The relative affordability of Jamaica Plain apartments has been a main driver in the trending demand surge. Prices have soared in many of Boston’s student dominated enclaves like Mission Hill, Fenway and Symphony. Jamaica Plain provides close proximity and easy access to these areas while giving many students relief from higher rent prices, especially for larger unit sizes. As the general trend goes; the closer your apartment resides in proximity to a major university- the higher the rental price. So for many students on a budget, an extra 8-20 minutes to get to their chosen college is worth the effort for savings.
Jamaica Plain Rental Market Forecast 2023
Based on the most recent apartment data for Jamaica Plain, we have seen rent prices dip slightly over the past 2 months. Considering how low the current RTAR and RTVR are, we don’t believe that prices will continue to drop in JP. Rental supply is just too tight to justify any forecast where prices go down. Rent prices may level off after the summer leasing rush, but we don’t see prices decreasing unless we see a massive wave of layoffs.
It’s hard to believe that RTAR and RTVR will both hit all-time lows after last August, but both metrics are down by double digit margins year-over-year so it may be a trend worth watching. Without a doubt, Jamaica Plain is in much need for an increase in rental inventory to ease price surges. One of the biggest problems facing JP is the lack of local will to get more development going in the area. There is a lot of local resistance to any new development whatsoever. Most developers avoid JP in general as it is locally known as one of the most difficult places to get projects approved.
As demand for larger units increases in JP, the city would be wise to pave a path to allow landlords to add more bedrooms to their existing units. This will help ease the apartment shortage and provide more affordable housing for everyone. While is maybe a little bit early to officially say this could be the tightest apartment market ever; all data roads point in that direction. It’s hard to argue against the data we are seeing. As always we will continue to bring you the local real estate news as it develops.
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