South Boston has been one of the few apartment rental markets in Boston to weather the COVID storm. After the outbreak of the pandemic, the business of renting apartments has experienced a number of challenges depending on where you look. On one hand, the YOY change in the availability rate of apartments has increased by as much as +329.69% in some areas, where a sit has dropped by over -70.59% in other neighborhoods. The South Boston apartment availability rate dropped year-over-year by -32.50% and now lies at 0.81%.
The average rent price for South Boston Apartments is $2,915. That is down slightly from September 2019 by a small margin (-3.22%). If we look at the change in the price of one, two, three, four and five-bedroom apartments in South Boston over the past year, you can see that there has been a drop in the prices of one, two, and three bedroom apartments while the price of four-bedroom apartments has increased. In addition to this, there has been a year-over-year drop of -27.08% in the South Boston Vacancy rate. The real time vacancy rate of apartments in South Boston is 0.70%, comparatively lower than that of the city of Boston which has a vacancy rate of 1.99%.
The average price of studio apartments in South Boston is $1,667 and it has seen -11.94% fall in the last year. If we look at the prices of one, two, three, four and five-bedroom apartments in South Boston, we may notice a considerable contrast in prices. One-bedroom apartments have an average price of $2,057 after dropping by -3.65% YOY. On the other side of the spectrum, a five-bedroom apartment in South Boston can cost an average of $6,121 after a YOY rise of +3.17%. The average rent prices of five-bedroom Boston apartments sits at $4,415, which is quite lower than that in South Boston. Two-bedroom apartments in South Boston are available at an average price of $2,772 after witnessing a small year-over-year drop of -0.43%.
The YOY changes in the prices of three and four-bedroom apartments in South Boston were slightly different. A three-bedroom apartment in South Boston will cost you an average of $3,514 after a drop of -3.33%YOY. Four bedroom South Boston apartments have an average rate of $4,564 following a YOY rise of +3.21%. This is much higher than the average price of four bedroom apartments in all neighborhoods, which is equal to $3,664.