2023 Brookline Apartment Rental Market Report
The apartment rental market in Brookline, MA has never been more expensive for renters than it is in 2023. Average rent price hit an all-time high earlier this month and is up by +14.95% from a year ago. The surging rent prices have been a result of record low apartment inventory in Brookline. Real-time availability rate for Brookline apartments is down by double digit margins this year, and for the first time on record it failed to surpass 4% at its season peak. Here are the main trends affecting Brookline’s apartment rental market in 2023.
Record Low Rental Supply Figures in Brookline MA
The current real-time availability rate (RTAR) for apartments in Brookline, MA is 2.48%. That figure is down by -14.38% since last June. Apartment availability in Brookline peaked at 3.54% in late April this year, marking the first year on record that RTAR failed to surpass 4%. This is a trend that’s been prevalent in many of Boston’s largest rental markets, and is a main driver in rising rent prices.
The real-time vacancy rate (RTVR) in Brookline is currently 0.50%. That figure is down -13.79% compared to a year ago. Brookline’s RTVR has remained below the 1% line since January of 2022 in what has been an unprecedented shortage of vacant apartments. In years prior to the pandemic, vacancies would typically surge in September as leases expire alongside the academic calendar. Last year, the RTVR stayed below 0.40% throughout September and the entire fall season, illustrating that apartment supply cannot keep up with demand in Brookline.
According to the most recent rental data for Brookline, MA, demand for apartments has never been higher. The median days on market for Brookline apartments is 23 days, down -13 days compared to a year ago. When you combine tight supply with record high demand, you have a recipe for rising rent prices, and that’s exactly what we’re seeing in Brookline to date.
Brookline Average Rent Price Climbs To New High
The average rent price for apartments in Brookline sits at $3,350. That is down slightly from the all-time high average rent price of $3,354 set earlier this month, and up +14.95% year-over-year. Brookline remains the second most expensive suburb to rent an apartment in Boston behind Cambridge. Brookline’s average rent price is also $234 more expensive than the average rent price for Boston apartments ($3,116).
Brookline Apartment Rental Market Forecast
Based on current inventory levels in Brookline’s rental market, it looks like prices may continue to rise in Brookline as we enter the busiest part of the leasing season. There are simply not enough apartments to meet current demand in Brookline, which will continue to put upward pressure on prices.
Beyond September, prices may level off during the fall months as rental demand dies down. What will be interesting to see is how supply and demand are affected in 2024. Despite a weakening national economy, the local Boston economy seems to be holding strong. That indicates that current demand for housing will not shrink anytime soon.
However, rising interest rates and fuel prices have had a negative impact on new housing development, which will prevent much needed inventory from hitting the market. If new construction continues to be held up, we could see prices soar even higher next year. We will continue to monitor these trends as they develop.
Disclaimer: Please note that Brookline luxury buildings were purposely omitted from these calculations to provide the most accurate real time data averages.