"After years of soaring prices, Boston's rental market is cooling due to a slowdown in the biotech industry and declining student enrollment, though rents remain historically high. As of early December 2025, landlords are offering concessions to attract cautious tenants, and the market is showing softness, especially in student-heavy areas. Declining Rents: The average asking rent in Boston dropped to $3,043 in October 2025, the first decline since 2021."
"Rising Vacancies: Vacancy rates reached their highest point since the pandemic, with total availability rates hitting new records in Q3 2025. This has been most notable in the student-heavy neighborhoods and the life sciences sector. Increased Landlord Concessions: Landlords have become more flexible, with some willing to accept pets or undergraduate tenants to fill vacancies. Student Enrollment Declines: Reduced international student enrollment, possibly influenced by changes in visa policies and procedures, is impacting demand for off-campus housing."
Boston's rental market has cooled after years of rising prices, with the average asking rent falling to $3,043 in October 2025—the first decline since 2021—while Zillow shows slight decreases earlier in 2025. Vacancy rates reached their highest levels since the pandemic and total availability hit records in Q3 2025, especially in student-heavy neighborhoods and the life sciences sector. Landlords are offering concessions and relaxing tenant restrictions to fill units. The shift is driven by a biotech downturn marked by funding cuts and a 1.7% drop in R&D jobs in 2024, reduced international student enrollment, and broader economic uncertainty. A modest transition is expected rather than a major correction.
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