Average Boston rent down for first time in years - but still over $3K

"Boston's rental market has tipped ever-so-slightly in renters' favor, partially owing to out-of-state migration, a cooling biotech industry, and tighter student visa restrictions, according to a recent Bloomberg report. On the one hand, vacancies are the highest they've been since the COVID-19 pandemic, and the average rent in Boston has dipped for the first time since 2021, Bloomberg reported."

"Over in Cambridge, according to Bloomberg, a three-bedroom unit near the Massachusetts Institute of Technology has been sitting vacant for more than five months - even with a price cut from about $4,200 a month to $3,550. Landlords elsewhere are going into bargaining mode: new tenants at Luka on the Common in the Theater District can get one month free and a $500 gift card, while renters who sign a 17-month lease at The Indie in Allston can get up to three months free."

"Desperately needed additions to the region's housing supply have helped ease demand; Boston's metro area added 8,600 units over the past year, about 20% higher than its 10-year average, Bloomberg reported, citing RealPage Chief Economist Carl Whitaker. But according to the news outlet, it's "economic jitters" driving down rents - not an oversupply of new developments. The recent reversal follows years of growth fueled by the region's biotech industry, now beset by plunging valuations, layoffs, and cuts to federal research funding."

Vacancies in Boston are the highest since the COVID-19 pandemic while the city's average asking rent was $3,043 in October. Average rent has dipped for the first time since 2021, even as urban-core rents rose sharply between 2022 and 2025. Landlords are offering concessions such as free months and gift cards to attract tenants. A three-bedroom near MIT sat vacant for more than five months despite a price cut from about $4,200 to $3,550. The metro added 8,600 housing units over the past year, and falling demand reflects out-of-state migration, biotech weakness, student visa restrictions, and broader economic jitters.

Read at Boston.com