Similarly, the real-time vacancy rate (RTVR) in Allston is currently 0.35%, down -59.03% from its pre-COVID level. Compared to a year ago, that figure has dropped by an astonishing -94.03%.
Historically in Allston, we’re accustomed to seeing a sharp uptick in apartment availability in January. It’s not unusual for the RTAR to jump from 2 to 8% during the first month of the year, as it did in 2019. That is not the case in 2022, as the availability rate has yet to break 5%.
From the looks of similar trends in nearby Fenway, it appears that we’ll see an extremely tight rental supply this year. Many landlords have told us that they’re seeing a record number of tenants renewing leases this year. Perhaps renter fatigue is setting in after 2 years of pandemic-induced uncertainty. A lot of renters may feel it’s in their best interest to stay in one place this year with the pandemic still looming. Such a tight rental supply can only mean that Allston rent prices will be on the rise in 2022.
Average Rent Prices in Allston MA
Allston’s current average rent price is $2,521, which is down by a fraction (-0.72%) from its pre-COVID level in February 2020. Allston’s average rent price is $111 less than that of the city of Boston’s ($2,521). Allston’s average rent price is more affordable than Boston’s average for all apartment sizes with the exception of 4 bedroom units.
<td>City of Boston
|Neighborhood||Studio||1 Bedroom||2 Bedroom||3 Bedroom||4 Bedroom||5 Bedroom|
|City of Boston||$1,733||$2,038||$2,542||$3,105||$3,770||$4,599|
Looking at the rent price trend lines in Allston, price growth has already begun to accelerate for larger units. Five bedroom apartments in Allston have increased by $150 since late December, while 4 bedroom Allston apartments have jumped by $125 in the same 5-week timeframe.