There are uncertain times ahead as the North End apartment rental market deals with the pandemic. It is yet not known when the health crisis will be over and when the economy will recover. Boston has not been spared from the worsening economic conditions either, with a significant drop in real-time availability rates (RTAR) as well as drops in real-time vacancy rate (RTVR). In this article, we are going to update you on how these trends are affective the average rent price for North End apartments.
North End Average Rent Prices Decreased Significantly
The district of North End was one of the parts of Boston that experienced one of the most severe drops in average rent prices compared to the previous year. In total, in Boston, there was a fall of -3.37% in average rent prices. This percentage drop is broken down to a change of -3.70% inside the City of Boston and -2.50% in the suburbs of Boston.
In comparison, North End’s drop in rent was nearly twice the average in the city at -7.27%. The biggest drop was registered for the 4 Bedroom apartments where the average rent prices compared to the previous year dropped by -8.58%. To put this into context, the 4 Bedroom apartments in North End had the fifth biggest drop in this category out of all neighborhoods in Boston.
Additionally, there were considerable drops in all of the other categories. With a -5.88% drop for 1 bedroom apartments, -7.56% decrease for the 2 bedroom apartments, and -6,58% change for the 3 bedroom apartments. Even though North End experienced major drops in average rent prices in comparison to the previous year, it managed to retain its spot as the fifth most expensive neighborhood to rent an apartment in Boston at an average of $3,199 per month.
In order to better understand the effects of the pandemic on the North End area, you need to know more about the background of this local real estate market. North End is one of the oldest neighborhoods in Boston, it has been inhabited since the 1630s and to this day remains a popular Downtown residential area. Due to the neighborhood having a large student and young professional population, remote learning and remote work policies depleted the student population and pushed many young professionals to rent or buy in the suburbs for more comfortable work-from-home space. This is why rents have fallen so much more in North End compared to other neighborhoods in Boston.
Here is what renting an apartment in North End will cost you on average in 2021:
- North End Studio apartment average rent price- $1,804
- North End 1 Bedroom average rent price – $2,175
- North End 2 Bedroom average rent price – $2,763
- North End 3 Bedroom average rent price – $3,807
- North End 4 Bedroom average rent price – $3,796
Major Differences Between Availability and Vacancy Rates
A higher than average increase in RTAR and also RTVR have been noted in almost all of the many neighborhoods that make up Boston including North End. From a broad perspective, all of Greater Boston experienced an increase in RTAR of +104.36% YOY, while the YOY increase in RTVR was nearly triple at +198.46%.
Furthermore, there were drastic differences in the RTVR and RTAR between the City of Boston and the suburbs of Boston. In the City of Boston, the RTAR change was +111.09% while the increase in terms of RTVR an above-average +232.28%. Contrastingly in the Outside of Boston areas, there was an RTAR increase of +91.15% and also an expansion of +151.14% in RTVR.
There was a further difference between the RTAR and RTVR for the North End neighborhood, with the RTAR year-over-year increasing +134.17% while the RTVR compared to last year was +485.82%. Both of these metrics are above the average for all of Boston, however, RTVR is more than double the average.