Renting

Rental market update (July edition). Where are prices falling?

The average cost for a one-bedroom apartment in Boston is $2,750, a far cry from what it was last winter.

A hazy Boston skyline rises along Boston Harbor as a woman walks through Lopresti Park in East Boston in September 2023. The average rent for a two-bedroom apartment in this neighborhood was down 3.2 percent year over year in June, according to an analysis by Apartment Advisor. John Tlumacki/Globe Staff

By Eileen Woods

July 13, 2024

Back in January, the average rent on a one-bedroom apartment in Boston proper was $3,000. As of Thursday, less than two months before the big Sept. 1 move-in day, it was $2,750, based on available listings at ApartmentAdvisor.

That’s $250 that you can sock away. (Sadly, you won’t be able to spend it on a few meals at Fajitas & ‘Ritas.)

In a region buckling under housing costs, we’ll take the wins when we can get them.

ApartmentAdvisor conducts rental market analyses right down to the neighborhood. Here’s what the online listing site had for the average rent in Boston overall as of Thursday:

HOUSING TYPE	AVERAGE RENT
Studio	$2,335
1 bedroom	$2,750
2 bedrooms	$3,400
3-plus bedrooms	$4,200

Source: ApartmentAdvisor

Rental costs by neighborhood

If you’re looking for dropping prices on anything but a three-bedroom-plus apartment, you may have the best chance in Dorchester. Rental costs in highly sought after Jamaica Plain, however, are up in every category.

Studio rentals

The average rental price for a studio apartment in June in Jamaica Plain was up 22.1 percent over June 2023, but deals can be found in the Seaport if you want to get your foot into those posh environs:

Source: ApartmentAdvisor
Prices based on available listings in June 2023 and 2024.
*Not enough listings

One-bedroom rentals

Prices fell 11 percent in South Boston and 8.5 percent in Dorchester, but the average cost of a Roxbury one-bedroom rental jumped 27.2 percent year over year.

Two-bedroom rentals

If you’re looking for a two-bedroom rental — perhaps you want to room with a friend or have a nice home office or studio — now may be the time to act. Prices have dropped year over year in several neighborhoods, particularly in the Seaport.

Three-bedroom rentals

This category can be a challenge given the competition from college students. Still, deals may be had Downtown, where prices were down 8.5 percent year over year in June.

The US rental market

Boston remains the third-most-expensive rental market in the country, a spot it has hunkered down in like a beachgoer at Nantasket.

These were the top 10 most expensive and least expensive cities for renters in June and the median rent for a one-bedroom:

RANK	CITY	MEDIAN RENT	RANK	CITY	MEDIAN RENT
1.	New York City	$3,500	91.	El Paso	$871
2.	San Francisco	$2,852	92.	Oklahoma City	$850
3.	Boston	$2,750	93.	Baton Rouge, La.	$850
4.	Jersey City	$2,500	94.	Cheyenne, Wyo.	$850
5.	San Jose	$2,350	95.	Lincoln, Neb.	$846
6.	Washington, D.C.	$2,349	96.	Cedar Rapids, Iowa	$829
7.	San Diego	$2,295	97.	Akron, Ohio	$773
8.	Burlington, Vt.	$2,225	98.	Wichita	$723
9.	Los Angeles	$2,195	99.	Toledo	$715
10.	Miami	$2,145	100.	Morgantown, W.Va.	$698

Source: ApartmentAdvisor

Here’s how the other New England cities on the list fared:

13. Portland, Maine ($2,068)
19. Providence ($1,773)
31. Manchester, N.H. ($1,495)
47. Hartford ($1,271)

The Mass. rental market

The median rental price in Massachusetts for a one-bedroom apartment in June was $2,565, which reflects an increase of 2.6 percent year over year.

These were the most expensive and least expensive communities for one-bedroom apartments in the Commonwealth in June, based on available listings:

RANK	CITY	MEDIAN RENT	RANK	CITY	MEDIAN RENT
1.	Cambridge	$3,000	33.	Leominster	$1,605
2.	Brookline	$2,895	34.	Attleboro	$1,600
3.	Dedham	$2,750	35.	Fall River	$1,463
4.	Boston	$2,750	36.	Springfield	$1,398
5.	Lexington	$2,600	37.	Pittsfield	$1,200