The apartment rental market in Fenway seems to be returning to a state of normalcy following a turbulent few years caused by the pandemic. Throughout most of the past 3 years, Fenway’s apartment supply figures sat far below historical norms as the neighborhood dealt with low rental supply coupled with high demand. Apartment availability has been trending upwards over the past few years. Last September, Fenway’s vacancy rate peaked above the 1% level for the first time since 2021. As a result, Fenway’s average rent price stabilized over the last 12 months after surging over the previous 2 years. These are the trends driving Fenway's apartment rental market in 2025.
Apartment Rental Supply Figures in Fenway Boston
The current real-time availability rate (RTAR) for Fenway apartments is 6.14%. That figure is down -30.70% year-over-year and down -18.68% compared to 2 years ago. Fenway’s RTAR has steadily remained under historical norms since 2021. In the years prior to the pandemic, Fenway’s RTAR typically peaked in the range of 12-15%, however last year marked the first time since the pandemic recovery where Fenway's availability rate peaked above the 10% mark. Peak RTAR has been trending upwards over the past 3 years, so we may see Fenway’s availability rate near the 12% level in March or April of this year if that trend continues.
The current real-time vacancy rate (RTVR) in Fenway is 0.91%. That figure is up +167.65% year-over-year and +600.00% compared to 2 years ago. Fenway’s vacancy rate has remained near 0% since November 2021, marking a 3 year period of some of the scarcist inventory we have on record. Last September, Fenway’s RTVR spiked to 1.8%, providing a reprieve from the historic apartment shortages we were experiencing. While a 3 digit margin jump in vacancies may normally be an alarm for concern, in this case it was much needed and the current vacancy rate of 0.91% is still very low. With the horrible energy policy and inflation of the last several years – new developments in the area came to a standstill. Hopefully we will start to see a return to development in 2026 as we get a more coherent and common sense energy policy that can drive down costs. The other thing that we will have to work on is reducing the number of affordable units in each development deal- overall these high affordability requirements have stifled development and limited supply.
According to our Fenway apartment data, the median days on market for a rental is 18 days in Fenway. That figure has doubled compared to a year ago, when the median days on market was 9 days. With demand cooling and supply loosening, we’re finally seeing rent prices stabilize in Fenway after a three year period of rapid growth.
Average Rent Prices in Fenway
The average rent price in Fenway is currently $2,990. That figure is down -0.37% year-over-year and up +7.44% over a 2 year span. Prices for smaller apartments such as studios and 2 bedrooms have remained steady while prices for larger units have climbed faster, especially for 5 bedroom apartments in Fenway. This is due in large part to renters choosing to find roommates to offset the rising cost of living in this highly competitive and popular neighborhood. Utility costs in Boston has shot through the roof and more people are living together to make that price more affordable. It is going to be important that we start figuring out ways to make utilities more affordable for everyone – and hopefully a more pro-friendly drilling administration will bring long awaited relief in energy prices in the next 12-18 months. Most consumers also do not know that new construction is one of the most energy intensive parts of our economy and with high energy prices that translates into higher cost per square foot developments which mean higher rents and real estate prices.
Fenway Rental Market Forecast 2025
Fenway’s rental market appears to be in a good position for renters in 2025. Rent prices are stable and demand seems to be strong enough to maintain the status quo. With the new administration taking control in Washington, we could see a flurry of new construction projects get off the ground that would add to the housing supply over the next few years. As energy prices drop, more developers will submit plans for new development projects that are much needed in Fenway. The long awaited and mismanaged energy policy may finally come to end but it is going to take a while for drilling and processing to finally make it to the pump.
However, we will need to keep a close eye on apartment availability over the next 8 weeks. Fenway’s RTAR is currently down year-over-year. If Fenway’s RTAR fails to peak above 10% in late March/April, it may cause more shortages during the summer leasing rush. That could lead to another surge in rent prices in the already expensive Fenway rental market. We will continue to monitor these trends as they develop right here on bostonpads.com.
Demetrios Salpoglou
Published February 25, 2025
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.
