The unprecedented event that is COVID-19 brought major changes to the Fenway apartment rental market. With remote learning mandated by most local schools, this year has seen some major changes in Boston’s housing supply. Fenway is an interesting example as it has been one of the most affected parts of Boston in terms of apartment inventory glut. Yet, Fenway’s average rent prices were fairly resilient.
Inventory Issues in Fenway’s Apartment Rental Market
The change in Real-time Availability Rate (RTAR)year-over-year in Greater Boston was 138.84%, while the year-over-year RTVR was 337.11%. However, the year-over-year increases in the actual City of Boston were much higher than the external Boston suburbs. The City Boston areas saw a 142.42% increase in RTAR and a 422.83% increase in RTVR compared to last year. This is much larger than the respective 131.66% RTAR and 230.77% RTVR increases in Boston’s suburbs.
Fenway had an astonishing 1020% increase in RTVR since last year, and this is on top of a 242.37% increase in RTAR. Due to this, apartments marked the 3rd biggest increase in RTAR and the 2nd biggest increase in RTVR. In both cases, the year-over-year increase in the neighborhood of Fenway was much higher. This higher than average increase is due to the reduced pool of university students renting in the area. Due to the pandemic, most students are attending their classes remotely until the Fall semester.
Fenway Average Rent Prices Were Resilient Among the Turmoil
The average change of rent prices year over year has been -7.02%, a major decrease since 2020. The decrease in Fenway’s average rent prices has affected all size apartments in a balanced way compared to many other parts of Boston.
Studio apartments marked the biggest decrease in rent with a change of -9.95%. From there on, the decrease in rent has been pretty similar with a decrease of -6.83% for 2 Bedroom apartments, a decrease of -7.40% for 3 Bedroom units and finally a negative change of -6.43% for 4 Bedroom units.
The pandemic has not resulted in a higher than average decrease in Fenway than in other town neighborhoods. The Fenway average rent prices experienced the 9th largest percentage decrease in rent prices in all of Boston. Despite this, Fenway remains at the very top in terms of average rent, as the 6th most expensive neighborhood of Boston for someone to rent in.
Below, we have compiled a shortlist of neighborhoods in Boston that, along with Fenway, have also experienced a similar percentage drop in apartment rent prices during this past year.
1. Bay Village apartments
Average Rent Price:$2,570
YOY % Change In Average Rent Price:-17.71%
2. Beacon Hill apartments
Average Rent Price:$2,805
YOY % Change In Average Rent Price:-13.03%
3. Downtown apartments
Average Rent Price:$3,052
YOY % Change In Average Rent Price:-12.34%
4. Back Bay apartments
Average Rent Price: $3,511
YOY %Change In Average Rent Price:-10.37%
Average Rent Price:$2,367
YOY %Change In Average Rent Price: -8.10%
Average Rent Price: $3,011
YOY %Change In Average Rent Price:-7.02%