Exploring Rent Prices in and Around Boston

Ed Greable Blogger March 6, 2018

As neighborhoods become more desirable, it only stands to reason that the prices of homes and the costs of rent are increased in those communities. Not surprisingly, rent has continued to go up in Boston and the surrounding area, with rents in and around the city being among the most expensive in the country.

Cambridge and Boston Ranked Among the Ten Most Expensive Places to Rent

According to a recent analysis of rent prices around the country, Cambridge is the third most expensive place in the country to rent a one-bedroom apartment. Coming in only behind San Francisco and New York, the media rental price for a one-bedroom unit in Cambridge was $2,544 in the month of February. Boston, on the other hand, was not too far behind with a median rental price of $2,330 per month for a one-bedroom apartment. This ranked the city as the seventh most expensive place to rent a one-bedroom apartment in the United States.

The top ten most expensive places to rent a one-bedroom apartment in the United States were as follows:

  • San Francisco, California: $3,293
  • New York City, New York: $2,788
  • Cambridge, Massachusetts: $2,544
  • Washington, D.C.: $2,492
  • San Jose, California: $2,423
  • Berkeley, California: $2,362
  • Boston, Massachusetts: $2,330
  • Boulder, Colorado: $2,045
  • Los Angeles, California: $2,030
  • Oakland, California: $2,005

In terms of two-bedroom rentals, Cambridge fell a few spots to being the sixth most expensive place to rent with a median rental price of $3,046 per month. Boston, on the other hand, remained in the seventh place position at $2,793 per month.

The top 10 most expensive places to rent a two-bedroom apartment were as follows:

  • San Francisco, California: $4,303
  • New York City, New York: $3,361
  • Washington, D.C.: $3,288
  • Los Angeles, California: $3,179
  • Berkeley, California: $3,126
  • Cambridge, Massachusetts: $3,046
  • Boston, Massachusetts: $2,793
  • San Jose, California: $2,752
  • Miami, Florida: $2,429
  • Oakland, California: $2,360

 

Renting Remains a Cheaper Option Than Buying in Boston’s Neighborhoods

While rental costs are going up, renting still remains a less costly option for residents than buying. Even on the lower end in areas such as Hyde Park and Roslindale, homes are priced at 12 to 14 times their annual rent when analyzing cost per square foot. At the upper end, areas such as Fenway-Kenmore and Back Bay are priced at 30 to 30 times their annual rent. According to a recent market study, the price of buying versus renting in many of Boston’s neighborhoods are as follows:

  • Back Bay: 32.23 times
  • Fenway-Kenmore: 30.81 times
  • Seaport: 29.12 times
  • Financial District: 27.28 times
  • Beacon Hill: 27.26 times
  • South End: 23.00 times
  • Lower Mills: 19.22 times
  • Mattapan: 16.92 times
  • Roslindale: 13.43 times
  • Hyde Park: 12.56 times

According to the report, Mattapan is a bit of an outlier that appears to have a higher price / rent ratio than it actually does because the neighborhood rents are considerably less expensive than those found in the surrounding area.

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