Boston Pads recently published a series of infographics showing the average rent prices by town in the Greater Boston area. Utilizing their extensive database of over 156,000 Boston apartments, they were able to calculate the average rent price for most of the areas in close proximity to the city.
Average rent prices were formulated from 8,884 apartments that were either rented within the last 12 months or that are currently listed as available. These averages specifically exclude apartments that reside in luxury buildings.
The Real Time Vacancy Rate was calculated by taking the sum of the total number of apartments available in that area and all the units that will become available in the upcoming months, and dividing by the total number of apartments in that area.
Population and median household income was pulled directly from US Census Bureau.
Not surprisingly, the average rental prices of areas near downtown Boston are obtaining the highest rent prices. The neighborhoods of Back Bay, Beacon Hill, North End, Symphony, Fenway, and South End are obtaining the highest rents in and around the city for non-luxury apartment buildings.
Average rent prices in Back Bay are the highest in the city right now, ranking as the most expensive place in Boston to rent a 1 Bedroom apartment at $2,444/month as well as the highest 2 Bedroom price at $3,196/month. Rent prices in Beacon Hillcurrently ranks 2nd highest for 1 Bedrooms at $2,433/month and 5th highest for 2 Bedroom apartments at $2,841/month. The neighborhood of South End ranks 3rd highest in Boston for 1 Bedroom and 2 Bedroom apartments, seeing an average of $2,362 and $2,996 respectively.