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2021 Charlestown Rental Market Report

Apartment demand has been gradually picking up across most of Boston metro’s markets. Charlestown, being one of the key rental markets, is also on its path to recovery with rent prices increasing and apartment availability falling when compared to last year.

When we analyze the rental market data trends in Charlestown, a neighborhood on the northern edge of Boston, we can see that demand has picked up, albeit slightly. Though there are clear signs that rental demand is improving in Charlestown, when compared to Boston as a whole, the supply figures in Charlestown don’t paint a great picture. However, it’s not far behind and is fast catching up so we speculate that the rental market will improve next year.

The real-time availability rate (RTAR) of Charlestown apartments is 1.63%, which is near the average for the city at the moment. At 1.64%, Boston has recorded a near-identical availability rate. But the real-time vacancy rate (RTVR) of Charlestown apartments (1.33%) is one of the highest among all areas in the city. Only Downtown (3.78%), Mattapan (3.23%), Dorchester (2.55%), Roxbury (2.35%)and Jamaica Plain (1.38%) currently have a higher vacancy rate than Charlestown. If we compare these availability figures with those of Boston apartments and the suburbs, whose values are 0.85% and 1.2% respectively, we can see that a higher percentage of apartments are vacant in Charlestown.

The RTAR and RTVR YOY change in Charlestown is not too far off from other neighborhoods and is in line with the trend. RTAR and RTVR have both seen a decrease from last year’s unprecedented rental supply troubles, and stand at -70.84% and -71.76% respectively.

The average rent price of all apartments in Charlestown is $2,754. This figure has seen a fall of -1.95%when compared to last December.  Not too many Boston neighborhoods have recorded a negative YOY average rent price change, but Charlestown is one among them. The only increase in Charlestown rent prices was seen in studio apartment pricing, as it has increased by 14.08%. The average price of Charlestown studio apartments is $2,333. Prices for all other rental sizes are down anywhere from 2-13% in Charlestown YOY.

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