East Boston’s average rent price has officially surpassed its previous all-time high. At an average of $2,323, East Boston apartments for rent are now more expensive than ever. The previous all-time high, set in June 2020, was $2,285. That mark was surpassed in January of this year, and since then price growth has been accelerating.
Thanks to record low apartment supply, rent prices have been getting pushed higher and higher in East Boston. Current apartment occupancy in East Boston is 99.7% with plenty of time left until that figure hits its cyclical low in late August. With such low availability, prices will push even higher throughout most of 2022. Renters should act early this year for the best chance of locking down an apartment in Eastie.
Despite the record high rent prices, East Boston remains one of the more affordable places to rent an apartment in Boston. The average rent price of $2,323 is still $367 less than Boston’s average. East Boston holds the 8th most affordable average rent price out of the 23 neighborhoods of Boston, and is close to the average rent prices of Jamaica Plain ($2,369) and Roxbury ($2,403).
Price growth in East Boston has outpaced that of Boston throughout most of 2021 and all of 2022. With inventory levels as low as they are, look for East Boston to close the rent gap with Boston this year. Eastie is in desperate need of added rental inventory to meet the growing demand for affordable housing in Boston. With talks of rent control circulating City Hall, it could put even more pressure on the already tight supply, making it nearly impossible for renters to find a place in East Boston.