Boston One-Bedroom Rent Prices Rose the Fastest in Dorchester and Roslindale
Apartment hunters who are looking for affordable options may not find what they want in Dorchester and Roslindale. According to the latest analysis from Zumper, a real estate listings website, these two neighborhoods in Boston are the fastest growing in the whole city during July 2017 compared to the previous month.
How Much are Rents in Roslindale and Dorchester?
The site listed that the median rents in Dorchester increased 9.4% from June to July, while Roslindale saw a 10% increase during the same period. Note though that these numbers were only for one bedroom units. Therefore, people who are looking for budget studios, two bedroom, and three bedroom units can still find them at these two communities.
However, compared to the local markets, the most expensive apartments with one bedroom units are those located in downtown Boston. The average price in the summer almost reached $3,000. The runner-up was the South Boston waterfront with a median price of $2,900, while the West End was at the third place at $2,800. Comparing these numbers to Roslindale and Dorchester, these two are still much more affordable since the average prices for rent were just $1,750 and $2,090 respectively.
Although the priciest apartments were in Downtown Boston, there were also one bedroom units that were just under $2,500 per month. They could be found in North End, Beacon Hill, and Fenway. During this time, Boston was the fourth most expensive in the US rental market. However, when fall approached, the city climbed to the third spot.
For those who want to grab deals on rents, the places to go to are the West Roxbury, East Boston, and Mattapan.
Is It Time to Rent in Boston?
Just recently, the list of the most expensive municipalities for rental properties with either one or two bedrooms included Brookline, Boston, and Cambridge. Zumper collected the data from 15 different cities and towns and named Cambridge as the most expensive with $2,380 per month. Meanwhile, in Brookline, one bedroom rents were $2,300. As for Boston, the renters were charged $2,200 for one bedroom units.
Meanwhile, two bedrooms were also quite costly in Cambridge, Brookline, and Boston ranging from $2,930 to $2,600. It seems like the rent prices in Boston is still steady yet they remain high. Some areas are not as affordable as others, but those searching for cheaper ones can head to places far from downtown Boston.
The start of 2016 saw a considerable decline in rent prices in Boston. The city decreased 5.9% when the year opened. However, everyone is quite well aware that the apartment rents in Boston are either increasing or steady. There could be a decrease here and there, but it will not fall all that much.
According to a new report from Boston Pads, which is also a real estate listings website, Back Bay is the most expensive place in Boston to rent either a one bedroom or two bedroom unit. The site also says that Dorchester and Quincy are the least costly. As a matter of fact, there are single family homes that are the most expensive in Dorchester but are even less expensive than some condo units in the neighborhood.
Some houses on the list only cost $529,000, and the most expensive is just $849,000. They are priced from $208 to $385 per square foot, which is actually quite reasonable. These properties are at least 1,800 square feet in size, and the largest one is 3,400 square feet.
It is worth noting that the expensive properties in the Dorchester neighborhood are not the actual homes but are the condominiums in the area. For instance, the former Baker Chocolate Factory located in the Lower Mills building asks for over $1.2 million, making this property $410,000 more expensive than the priciest single-family home in Dorchester.
Nevertheless, those searching for rental apartments and not the ones that are on sale can still go for Dorchester and Roslindale. Although they are currently considered the fastest growing in rent prices for one-bedroom units in Boston, they are still pretty cheap compared to the other nearby neighborhoods.