Now, the apartment availability rate in Fenway is 3.54%, down -26.25% from its pre-COVID mark recorded in February 2020. Even more impressive is the fact that Fenway’s real-time vacancy rate (RTVR) is down -78.90% during the same 2 year time span. The current vacancy rate of 0.20% is the 3rd lowest in Metro Boston behind Symphony (0.09%) and Fort Hill (0.03%).
|Neighborhood||RTVR Feb ’22||RTVR Feb ’20||% Change|
|City of Boston||0.69%||1.15%||-40.00%|
Both the current RTAR and RTVR are the lowest supply levels we’ve ever recorded in Fenway. In fact, the -78.90% drop in RTVR nearly doubles that of Boston apartments, which is down 40% since February 2020.
Average Rent Prices in Fenway 2022
Since the pandemic began, Fenway’s average rent prices have dropped by a larger margin than most neighborhoods in Boston. Comparing current average rent figures to 2 years ago, we see that Fenway’s average rent price has dropped by -4.17% over that time span, the 3rd highest decrease in the city behind Mattapan (-6.44%) and Charlestown (-5.12%). Boston’s overall average rent dropped by a much smaller margin (-1.37%) during that time.
|Neighborhood||Avg. Rent Price Feb ’22||Average Rent Price Feb ’20||% Change|
|City of Boston||$2,638||$2,273||-1.29%|
Despite the rent decrease, Fenway’s average rent price of $3,115 is nearly $500 more than Boston’s average ($2,632). Fenway ranks as the 6th most expensive neighborhood to rent an apartment in Boston based on these most recent average rent figures.
Fenway’s record low apartment inventory could be a result of the reduced pricing and landlord incentives that were typical of the past 2 years. At one point, landlords were offering to waive broker’s fees in as many as 75% of available apartments, which usually only occurs in 4-5% of leases in a healthy market. These highly incentivized apartment deals encouraged more people to rent in Fenway and drew people from a wider geographic location from more affordable neighborhoods.
Predicting Fenway’s Rental Market in 2022
Based on current rental supply and pricing, it looks like renter’s in Fenway may be at a disadvantage in 2022. The rental market is just starting to warm up for the 2022 rental season and landlords are coming in hot. Rent prices have jumped 15% for 4 bedroom and 5 bedroom apartments in Fenway just in the past few months, and other prices are trending up as well. Prices have behaved similarly in the greater Boston apartment rental market so far in 2022.