Rental Market Update (July Edition). Where are prices falling?

Last January, the average rent for a one-bedroom apartment in Boston was $3,000. On Thursday, less than two months before the big move-in day on September 1, it was $2,750, according to listings on ApartmentAdvisor.

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

In a region that is collapsing under housing costs, we will take advantage of victories when we can.

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

Rental costs by neighborhood

If you’re looking to get a lower price on anything other than a three-bedroom or larger apartment, you may have the best chance in Dorchester. Rental costs in the highly sought-after Jamaica Plain neighborhood, however, are rising across the board.

Studio rentals

The average rental price for a studio in Jamaica Plain in June increased by 22.1% compared to June 2023, but deals can be found in the Seaport if you want to set foot in these posh environs:

Renting a room

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

Two bedroom rental

If you’re looking for a two-bedroom rental (perhaps you want to share a room with a friend or have a nice home office or studio), now may be the time to act. Prices have been dropping year over year in many neighborhoods, especially in the Seaport.

Three bedroom rental

This category can be a challenge because of competition from students. Still, bargains can be had downtown, where prices fell 8.5% year-on-year in June.

The American Rental Market

Boston remains the third most expensive rental market in the country, a place where he has retreated like a beachgoer to Nantasket.

Here are the top 10 most and least expensive cities for renters in June and the median rent for a one-bedroom apartment:

Here are the results for the other New England cities on the list:

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

The Massachusetts Rental Market

The median rental price in Massachusetts for a one-bedroom apartment in June was $2,565, reflecting a 2.6% increase year-over-year.

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

Here’s what apartment rents were doing across the state:

Don’t miss our coverage of events on the move as we approach September 1st. Here’s a sneak peek: