Top 5 Boston Neighborhoods With The Highest Vacancy Rates
Compared to other housing markets, Boston is generally one of the hardest metros to find apartments. In fact, prior to COVID-19, vacancy rates were at record lows as the city struggled to keep up with housing demand all around the city. The vacancy rate for Boston apartments was .64% this time last year before the pandemic spread throughout the country.
Since then the vacancy rate has quadrupled for the City of Boston, now sitting at 2.24%. That may still seem low to most, but we haven’t seen a number that high in late August in a very long time. That number should spike considerably more once the 9/1 leasing cycle passes and many of the area’s students leases will end. How high it will go is a mystery, but for once in a very long time, it’s not so hard to find an apartment in Boston.
Here are 4 neighborhoods where vacancies are highest right now. Expect major price drops throughout September in these areas as landlords scramble to fill units that will inevitably remain empty after 9/1 due to tightened school restrictions.
#5 — North End
Situated in the heart of Boston just North of Downtown and east of West End, the North End is one of the gems of Boston. Known for its incredible Italian restaurants and beautiful historic charm, this is typically one of the hardest neighborhoods in Boston to find an apartment. Thanks to COVID, people are fleeing downtown in droves, so the North End is actually more accessible than ever!
North End Real-time Vacancy Rate — 2.41%
Rank — 10th Highest
North End Real-time Availability Rate — 11.45%
Rank — 6th Highest
#4 — East Boston
This is one of Boston’s best kept secrets and definitely an up and coming neighborhood. It has mostly flew under the radar as far as popular Boston neighborhoods, but that has changed in recent years as “Eastie” has evolved. Vacancy rates were still pretty high on average for East Boston prior to COVID, and it remains a great option for renters not too far from Downtown
East Boston Real-time Vacancy Rate — 3.01%
Rank — 5th Highest
East Boston Real-time Availability Rate — 8.87%
Rank — 9th Highest
#3 — Symphony — Northeastern Apartments
The neighborhoods around Northeastern are usually bustling with student life this time of year, as fall semester is about to get underway. About 70% of all apartments in Symphony are rented out on 9/1 or 8/30. That number will be significantly lower this year as the evidence suggests. At this time last year the vacancy rate in August was .5%, and as of now it sits over 3%. That means overall inventory has increased by 6x in this neighborhood.
Symphony Northeastern Real-time Vacancy Rate — 3.02%
Rank — 4th Highest
Symphony Northeastern Real-time Availability Rate — 16.67%
Rank — 3rd Highest
#2 — Kenmore/Fenway Apartments
Another student enclave, Fenway is a local favorite for students from Northeastern, Boston College, Boston University, and Harvard. This year, there will be a lot less coeds descending on Fenway, as the inventory numbers are looking way high for this time of year. In August 2019, the Vacancy rate was at .55% and the availability rate was 4.76%. You can say it’s up significantly.
Kenmore/Fenway Real-time Vacancy Rate — 3.90%
Rank — 2nd Highest
Kenmore/Fenway Real-time Availability Rate — 17.65%
Rank — 2nd Highest
#1 — Downtown Boston Apartments
New flash, no one wants to live in downtown. Regardless of how obvious it is that vacancies should be much higher in Downtown, it’s still startling to see inventory numbers this high for Downtown. It is typically one of the lowest vacancy rates in the city. Considering all of the other areas on this list are also densely populated and close to downtown, it looks like we’re seeing a trend here.
Downtown Real-time Vacancy Rate — 12.58%
Rank — 1st Highest
Downtown Real-time Availability Rate — 23.20%
Rank — 1st Highest
