Home Boston Real Estate Insights Boston Rental Market
9 minute read
Demetrios Salpoglou
June 19, 2024
Brookline’s apartment rental market has been on a roll over the past two years. Record low apartment inventory has pushed apartment prices sky high, making Boston’s most expensive suburb even pricier for renters. Now in 2024, apartment supply figures have improved for renters, providing more options than they have seen since the pandemic ended. Still, apartment price growth is outpacing that of the city as average rent price recently eclipsed the $3,700 mark. Here are the trends influencing Brookline’s apartment rental market in 2024.
- Apartment Supply Up In Brookline, MA
- Brookline Average Rent Prices
- 2024 Brookline Apartment Rental Market Forecast
Apartment Supply Up In Brookline, MA
The current real-time availability rate (RTAR) for Brookline apartments is 4.82%. That figure is up +61.74% compared to early June 2023, providing renters much more options than they were seeing this time last year. In 2023, RTAR peaked at 3.54% in late April, while this year apartment availability peaked in late May at 5.09%. The current RTAR in Brookline is even higher than that of its pre-pandemic level in June of 2019.
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The current real-time vacancy rate (RTVR) in Brookline, MA is 1.28%. That marks a +40.66% increase year-over-year. It is also the first time Brookline’s vacancy rate has surpassed the 1% mark since January 2022, which is when the apartment rental market began its historic run.
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