According to recent reports, one- and two-bedroom apartments in Boston remain among the most expensive rentals in the United States. In fact, the median rent on one-bedroom apartments was the fourth-highest in the country while the median rent on two-bedroom apartments was the sixth-highest in the country. Within the region itself, additional studies show that Cambridge is among the priciest places to live in the Boston area.
Comparing Boston Rent to the Rest of the Country
A recent report by real estate listing site Zumber compared Boston rental prices to 99 other cities in the country. With a median rent of $2,480 for a one-bedroom apartment, Boston was only less expensive than San Francisco, New York City and San Jose. The median rent for the top five most expensive places to rent a one-bedroom apartment was as follows:
- Los Angeles, CA: $2,410
- San Jose, CA: $2,480
- Boston, MA: $2,480
- New York City, NY: $2,750
- San Francisco, CA: $3,560
When comparing the cost of two-bedroom apartments, Boston came in sixth with a median rental price of $2,700. The top five most expensive places to rent a two-bedroom apartment in the country were as follows:
- Oakland, CA: $2,860
- San Jose, CA: $2,900
- New York City, NY: $3,190
- Los Angeles, CA: $3,240
- San Francisco, CA: $4,720
The report, which tracked by vacant and available apartments, found that the nationwide one-bedroom median price was up more than 10 percent when compared to the same time in 2017. Prices for two-bedroom rentals, however, barely changed at all.
Comparing Rental Costs in the Boston Area
In addition to analyzing rental costs of cities throughout the country, Zumber also took a closer look at rental costs specifically within the Boston area. The study found that the city of Boston, Cambridge and Brookline are among the most expensive municipalities within the Boston area for renting one-bedroom apartments. The three are also among the most expensive places to rent a two-bedroom apartment, with Cambridge being the most expensive for both one- and two-bedroom rentals.
The top five most expensive places to rent a one-bedroom apartment in the Boston area were as follows:
- Somerville: $2,100
- Waltham: $2,290
- Brookline: $2,400
- Boston: $2,480
- Cambridge: $2,510
The top five most expensive places to rent a two-bedroom apartment in the Boston area are as follows:
- Newton: $2,490
- Waltham: $2,640
- Boston: $2,700
- Brookline: $2,760
- Cambridge: $2,950
On the other end of the spectrum, those communities located further away from the city tend to become less expensive. As such, some of the least expensive places to rent in Boston included Fall River, Lawrence and Brockton. In terms of two-bedroom rentals, Worcester was also found to be one of the least expensive places to rent.
According to the study, the median rental cost increased when comparing 2017 to 2018 for both one- and two-bedroom rentals. In some parts of the region, the increase was quite dramatic. Within the city of Boston, for example, costs increased by more than 10 percent when comparing year-over-year data.