Rent prices did stagnate in East Boston during the first half of the pandemic but started trending upward early in 2021. Price growth has outpaced most of the other neighborhoods of Beantown over the past 12 months for all size apartments. Average rent prices for studio, 2 bedroom, and 3 bedroom apartments in Eastie are currently sitting at all-time highs. Also, prices for 1 and 4 bedrooms are quickly approaching their previous records.
2022 East Boston Rental Market Outlook
Given the current availability of apartments in East Boston, it looks like it will be a tough year for renters. Apartment availability has already begun to trend downward in East Boston after hitting record lows earlier this year. Those looking to rent an apartment in East Boston should not wait this year, as rental supply might become desolate as we approach September.
As a result, rent prices in Eastie will continue to climb throughout 2022. Rental demand has never been higher in East Boston, and the neighborhood is in desperate need of more rental units to meet the call. There’s hope on the horizon with the massive Suffolk Downs development project in the works, which could add more than 10,000 units to East Boston’s housing inventory. Unfortunately, that project won’t be completed until the end of 2023, and rental supply will likely remain tight into the foreseeable future. Let’s hope our elected officials will streamline opportunities for even greater development in this fantastic area that has incredible city views.