The COVID pandemic has taken a toll Boston’s apartment rental market. The rental market in the neighborhood of Charlestown is no exception. In Boston, rent prices have fallen by -2.11% YOY, whereas in Charlestown, the average rent price has dropped by -7.61% when compared to last year. This larger than average decrease in rent prices can be attributed to remote learning policies that brought pricing down during Q4 2020 and Q1 2021.
The average rent price of Charlestown apartments is currently $2635. This is a bit higher than that of Boston as a whole, where average rent is is $2575.
Apartment Inventory Supply and Vacancies in Charlestown
There has been a rise in the availability of apartments in Charlestown by +15.48% when compared to the previous year. Currently, the Real-Time Availability Rate of the town is 2.91%, while the The Real-Time Vacancy Rate of Charlestown apartments is 1.07%. This rate has increased by +35.44% when compared to the previous year.
Average Rent Prices in Charlestown For All Apartment Size
The average rent price of Charlestown studio apartments is $1643. It is lower than nearby West End, where the average studio will cost $2025. The prices of studios in Charlestown is middle of the pack in Boston, as it ranks 11th highest out of 25 in terms of studio price. 1 bedroom apartments in Charlestown have an average rent of $2010. These prices here are higher than Roslindale where 1 bedroom apartments are available at a rent of $1773, which also ranks 11th most expensive in Boston.
For 2 bedroom apartments, the average rent price in Charlestown is $2795, 7th highest in Boston. As per the data, Charleston ranks 10th highest in Boston for 3 bedroom units, which cost $3265 on average. The data suggest it is more expensive to rent a larger apartment in Charleston. This is due to limited inventory for larger units, which tends to push price upwards in Charleston.
YOY Changes in Charlestown Average Rent Prices
Comparing the current prices to 2020, the average rent price of studios in Charlestown has fallen by -10.61%. 1 bedroom apartments have witnessed a drop in prices of -8.59%, while 2 bedroom apartments have decreased by -5.70% YOY in Charlestown. The average rent prices of the 3 bedroom and 4 bedroom apartments have also been significantly reduced by -11.47% and -14.62% respectively. These price drops all exceed the average drop in Boston, suggesting that it may be a renter’s market in Charlestown for the remainder of 2021.