Average Rent Prices for Apartments in Fenway

Ever since the arrival of 2020's COVID-19 pandemic, many industries have taken a hit. Not many markets felt that hit greater than the apartment rental market in Fenway Boston. With thousands of students learning remotely and employees spending more time in their homes rather than Downtown, the demand for apartments in Fenway shrunk. This inevitably caused a decline in the rental market. While demand is slowly returning, it is not as high as it used to be. To be specific, Boston as a whole saw rent drop by -4.21% YOY.

Now that we understand the current situation of Boston, let's zoom into apartments in Fenway. Fenway has experienced changes in the form of vacancy rates, year-over-year changes and more. Let's take a look at the numbers.

The vacancy rate in Fenway is currently 3.38%. The real-time availability rate in Fenway is 6.93%. The average price for a studio apartment is $1,724 monthly. The average price for a one-bedroom apartment is $2,173 monthly. The average price for a two-bedroom apartment is $2,753 monthly. The average price for a three-bedroom apartment is $3,713 monthly. The average price for a four-bedroom apartment is $4,621 monthly.

The year-over-year changes for each apartment size differ. For example, studio apartments had a YOY change of -6.46%, while 3 bedroom apartments saw a -2.93% YOY change. The real time availability rate YOY change for Fenway was -62.25%. The real time vacancy rate YOY change for Fenway was -19.14%.

The Future of Fenway’s Rental Market

According to the statistics detailed above, Fenway has been affected, just like every other neighborhood located in Boston. However, with students returning for the fall semester on campus and companies returning to the office, the rental market should dramatically improve in the upcoming year. The goal is to have the market fully restored. It is important to keep in mind that one of the biggest sources of income for landlords and property owners is renting to college students. Students often rent apartments nearby their university for a convenient commute. The supply and pricing of Fenway apartments will soon be restored to near pre-pandemic levels.

To compare, Fenway's vacancy rate is one of the highest in the entire city. The majority of neighborhoods such as Allston, Brighton and East Boston have rates averaging around 1.20%. As mentioned previously, Fenway's vacancy rate is subject to change as the market picks back up in the upcoming months and years.