South Boston Rental Market

South Boston Rental Market

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.

 

MLS Apartments for Rent 2/13/24

# 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

 

Zillow Apartments for Rent 02127 2/23/2024

# 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
South Boston Rental Market

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I have been a full-time Boston Real Estate Sales Agent since 2001. I focus primarily on the South Boston, MA real estate market. However, I have closed sales throughout Greater Boston. I monitor values and market activity so that I may provide my clients with timely market information and expertise.

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