Newton is certainly known to be one of the more premium housing markets in the Greater Boston area. Over the past decade, Newton has been one of the most expensive suburbs to rent an apartment in the Boston area. In the year of COVID, those housing markets took the biggest hit, and Newton was no exception. Still, even though Newton apartments saw the biggest drop in rent prices among all suburbs, it remains one of the most expensive suburbs to rent in Boston.
Newton Apartment Rental Inventory and Vacancy Rates
The current apartment vacancy rate in Newton is 1.64% at the moment. That is the 4th highest vacancy rate out of the 14 suburbs closest to Boston behind Medford (1.73%), Belmont (1.80%) and Malden (2.25%). It also eclipses the overall Greater Boston vacancy rate of 1.48%. That marks a 24.24% increase in apartment vacancies compared to August 2020, making Newton one of the 5 suburbs where vacancies have actually increased YOY.
Average Rent Prices in Newton MA
Despite the rise in apartment vacancies, Newton is still the 4th most expensive suburb to rent an apartment at $2,453. That is slightly lower than the overall Greater Boston average rent ($2,500). The average rent price in Newton is similar to that of the suburb of Somerville ($2,455), and about $100 less than the average rent price for Boston apartments ($2,525).
- 1 Bedroom Average Rent Price: $1,949
- 2 Bedroom Average Rent Price: $2,191
- 3 Bedroom Average Rent Price: $3,218
Newton has seen the sharpest decline in average rent compared to August 2020 (-7.63%) out of all suburbs in Metro Boston. These price drops seem to have affected Boston’s most expensive areas overall, as Brookline and Cambridge also saw larger than average price declines (-5.06% and -4.21% respectively) compared to Greater Boston (-3.19%).