020, the vacancy rate for Charlestown apartments hit 2.82%, nearly double what it was the year before. While that paled in comparison to the City of Boston’s vacancy rate of 9.13% during the same month, it still shocked the Charlestown apartment rental market, which hadn’t seen a vacancy rate over 2% in many years. And it didn’t stop there.
