Brookline’s apartment rental market has been on a roll over the past two years. Record low apartment inventory has pushed apartment prices sky high, making Boston’s most expensive suburb even pricier for renters. Now in 2024, apartment supply figures have improved for renters, providing more options than they have seen since the pandemic ended. Still, apartment price growth is outpacing that of the city as average rent price recently eclipsed the $3,700 mark. Here are the trends influencing Brookline’s apartment rental market in 2024.
Apartment Supply Up In Brookline, MA
The current real-time availability rate (RTAR) for Brookline apartments is 4.82%. That figure is up +61.74% compared to early June 2023, providing renters much more options than they were seeing this time last year. In 2023, RTAR peaked at 3.54% in late April, while this year apartment availability peaked in late May at 5.09%. The current RTAR in Brookline is even higher than that of its pre-pandemic level in June of 2019.
The current real-time vacancy rate (RTVR) in Brookline, MA is 1.28%. That marks a +40.66% increase year-over-year. It is also the first time Brookline’s vacancy rate has surpassed the 1% mark since January 2022, which is when the apartment rental market began its historic run.
The fact that apartment inventory is finally starting to loosen up in Brookline could be evidence that apartment demand is beginning to level out at current pricing. Rent prices in Brookline have risen at a rate much faster than that of Boston apartments, which could mean that property owners in Brookline have been too aggressive with rent hikes over the past 12 months. As a result, inventory levels are up year-over-year by much higher margins in Brookline than they are in other neighborhoods around Boston.
According to our most recent Brookline apartment data, median days on market for apartments in Brookline is 28 days, even higher than that of Boston (27) and nearby Someville (14), providing more evidence that demand may be shifting as a result of soaring apartment prices.
Brookline Average Rent Prices
The current average rent price for apartments in Brookline is $3,704. That figure has increased +6.56% since last June and +22.61% since 2022. Brookline is Boston’s most expensive suburb to rent an apartment, more than $109 more expensive than the second most expensive suburb of Somerville with an average rent price of $3,595. Rent prices have begun to level off in many of Boston’s premium neighborhoods, but that doesn’t seem to be the case in Brookline just yet.
2024 Brookline Apartment Rental Market Forecast
Look for average rent prices to begin to level off in Brookline over the next few months. We don’t foresee rent price growth to continue on this trajectory in Brookline based on current supply figures. All evidence is pointing towards price flattening as we head towards the 9/1 leasing date. Prices could even begin to trend downwards in Q4 in Brookline if there is apartment inventory that isn’t rented on September 1. If RTVR spikes close to the 2% level in September, that could very well come to fruition.
Even if prices do cool down in Brookline in Q4 of this year, don’t expect it to drop by any significant margin. Supply figures, while up year-over-year, are still tight and likely will stay that way in this highly sought after market. Don’t expect Brookline to give up its title of most expensive suburb to rent an apartment in Boston anytime soon. We will continue to monitor these trends as they develop.
Demetrios Salpoglou
Published June 19, 2024
Demetrios has pulled together the largest apartment leasing team in the Greater Boston Area and is responsible for procuring more apartment rentals than anyone in New England – with over 130k people finding their housing through his services. Demetrios is an avid real estate developer, peak performance trainer, educator, guest lecturer and motivational speaker.
