2024 Fenway Apartment Rental Market Report

Fenway’s apartment rental market has kicked off 2024 in a much more renter-friendly position than the previous 2 years.  Both apartment availability and vacancy rates have increased compared to 2022 and 2023, giving many more options for renters in Fenway.  Rent price growth has decelerated over the past few months, suggesting that the rapid rent hikes we have experienced since 2021 may be softening in 2024.  These are the trends affecting Fenway’s apartment rental market.

Fenway’s Rental Supply Back To Normal

The current real-time availability rate (RTAR) for Fenway apartments is 8.91%.  That marks a +18.01% increase compared to a year ago and a +72.02% increase compared to February 2022.  The current RTAR is close to that of its pre-pandemic level in February 2019 and actually up slightly (+7.83%)  from that mark, suggesting that the historic supply shortage may be finally coming to an end this year.  It will be interesting to see if Fenway’s RTAR peaks above 10% in 2024 as it has done in the years prior to COVID-19.  Fenway is no stranger to a higher turnover rate than other parts of the city due to it’s heavy student population coming from multiple schools within walking distance.

The current real-time vacancy rate (RTVR)  in Fenway is 0.37%.  The figure is up +184.62% compared to February 2023 when Fenway’s vacancy rate was hovering around the 0.13% level. While Fenway is no stranger to low vacancies, even that level was historically low, and a big driver for rent price growth over the past 24 months.  Fenway’s RTVR has remained below the 1% level since October 2021, but that may change this year in September based on current trends. 

Interestingly, despite inventory levels returning to historical norms, median days on market for Fenway apartments is actually down from a year ago.  According to our most recent apartment data for Fenway, the median days on market in Fenway is currently -9 days, down from -14 days a month ago and down -11 days compared to a year ago.  The bottom line is that units are going fast in the Fenway area and renters should make solid but quick decisions if they like apartment.

Rent Prices Stabilizing in Fenway

The current average rent price in Fenway Boston is $3,006.  That figure is up +7.80% year-over-year and up +25.00% compared to 2 years ago.  The spike in rent prices is due in large part to the shortage of apartments in Fenway that was prevalent throughout most of 2023. As inventory levels have increased, price growth has decelerated over the past six months, foreshadowing a relief in surging rent prices in Fenway for 2024.

Fenway Apartment Rental Market Forecast 2024

The combination of rental supply being slightly higher and rent price growth decelerating is a good sign for Fenway renters for 2024.  If inventory remains on par with pre-pandemic levels, we could see relief from the surging rent prices that have marked the past two years.  Look for rent prices to continue to level off as we approach the 9/1 leasing date.  We still have concerns about inflationary costs still working their way through a landlord’s ecosystem.  We are currently hearing that insurance premiums have been going through the roof and labor costs are still quite high.  This can also force landlords to raise their rents so that they can recover costs of ownership.

Based on current demand trends, specifically the lower than normal median time on market for Fenway rentals, it’s unlikely that rent prices will trend downwards in Fenway in 2024.  Unless we see a huge increase in corporate layoffs or a severe drop in student enrollment at local universities, it is doubtful that rent prices drop in Fenway, one of Boston’s most sought after apartment rental markets. We will continue to monitor these trends as they develop.