Renting

An in-depth look at the Massachusetts rental market (Dec.)

Boston remains the third most expensive apartment market in the country. It's the only time we are happy to be ranked lower than NYC.

The Coolidge Corner stop on the Green Line in Brookline. David L. Ryan/Globe staff/file

December 4, 2023

If you looking for some good news on this cold and dreary Monday, have at it.

It will cost less this December than it did last to rent a studio or one-bedroom apartment in Boston, and the year-over-year increase in the median asking price for a two-bedroom is marginal (0.95%), according to a report ApartmentAdvisor released today.

If you’re in the market for a three-bedroom AND good news, I suggest you close your eyes and read no further. Based on available listings, the median cost of a three-bedroom is nearly 28% higher.

Source: ApartmentAdvisor
Based on available listings

There may not be actual goats roaming around in Boston, but there are apartment shoppers looking for a deal. Maybe this will help.

Studio apartments

Now that the Sept. 1 crush of students has settled down, Brighton is a place for bargains, with the median cost of a studio down 12% year over year. If you are looking for a leafier experience this spring, Jamaica Plain’s median rent for a studio is 11% less than it was last year. Back Bay and all its beauty, however, continues to be pricey.

Source: ApartmentAdvisor
Based on available listings
* there weren’t enough listings for comparison

One-bedroom apartments

The overall median asking price for a one-bedroom apartment may be down 1.35% year over year, but prices in Brighton, Beacon Hill, North End, and Roslindale saw double-digit jumps. Based on available listings, Dorchester, Soth Boston, and Mission Hill are offering bargains.

Two-bedroom apartments

If you’re looking for a two-bedroom apartment, South Boston and Back Bay asking rents are down roughly 7% year over year, while Mission Hill and the Seaport, among several other neighborhoods on this list, are seeing double-digit jumps in asking prices.

Three-bedroom-plus apartments

One can only speculate that the reason why the median asking rent in the Back Bay is up 140%. There is probably a deluge of expensive properties on the market right now. Bargain hunters in this bracket may want to consider East Boston, the West End, and South Boston.

The Commonwealth apartment market

ApartmentAdvisor put out its Massachusetts market report today, too. The analysis looks at November asking rents. In the battle for the most expensive rental market, Brookline ousted longtime holder Cambridge for the state’s top spot, with a median rent of $3,050 for a one-bedroom, an 8.8% increase year over year. Here were the top 5:

RANK	COMMUNITY	MEDIAN ASKING PRICE
1.	Brookline	$3,050
2.	Cambridge	$2,982
3.	Boston	$2,970
4.	Needham	$2,943
5.	Watertown	$2,746

Source: ApartmentAdvisor
Based on available listings

And these were the least expensive:

RANK	COMMUNITY	MEDIAN ASKING PRICE
42.	Holyoke	$1,100
41.	Pittsfield	$1,111
40.	Chicopee	$1,225
39.	Attleboro	$1,395
38.	Fall River	$1,400

Source: ApartmentAdvisor
Based on available listings

How does your community stack up?

Looking at the national rental market

Boston remains the third-most-expensive market for renters in the United States:

RANK	METRO	1-BEDROOM
1.	New York City	$4,372
2.	Jersey City	$3,323
3.	Boston	$3,000
4.	San Francisco	$2,800
5.	Miami	$2,360
6.	Washington, D.C.	$2,298
7.	San Diego	$2,295
8.	San Jose	$2,195
9.	Los Angeles	$2,150
10.	Charleston, S.C.	$2,020