North End Apartment Rental Market Forecast 2023
North End’s apartment rental market doesn’t appear to be losing momentum as we head towards the close of the first quarter of 2023. Apartment availability and vacancies are at or near historic lows for this time of year, suggesting that North End rent prices may continue to climb in the foreseeable future. However, with recent banking turmoil and the constant buzz of possible tech layoffs, this could potentially create apartment vacancies which would be welcome relief to apartment seekers.
Despite a sluggish economy nationwide, Boston’s local economy remains strong, and North End will always be a popular neighborhood for renters given its central location and excellent restaurants. It appears safe to say that it could be quite challenging finding a great apartment in the North End at a fantastic price point over the next three months.
Beyond that, rent prices may level off during the latter half of 2023 depending on economic conditions. If the ever looming recession brings a large wave of corporate layoffs to the metro area, we could even see rent prices fall in the latter half of the year. We will continue to monitor these trends as they become more clear.