The average rent price in East Boston has increased by +3.54% since September 2020. At present, it is $2258. The pandemic has had a negative impact on almost all areas in Boston. However, East Boston has had maintained a stable rental market. Most of the neighborhoods have seen a drop in YOY average rent prices. The average price in the city as a whole has dropped by -2.11% since September of last year.
The average rent price in East Boston is about 10% lower than the average rent of the city of Boston($2575). Comparing East Boston to Downtown, the average rent in Eastie is lower by 35%. North End has an average rent of $3102 which is still much higher than East Boston apartments. Given its affordable rent prices, East Boston has been able to offset the effects of the pandemic and attract renters who may have had a tighter budget through 2020.
Apartment Supply and Availability East Boston
The Real-Time Availability Rate of East Boston apartments has fallen by -36.05% YOY. As of now, that figure is 5.66%. This rate is still higher than that of the city of Boston, which is 4.52%. As per the data, the rate of availability in the city as a whole has fallen by -48.28%. The Real-Time Vacancy Rate in East Boston has also dropped by -62.96% since September 2020. Now, the vacancy rate stands at 1.10%, which is slightly lower than Boston’s current vacancy rate (1.53%).
Average Rent Prices in East Boston by Apartment Size
The average rent price for studio apartments in East Boston has witnessed a growth of +13.25%. On the other hand, nearby Downtown Boston has seen a YOY drop of -20.89% for studio apartments. The average rent for studios in East Boston is $1513, which is slightly lower than that of the city ($1702).
1 bedroom apartments of East Boston have an average price of $1753. Unlike studios, the average rent for these apartments has decreased by -2.72% YOY. On average, the city of Boston has seen a drop in 2 bedroom prices of-6.69%. 2 bedroom average rent in East Boston has risen by +2.69% and is $2291 at present. This price is also lower than that of Boston that has an average price of $2,010.
The average rent prices in East Boston for 3 bedroom apartments have fallen by -0.30% and currently stand at $2670. Comparing to nearby Downtown where YOY rent prices dropped by a margin of-15.64%, rent prices in East Boston are much more stable. For 4 bedroom apartments, the prices in East Boston have fallen by -1.00%. These larger apartments are available at an average price of $3061.