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Rejoice, Boston: You have become more affordable. Relatively speaking.
Boston dropped from the third-most-expensive city in which to rent a one-bedroom apartment to fifth place, Boston Magazine reports. Apartment-finding website Zumper attributes the descent to plateauing prices in the top 10 U.S. markets, particularly in Boston.
The city’s median one-bedroom monthly rent has remained close to $2,200 since September and has not changed much in the last year. Two-bedroom rents have grown by 0.4% to a median price of $2,610 per month. The national monthly average rental price for a one-bedroom and two-bedroom apartment is $1,183 and $1,402, respectively.
A 2016 Reis report indicated Boston’s rental market may have peaked. While the city remained a tight, pricy market, rent growth was at its slowest pace in two years. It appears to have been a sustained plateau, according to the Zumper study.
While San Francisco and New York City kept the top two rankings in the list, Washington, D.C., and San Jose leapfrogged Boston in the rankings.
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