Rental prices in South Boston have been steadily on the rise over the past decade. This iconic Boston neighborhood has transformed itself from the tough blue-collar neighborhood of the twentieth century to the diverse and developing white-collar neighborhood it is today. Average rent prices are reflective of that trend, as South Boston is now one of the more expensive neighborhoods to rent an apartment in Boston.
Currently the average rent price in South Boston is $2,752, which is about 8.9% higher than Boston’s average rent of $2,528. That average rent ranks South Boston as the 10 most expensive area among all 33 neighborhoods that make up Boston and its closest suburbs. That average rent price makes the cost of South Boston apartments about the same as apartments in Cambridge and Brookline, two of Boston’s best suburbs.
When you dive deeper into the data, you get a slightly different picture. Prices for smaller sized units in South Boston are actually quite affordable. The average rent prices for a studio, 1BR and 2BR all fall close to or within $100 of the city-wide average, so renters looking for a small apartment in Southie can definitely find some good deals.
Average Rent Prices in South Boston vs. City of Boston 2021
Average Rent Price for Studio Apartment in South Boston: $1,578
Average Rent Price for Studio Apartment in City of Boston: $1,702
Average Rent Price for 1 Bedroom Apartment in South Boston: $2,026
Average Rent Price for 1 Bedroom Apartment in City of Boston: $2,204
Average Rent Price for 2 Bedroom Apartment in South Boston: $2,673
Average Rent Price for 2 Bedroom Apartment in City of Boston: $2,511
Average Rent Price for 3 Bedroom Apartment in South Boston: $3,557
Average Rent Price for 3 Bedroom Apartment in City of Boston: $3,050
Average Rent Price for 4 Bedroom Apartment in South Boston: $4,527
Average Rent Price for 4 Bedroom Apartment in City of Boston: $3,640
Once you look at rent prices of the larger size apartments, you see where South Boston gets its reputation for being an expensive place to rent. The average rent price for a 3 bedroom apartment in South Boston is $3,557, which is $500 more expensive than Boston’s average. A 4 bedroom apartment in South Boston costs $4,527 on average, compared to just $3,640 in Boston. The reason for this, simply put, is inventory. There are far fewer big unit apartments in South Boston, and the few that do become available usually get rented out very quickly for a very high price as a result.
YOY Changes in Rent Prices:
Average rent in South Boston has gone down 3.67% since March of 2020, which is less than the city-wide decrease of 3.97%. The stability of the current South Boston apartment availability rate indicates that prices should hold steady throughout 2021. We expect for rent prices to drop less than 2% YOY in the South Boston apartment rental market, as currently the market seems is absorbing new apartment inventory at a fast pace.
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