Reports on Fenway Rent Price Drops Vary 5%-25% — What’s The True Number?
#Marketreports of #Fenway #Boston range from 5–25% decline in #averagerent, but what’s the real number? Check out our article to find out!
Apartment prices in Fenway have been on a slow and steady decline since Summer of 2020. While reports have varied, market watchers have reported on average rent price reductions ranging from 5% to 25% in Boston, with neighborhoods close to Downtown like Fenway experiencing the worse of the downturn. The actual year-over-year change in overall average rent price in Fenway is 7.5% compared to late March 2020 according to Boston Pads, the city’s largest real-time apartment database. While that figure does not look as bad as the 1024% increase in the availability rate for Fenway apartments, it doesn’t quite paint the full picture.
That leaves the question that most renters and landlords in Fenway would like to know: What is the true decrease in rent price, and why is such a large variance being reported? There are many underlying forces in play that don’t typically exist in the normal Fenway rental market. Because of these underlying forces and the variety of ways in which media outlets pull their data, you could make a case to validate everyone’s reported rent drops, from the modest estimate of 5% up to the highest rent drops that have been reported: 25%. We’ll call it the Good, the Bad, and the Ugly for the Fenway apartment rental market.
