The South Boston Rental Market Feb 2024
By Stephen McCarthy
Today if you search apartment listings on MLS in 02127 you will see 108 apartments for rent.
|
# of Beds |
# of Units |
Median Asking Price |
Days on Market |
|
1 |
15 |
$2,475 |
31 |
|
2 |
50 |
$3,700 |
27 |
|
3 |
21 |
$4,500 |
64 |
|
4+ |
13 |
$5,750 |
28 |
However Zillow reports over 500 listings For Rent in 02127
|
# of Beds |
# of Units |
Median Asking Price |
|
1 |
77 |
$2,800 |
|
2 |
185 |
$3,600 |
|
3 |
121 |
$4,075 |
|
4+ |
111 |
$6,363 |
MLS feeds to Zillow so listings on MLS will be on Zillow. However agents and property owners often post on Zillow but skip MLS. Which explains why Zillow has more rental listings. However Zillow is a little less regulated so you might see more duplications or listings that are no longer available.
Zillow does provide a more realistic estimate of available apartments in South Boston. Currently they show the median asking rent in South Boston at $3,800 and describe the market as cool.
It is very typical the rental market falls off after 9/1. These apartments are filled primarily March to July. Then the market starts to fade and in the Fall it is typical asking prices for rentals drop.
2023 definitely fell into this pattern. Rentals prices have declined as inventory has increased. Especially for units with 3 or more bedrooms. 1 and 2 beds hold their value better in the off season. 4+ bedrooms see the largest decline in rental price.
Right now Zillow defines the South Boston rental market as “cool” based on demand for apartments in South Boston.
According to Zillow prices began to increase in March of 2023. I believe this can be partially attributed to the beginning of the Sept rental market.
If you need to rent an apartment right now you should keep your pricing realistic and be in line with the current market. You might also offer some type of incentive like paying all or a portion of any brokerage fee or a free month’s rent.
Otherwise be patient and wait for Sept 1 pricing to come back as it typically does in March - July.
Here is a look at South Boston median prices by month since 1/1/2023
| SOUTH BOSTON 02127 APARTMENTS RENTED ON MLS | |||
| Month | # Rented | Median Price | Days on Market |
| Jan 23 | 37 | $3,500 | 34 |
| Feb 23 | 38 | $3,275 | 15 |
| Mar 23 | 62 | $3,500 | 14 |
| Apr 23 | 79 | $3,900 | 14 |
| May 23 | 136 | $4,200 | 10 |
| Jun 23 | 160 | $3,925 | 12 |
| Jul 23 | 145 | $3,650 | 20 |
| Aug 23 | 194 | $3,575 | 20 |
| Sep 23 | 199 | $3,650 | 22 |
| Oct 23 | 70 | $3,500 | 30 |
| Nov 23 | 58 | $3,300 | 23 |
| Dec 23 | 58 | $3,350 | 35 |
| Jan 24 | 53 | $3,300 | 39 |
| Monthly Average | 99 | $3,587 | 22 |
