Back Bay is one of the most expensive neighborhoods in Boston to rent an apartment. The pandemic proved to have a more negative impact on these neighborhoods in terms of rent prices.Boston has seen an overall drop of -2.61% in average rent prices YOY, but in Back Bay the average rent price has dropped by 3.70%. It still remains one of the most expensive neighborhoods to rent an apartment in Boston at $3,496, a number eclipsed by only Downtown Boston.
Apartment Supply and Vacancies in Back Bay
The Real-Time Availability Rate of Back Bay apartments has dropped by -69.94%. Currently, the availability rate stands at 2.05%. The Real-Time Vacancy Rate of the neighborhood has also fallen by -59.00%. The current rate is 0.82%. Comparing these rates with the city of Boston where the Real-Time Availability Rate and Real-Time Vacancy Rate are 4.52% and 1.53% respectively, the apartment supply is much more scarce in Back Bay, which is holding prices high.
Average Rent Prices in Back Bay by Bedroom
The average rent price for studios in Back Bay is $1829. It is the 5th highest recorded price among the 25 neighborhoods of Boston. Seaport records the highest rent price of studios and it costs $2200 on average. Dorchester has the lowest rent price at just $1028 for a studio. A 1 bedroom apartment’s average rent price in Back Bay is $2406. This price is the third highest when compared to the 25 other neighborhoods, with the highest being $2591 in Seaport. Mattapan has the lowest price for 1 bedroom apartments at just $751.
The average rent prices in Back Bay for 2 bedroom apartments is $3346. This is the 2nd highest price recorded in the city of Boston. West End has the highest rent price of $3450 for 2 bedroom apartments whereas Allston/Brighton Border has the lowest price at $2105. In Back Bay, 3 bedroom apartments are available at $4054. This price is slightly lower than Downtown, which records the highest price at $4450.
The average rent price in Back Bay for a 4 bedroom apartment is $5900. It is the second-highest price recorded after Downtown, which has the highest average price of $6000. At $2200, Hyde Park offers the cheapest 4 bedroom apartments in Boston. Larger apartments tend to be in short supply in Back Bay, which accounts for the exorbitant rent prices.
YOY Changes in Back Bay Apartment Prices
In Back Bay, the average rent of studio apartments has fallen by -3.18%. 1 bedroom apartments have dropped by -6.45% and 2 bedroom apartments have in Back Bay have dipped -0.48%. There has been a steep fall in the prices of 3 bedroom Back Bay apartments (-5.66%). Look for prices to rebound in Back Bay as renter demand has been restored in Boston.