As of the second quarter, median rents in seven Massachusetts communities topped the $3,000-per-month threshold.
Craig Douglas
Managing Editor, Online Research- Boston Business Journal
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With local colleges and school districts just weeks from kickoff, Greater Boston’s apartment market is entering its peak season.
Not surprisingly, the region’s highest-rent districts are concentrated throughout some of its most populous and popular neighborhoods in and around Boston, where an easy commute to campus or access to quality neighborhood schools are paramount to many apartment seekers. Likewise, the area’s most expensive rents are commanded in markets with some of the state’s highest housing prices.
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Using data provided by Zillow.com, the Boston Business Journal has for the second consecutive year compiled a list of the most-expensive rental communities in Massachusetts. The analysis is based on Zillow’s so-called rent Zestimates — essentially a calculation that accounts for a given market’s rental rates, apartment inventories and home sale activity — and was determined by housing activity in the quarter that ended June 30.
The calculation accounts for all potential rentals in a given community and does not differentiate between home styles or property amenties offered to potential residents.
The most expensive rental market in the state was Wellesley Hills, where the median property can be leased for a cool $3,355 per month, according to Zillow’s data. Wellesley Hills was one of seven markets in Massachusetts to post a median rental rate above $3,000 per month. Last year, only one market — Weston’s Cherry Hill neighborhood — hit that benchmark.
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