The topic of right this moment’s snapshot is Downtown, Boston, Massachusetts. Based mostly on our evaluation, Bostons’ year-over-year common rents elevated throughout all bed room sorts.
Our normal neighborhood evaluation makes use of a 6-month “LookBack” to ascertain a mean baseline lease. The outcomes from the 6-month LookBack evaluation are offered within the tables under for Boston 1–2 bed room rents from February 1, 2021 – February 1, 2022:
Because the desk reveals, 1BR models elevated by 26% from final yr or $648 extra, and the 2BR for models elevated by 30% from final yr or $952 extra. As demonstrated by the desk, year-over-year efficiency for all chosen bed room sorts elevated in lease costs from final yr.
Market Exercise: Boston, Massachusetts
Are you curious about investing in Boston? Location is a crucial issue to think about when discovering a worthwhile marketplace for a rental property. The important thing traits of a great location embrace a robust economic system, a rising labor pressure, and excessive rental demand. Under are some fast info concerning the Boston rental market that may enable you together with your funding evaluation and general determination.
- Value-to-Hire Ratio
- Avg 2BR Home Value: $1,609,794 (Based on Redfin)
- Avg Annual 2BR Hire: $48,936 ($4,078 x 12 months)
- Inhabitants Progress:
- Boston’s inhabitants elevated by 9% during the last decade from 2010 to 2020 (Based on US Census)
- Main Corporations & Establishments: Common Electrical, Dunkin’ Manufacturers, The TJX Corporations, Thermo Fisher Scientific, Constancy Investments, State Avenue, Akamai Applied sciences, Hubspot, Solar Life, Vertex Prescribed drugs, AthenaHealth, Philips North America, Encore Boston Harbor, Wayfair, Mass Common Hospital
- Employment Progress:
- Employment development elevated by 4% from 2020-2021 (Based on US Bureau of Labor Statistics)
Rentometer is the #1 software for evaluating residential lease charges anyplace within the U.S. To succeed as an actual property investor, you want strong, present market intelligence that will help you set the appropriate lease charges in Boston. Understanding native rents (and the elements that drive them) may also help scale back funding threat, enhance occupancy and enhance your money movement – and earnings. With Rentometer, you’ve gotten native, present rents accessible proper at your fingertips.
This text was written by the Rentometer Content material Workforce. The Rentometer Weblog options contemporary takes and insights on rental housing matters, providers, and know-how.