2022 Brighton Apartment Rental Market Report
The apartment rental market in Brighton, MA has recorded a historic comeback in 2022 following a year and a half of rental supply disruption. In May 2021, the real-time availability rate (RTAR) of Brighton apartments soared to a record-high 10.3%. This caused rent prices to drop for the first time in over a decade in Brighton.
Once pandemic restrictions were lifted and Bostonians began returning to work and school, the market swiftly responded. Now, the rental market in Brighton is stronger than ever and average rent prices have already risen above their previous all-time highs set before the pandemic.
Brighton MA Apartment Availability
After hitting its all-time high last May, Brighton’s RTAR rapidly contracted to a new all-time low by November (1.57%). It continued to push even lower before bottoming out at 1.19% by late December, marking a 88.4% reduction in available apartment inventory over a period of six months in Brighton.
The current RTAR in Brighton MA is 3.92%. Based on the most recent Brighton apartment data, it appears that availability has already peaked for 2022, hitting 4.03% in early May before starting its cyclical drop. Comparing the current RTAR with its pre-COVID level in May 2019 (5.3%), available apartment inventory in Brighton is down 26.04%.
Brighton MA Apartment Vacancy Rate
The current real-time vacancy rate (RTVR) in Brighton is 0.27%. That means an astonishing 99.73% of apartments in Brighton are currently occupied with nearly 3 months to go until it hits its annual low in late August. It appears that it’s only a matter of time before Brighton surpasses its previous all-time low of 0.21% set in late August 2019.
With both RTVR and RTAR at historic lows, landlords are in the driver’s seat in 2022. As a result, rent prices have been steadily on the rise in Brighton since January.
Brighton Apartment Average Rent Prices
The current average rent price in Brighton MA is $2,369. That marks a 5.33% increase year-over-year. Halfway through last month, Brighton’s average rent price broke through its previous all-time high set in April of 2020 ($2,356).
Brighton remains one of the more affordable neighborhoods to rent an apartment in Boston. Brighton’s current average rent price is $303 less than Boston’s city-wide average ($2,683) and it ranks as the 9th most affordable rental market among the 24 neighborhoods that comprise Boston.
2022 Brighton Apartment Rental Market Forecast
Renters in Brighton will be looking at a more competitive rental market in 2022 than in past years. The reduced rent prices and landlord concessions that were typical throughout COVID will be a rare find in 2022. Apartment hunters will also be looking at significantly less available apartments in Brighton this year than what was available before the pandemic.
Apartment scarcity has hit a critical juncture in Brighton’s rental market. The low supply has already pushed rent prices above previous record-highs, and that trend is not ending anytime soon. Prices will likely continue to rise throughout the remainder of 2022 instead of stagnating during Q4 as it has done previous years. At the current rate of price growth, Brighton’s average rent price would exceed $2,500 by the end of the year.
Accordingly, renters in Brighton should act early in 2022 to see the best prices and most inventory. Apartment availability has already begun trending downwards in Brighton, so those who put off their search until July and August will be facing very limited options. Similarly, prices will continue to rise as the RTAR and RTVR pushes lower.