Beacon Hill Rental Market Forecast 2023
Based on current rental supply metrics, it’s safe to assume that Beacon Hill’s average rent price will continue to climb as we enter the summer leasing rush. Prices may level off in the final quarter of this year, but are unlikely to fall by any significant margins unless we see a big hit to the local economy. So far that has not been the case in 2023, but that could change if we see a large wave of corporate layoffs.
The rental supply issue will not be changing anytime soon in Beacon Hill. This historic neighborhood is small and dense, leaving little room for development and added inventory. As demand increases, there will be little to no additional supply to offset demand growth in Beacon Hill. That means prices will continue to rise so long as rental demand continues to increase in Beacon Hill. We will continue to cover these trends as they develop.
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