As work-from-home insurance policies take maintain, Boston tenants search more room: ApartmentAdvisor report reveals prices of accelerating your searches in Boston’s hottest rental neighborhoods

CAMBRIDGE, MA / ACCESSWIRE / September 20, 2021 / With work-from-home insurance policies prolonged indefinitely at most Boston-area companies, many native staff are feeling strapped for area of their residences transformed into residence workplaces. ApartmentAdviser, a web based residence rental search platform, immediately launched a report revealing the prices to maneuver to a much bigger location in Boston. The place are renters more than likely to get essentially the most area for his or her cash, and the way a lot will renters must pay extra for a further bed room?

Boston is the third costliest rental metropolis in the US

Residential residing area comes at a excessive value in Boston, making enlargement a problem for a lot of budget-conscious tenants, particularly in a good rental market. With an total median lease per sq. foot of $ 3.40 per 30 days, Boston ranks third amongst main U.S. cities the place renters pay essentially the most per sq. foot – solely New York ($ 4.69 / month-to-month PSF) and San Francisco ($ 4.20 / month-to-month PSF) are increased. Boston additionally has a number of the smallest residential models obtainable in comparison with different main cities. The median sq. footage of a one-bedroom condo in Boston is simply 650 sq. toes, which does not go away a lot further area for designated workplace area.

Nonetheless, amongst Boston neighborhoods, there may be substantial variation in the price of area between neighborhoods. For instance, Seaport is the most costly neighborhood in Boston, the place the general lease per sq. foot is $ 5.14 per 30 days. However lower than three miles away, Charlestown is nearer to $ 3.50 / PSF per 30 days. And in Roslindale, about eight miles from Boston Harbor, the median value per sq. foot is simply $ 2.38 / PSF per 30 days.

Under are the month-to-month lease prices per sq. foot for the Boston neighborhoods analyzed:

Price of month-to-month lease per sq. foot per neighborhood

District

Month-to-month value per sq. foot *

Seaport

$ 5.14

Rear bay

$ 4.67

Beacon Hill

$ 4.48

South Boston

$ 4.35

Fenway

$ 4.10

Downtown

$ 3.85

North finish

$ 3.81

west finish

$ 3.76

Charlestown

$ 3.50

Allston

$ 3.05

Brighton

$ 2.92

Hill of Missions

$ 2.89

Boston East

$ 2.67

Jamaica Plain

$ 2.67

West Roxbury

$ 2.62

Roxbury

$ 2.50

Dorchester

$ 2.38

Roslindale

$ 2.38

* The month-to-month value per sq. foot on this desk relies on the median value and sq. footage of models within the neighborhood. The aThe precise value per sq. foot for particular person models will fluctuate.

How a lot does an additional bed room value in the most well-liked areas of Boston?

For a lot of tenants who are actually working remotely from their residences, it is not simply extra sq. meters that they need, but in addition extra separation between their working and residing areas. On common, going from a one-bedroom to a two-bedroom unit in Boston will add about 25% to the lease, however the relative enlargement prices fluctuate by neighborhood.

Under are the prices to go from a one-bedroom to a two-bedroom unit in common Boston rental neighborhoods:

Prices to Improve from a Bed room to Two Bed room in Boston

District

Median month-to-month lease of 1 mattress Median month-to-month lease of two bedrooms Price to maneuver from 1 to 2 beds Price improve in%

Rear bay

$ 2,600 $ 4000 $ 1,400 54%

Seaport

$ 3,944 $ 5,200 $ 1,257 32%

Downtown

$ 2,910 $ 4,120 $ 1,210 42%

west finish

$ 2,985 $ 4,135 $ 1,150 39%

Hill of Missions

$ 1,850 $ 2,950 $ 1,100 59%

South Boston

$ 3,228 $ 4000 $ 772 24%

Charlestown

$ 2,500 $ 3,250 $ 750 30 %

West Roxbury

$ 1,835 $ 2,538 $ 703 38%

North finish

$ 2,100 $ 2,730 $ 630 30 %

Fenway

$ 2,350 $ 2,950 $ 600 26%

Beacon Hill

$ 2,350 $ 2,900 $ 550 23%

Allston

$ 1,795 $ 2,285 $ 490 27%

Brighton

$ 1,750 $ 2,195 $ 445 25%

Boston East

$ 2,000 $ 2,400 $ 400 20%

Jamaica Plain

$ 1,900 $ 2,300 $ 400 21%

Roxbury

$ 2,013 $ 2,395 $ 383 19%

Roslindale

$ 1,850 $ 2,225 $ 375 20%

Dorchester

$ 1,950 $ 2,300 $ 350 18%

* Neighborhoods on this graph are ordered from highest to lowest greenback value improve, and information relies on median rents by unit measurement for obtainable models.

“As distant working turns into the brand new regular, many tenants are discovering that they want more room at residence to adapt to life and work,” mentioned Tom Gilmore, co-founder and CEO of ApartmentAdvisor. “Whereas rental costs are typically excessive in Boston, you do not have to interrupt the financial institution to spend money on a bigger location within the metropolis, particularly in case you’re keen to contemplate completely different neighborhoods. Our newest research provides tenants perception into the relative prices of upgrading to a bigger unit and highlights areas of Boston the place renters can get more room for his or her cash.

Tenants can discover the complete report right here and might discover out extra about what it is wish to stay in particular neighborhoods in ApartmentAdvisor.com.

Methodology

For this research, ApartmentAdvisor analyzed the advertisements obtainable on its platform throughout the month of August within the Boston neighborhoods most wanted by tenants. Analysts didn’t embrace neighborhoods with lower than fifty models obtainable on the time of study. Hire costs and value per sq. foot calculations have been based mostly on median rents. The listings on ApartmentAdvisor come from a variety of householders giant and small and embrace luxurious and non-luxury models. The total report is obtainable right here.

ApartmentAdvisor analysts be aware that facilities, unit age and high quality, and site specifics, amongst different options, are all factored into rental costs. For the sake of simplicity, this evaluation has targeted strictly on the general value per sq. foot based mostly on the asking rental costs.

About ApartmentAdvisor

ApartmentAdviser makes it straightforward for tenants to search out the correct condo. The corporate is constructing a rental analysis platform that mixes rigorous rental value evaluation with neighborhood data from native residents, giving tenants a extra clear strategy to examine costs, options and areas of accessible residences. .

ApartmentAdvisor was based in 2020 by a workforce of founders and engineers from TripAdvisor and CarGurus, together with Langley Steinert (co-founder of TripAdvisor and founder and government chairman of CarGurus); Tom Gilmore (Founder and CEO of VacationHomeRentals, bought to TripAdvisor); Josh Arnold (engineer at TripAdvisor and director of information science for MineralTree); and Oliver Chrzan (former CTO at CarGurus). The corporate relies in Cambridge, MA.

press contact:
Amy mueller
[email protected]

THE SOURCE: ApartmentAdviser

See the supply model on accesswire.com:
https://www.accesswire.com/664222/As-Work-From-House-Insurance policies-Take-Maintain-Boston-Renters-Search-Extra-Area-ApartmentAdvisor-Report-Reveals-the-Prices-to-Upsize- Your-Digs-in-Bostons-The-most-popular-rental-districts

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