South End’s apartment rental market has emerged from the pandemic stronger than ever. The most recent South End apartment data shows both apartment availability and vacancy rates have surpassed their previous all-time lows. South End is currently sitting on 99.7% occupancy with an availability rate of 2.86%, which is 22.28% lower than its pre-pandemic level in March of 2019.
South End’s vacancy rate hit its all-time low mark in November of 2021, when it dropped to a slim 0.40%. Apartment availability eclipsed its all-time low just two months earlier in September when it fell to 0.87%. That marked a -45.96% drop from the previous all-time low set in October of 2019 before the pandemic began.
Even more impressive is the fact that the vacancy rate for South End apartments typically hits its cyclical low in late August before the pivotal 9/1 leasing date, when most leases begin in Boston. With 5 months remaining until late August, it’s not unthinkable that apartment occupancy will reach 100% before September of this year.
As a result of the record low apartment supply in South End, average rent prices have been accelerating rapidly since September. The current average rent price of $3,214 is up $134 since September, and at the current pace of price growth, it looks like South End will surpass its previous all-time high rent price by September of this year.
Unless the city can somehow drastically increase the rental supply in South End, there appears to be no relief in sight for renters. Many development projects were stalled or altogether put on hold during the pandemic, which has put even more pressure on the already tight supply of apartments in South End. With inflation adding more costs to new construction, it looks like rent prices will continue to rise in the South End for the foreseeable future.
