 February 27 |
 + COMMENTS |
2020 is gearing up to be a pivotal year for the local apartment market, both locally in Mission Hill and Boston as a whole. A soaring local economy combined with looming regulations is proving to make 2020 a make or break year for the local housing market. Mission Hill has long been a mirror for the overall Boston apartment rental market. Rent prices for Mission Hill apartments tend to stay at par with the City average more so here than in other neighborhoods. That could be explained by its central location close to Fenway and the South End, which makes it super accessible to the action downtown and nearby universities.
Average rent prices for Mission Hill are currently slightly lower than the City’s average for smaller size units like 1 and 2 bedroom apartments. However, once you get into larger size apartments like 3 and 4 bedroom units, Mission Hill becomes more expensive to live than Boston on average.
|
AVG RENT PRICE 1BR |
AVERAGE RENT PRICE 2BR |
AVERAGE RENT PRICE 3BR |
AVERAGE RENT PRICE 4BR |
|
MISSION HILL |
MISSION HILL |
MISSION HILL |
MISSION HILL |
|
$1,900 |
$2,550 |
$3,238 |
$3,954 |
|
3.19% |
2.82% |
-0.06% |
0.13% |
|
AVG RENT PRICE 1BR |
AVERAGE RENT PRICE 2BR |
AVERAGE RENT PRICE 3BR |
AVERAGE RENT PRICE 4BR |
|
BOSTON |
BOSTON |
BOSTON |
BOSTON |
|
$2,186 |
$2,593 |
$3,074 |
$3,726 |
|
3.02% |
2.53% |
0.59% |
2.08% |
As far as Year over Year change in rent prices, similar to Boston, Mission Hill saw about 3% increase in prices for 1 and 2 bedrooms compared to February of 2019. However, 3 and 4 bedroom units actually fell or remained flat in Mission Hill compared to 2019. Boston didn’t see much growth in 3 bedroom units as well, but did see a 2% jump in 4 bedroom average rent price.
Compared to other bordering neighborhoods in Boston, Mission Hill is very “middle of the road” when it comes to rent prices. Compared to Allston, Brighton, Jamaica Plain and West Roxbury, prices are a bit higher in Mission Hill. However, apartment prices are much more affordable when compared to areas like Fenway, Symphony and the South End.
|
Town Neighborhood |
Studio Apartment |
1BR Apartment |
2BR Apartment |
3BR Apartment |
4BR Apartment |
5 BR Apartment |
| All Areas |
$1,800.00 |
$2,148.00 |
$2,552.00 |
$3,072.00 |
$3,779.00 |
$4,517.00 |
| City Of Boston |
$1,820.00 |
$2,186.00 |
$2,593.00 |
$3,074.00 |
$3,726.00 |
$4,459.00 |
| Outside Boston |
$1,722.00 |
$2,065.00 |
$2,479.00 |
$3,067.00 |
$3,881.00 |
$4,617.00 |
| BOSTON – MISSION HILL |
$1,588.00 |
$1,900.00 |
$2,550.00 |
$3,238.00 |
$3,954.00 |
$5,082.00 |
| BOSTON – FENWAY/KENMORE |
$1,863.00 |
$2,371.00 |
$2,960.00 |
$4,008.00 |
$5,033.00 |
$6,070.00 |
| BOSTON – SOUTH END |
$2,019.00 |
$2,655.00 |
$3,260.00 |
$3,989.00 |
$5,564.00 |
$6,000.00 |
| BOSTON – NORTHEASTERN/SYMPHONY |
$1,930.00 |
$2,630.00 |
$3,205.00 |
$4,052.00 |
$5,180.00 |
$6,525.00 |
| BOSTON – JAMAICA PLAIN |
$1,398.00 |
$1,847.00 |
$2,383.00 |
$2,927.00 |
$3,562.00 |
$4,075.00 |
| BOSTON – WEST ROXBURY |
$1,508.00 |
$1,836.00 |
$2,281.00 |
$2,456.00 |
$2,827.00 |
$4,250.00 |
| BOSTON – ALLSTON |
$1,687.00 |
$1,891.00 |
$2,375.00 |
$2,956.00 |
$3,812.00 |
$4,091.00 |
| BOSTON – BRIGHTON |
$1,635.00 |
$1,920.00 |
$2,261.00 |
$2,825.00 |
$3,458.00 |
$4,306.00 |
Apartment availability in Mission Hill is and always will be very cyclical. Affordable rent prices combined with its close proximity to all of the major local universities and downtown makes Mission Hill a favorite for many walks of life including students. As a result, the typical seasonal changes in apartment vacancy we see in Boston are actually even more dramatic and pronounced in Mission Hill. There is a clear correlation of most landlords getting out their properties for rent to match housing requests and demands of nearby universities.
There is a clearly defined Real Time Availability Rate (RTAR) spike that happens for about one month nearly every calendar year. If a client is looking for the widest possible choices for renting in Mission Hill they would be well served starting their search in Mid-January. If someone is looking for cheapest price but with the least amount of overall choices, they would be better served looking after September 1st. Vacant units nearly always list for below current market rents because they fall into what many refer to as the off cycle of apartment leasing where demand runs lower. Our web stats back this claim with fluctuations as low as 75% lower during some portions of the “off cycle” leasing season. Working with a knowledgeable real estate agent can ensure you get the best information and deal based on real time data.
So what does that mean for renters looking for apartment in Mission Hill in Late February or Early March? It means that there are still some good inventory available but it is being rented quickly. Some of the best units have already been rented but there is still some diamonds out there, especially if a landlord does a quick price break. You have to be able to move quick and decisively when you see a great apartment. We also see apartments with price reductions being gobbled up quickly so it is important to pay attention or work with an agent that knows of a potential price reduction about to happen. At this point in the apartment leasing cycle for Mission Hill it’s all about quality vs. price.
Presently, the Real Time Availability Rates are higher in Mission Hill than other nearby neighborhoods. This makes Mission Hill a great option for any renters that know exactly what they want and have their group or budget set properly to take a unit off the market. Still, for the best deals on apartments in Mission Hill, the savvy renter will start their apartment hunt early so they get the feel for the market so that they know they are making a great choice. Don’t be afraid to check out 5-8 units so that you feel confident you scored a great apartment!
Now if you have all the time in the world and don’t need to move in by a certain date, you might want to look in the fall. Your inventory will be far less but nearly all the units that you look at will be vacant and landlords will be willing to provide lower pricing or incentives to gain a tenant. There is about a three month window from Sept – Dec 1st where you might score big. But don’t expect your underpriced apartment to stay at that price forever. Your landlord will probably want to raise the price the following year to get back on track with current market rents. A great real estate agent found on this site might be able to help you structure a longer apartment lease where both parties feel a great deal was made!
The real estate experts right here on missionhillpads.com are standing by ready to help you find your perfect Mission Hill rental. Get started by filling out our Mission Hill apartment search request form to let us know what your preferences are. Then, a Mission Hill apartment expert will get in contact with you with a list of places that meet your criteria. It’s never been easier to find your perfect place in Mission HIll.
For those looking to rent on a budget, check out our rooms for rent page to learn more about our Mission Hill roommate matching service.
If your a landlord who owns property in Mission Hill, you can have access to data like this right at your fingertips 24/7 by listing your apartment with missionhillpads.com. Get started by submitting your Mission Hill apartment right here and we’ll syndicate your unit to 80 local websites, 100+ local social media pages, and many of the national real estate portals. We not only provide you with inside insights on data and market trends, but we save you time from having to list your properties in all these places. It’s why we’ve grown our network to over 15,400 local Greater Boston landlords.
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