Boston apartment vacancy is lower than ever- 78.77% lower than it was just a year ago. In fact, the current real- time vacancy rate for the city of Boston is 0.38%. This means 99.62% of apartments in Boston are currently occupied! Additionally, the median days on market for available apartments is just 3 days– this doesn’t leave renters with a lot of time to make a decision once they do see a unit they like!
On the other hand, while supply is also limited for buyers, renters with enough money in the bank for a downpayment and closing costs would do well to consider the home ownership route if they want more options. There are currently 1,219 condos for sale in Boston. Here are some examples of condos vs. apartments in Boston with similar monthly payments.
If your budget is $2,500/month:
Apartment: 1-Bed, 1-Bath Apartment for $2,500 a Month
Available: 9/1/2022
Area of Boston: East Boston
This could be your new Boston apartment! Let’s start with the open kitchen. It has stylish white cabinets and solid gray countertops. The appliances are stainless-steel including a dishwasher, stove, refrigerator and built-in microwave oven. There are hardwood floors throughout this awesome apartment. You’ll also enjoy the spacious living area and laundry in the unit. The bedroom is a great size, with a big closet and a nook for a desk or reading area.
Condo: 1-Bed, 1-Bath Condo for Sale $429,000
Approximate Monthly Payment: $2,367
Area of Boston: East Boston
Luxury New Construction Boston Condos this nice for this price are a rare gem. The open kitchen includes white cabinets, quartz countertops, a dishwasher, disposal, refrigerator, microwave oven and range. There’s also in-unit laundry for your convenience. Enjoy the nice, open floor plan with a private deck.
Listing Courtesy of Seller’s Representative: Elevated Boston Team, Elevated Realty, LLC
If your budget is $3,000/month:
Apartment: 2-Bed, 1-Bath Apartment for $3,000 a Month
Available: Now
Area of Boston: Allston
The stylish eat-in-kitchen in this Allston apartment has white cabinets, dark granite countertops, and stainless-steel appliances. There’s plenty of room to stretch out in the spacious living room area. This unit has shining hardwood floor, tile in the bathroom, a private outdoor yard space, and a common laundry room.
Condo: 2-Bed, 1-Bath Condo for Sale $499,900
Approximate Monthly Payment: $2,962
Area of Boston: Allston
This awesome top floor unit has four large rooms including 2 spacious bedrooms and a full bathroom. The 9.5 foot ceilings make it feel even larger. The maple hardwood floors are absolutely gorgeous. Additionally, this unit receives tons of natural light!
Listing Courtesy of Seller’s Representative: Jim & Mike Savas Team, Berkshire Hathaway HomeServices Commonwealth Real Estate
If your budget is $3,500/month:
Apartment: 3-Bed, 2-Bath Apartment for $3,400 a Month
Available: Now
Area of Boston: Roxbury
The gourmet kitchen in this Boston apartment has white cabinets, granite countertops and stainless-steel appliances including a dishwasher, disposal, refrigerator, stove, and microwave oven. The apartment has both a living room and a dining room. Amenities include central A/C, in unit laundry, and available parking.
Condo: 2-Bed, 2-Bath Condo for Sale $559,900
Approximate Monthly Payment: $2,828
Area of Boston: Roxbury
If you’ve been looking at a bunch of Boston condos, you need to see this amazing unit. The open kitchen with island is perfect for those who enjoy cooking. The spacious unit has beautiful hardwood floors, recessed lighting, central A/C, and washer and dryer hookups for your in-unit laundry convenience. There’s deeded off-street parking as well.
Listings Courtesy of Seller’s Representative: Curtis Howe, Howe Realty Group
If your budget is $4,000/month:
Apartment: 2-Bed, 2-Bath Apartment for $3,944 a Month
Available: Now
Area of Boston: Brighton
This unit is a great opportunity for renters who are searching for pet friendly apartments in Boston. The open kitchen is amazing. It features white cabinets, stone countertops, and stainless-steel appliances. The in-unit stacked laundry is a big convenience. Building amenities include a full gym, game room, and parking garage, and outdoor grilling stations.
Condo: 2-Bed, 2-Bath Condo for Sale $695,000
Approximate Monthly Payment: $3,601 a Month
Area of Boston: Brighton
Perhaps you’ve been searching for 2 level townhouse style Boston condos. If so, this could be the place for you. The kitchen has white cabinets, dark granite countertops and stainless-steel appliances. There’s a ton of space in this unit. You’ll appreciate the cathedral ceilings in the top-floor living area. This is truly a unique condominium. It also includes not one but two deeded parking spaces.
In conclusion, living in Boston is an incredible experience that simply can’t be beat. If you can afford to search for Boston condos and are ready for the responsibility of home ownership then buying may be the best choice for you. On the other hand, if your budget isn’t quite there yet and or you’re reluctant to take on the responsibilities of owning your own home then renting a Boston apartment makes more sense. The bottom line is that either way you cannot go wrong.
It’s important to note that mortgage interest rates have gone up significantly in recent months. They are averaging 5.125% in Massachusetts at the time this article was written, for 30- year fixed term loans. Mortgage interest rates are likely to rise even further, so, if you’re interested in purchasing Boston condos, speak to a mortgage broker and a real estate agent ASAP. You can find more apartments in Boston and Boston condos listed on the Boston Pads Real Estate Portal.
Andrew Sebaaly
Published July 29, 2022
