Rentals, Boston Metro

SEPTEMBER2016
National Rents
Current:
Monthly Change:
Annual Change:
Boston Metro
$1,403
-0.1%
1.5%
Boston Metro Rents
Current:
$2,308
Monthly Change: -0.1%
Annual Change:
3.4%
Breakeven Horizon
2.7 years
Major Cities - Rents
Boston
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$2,485
−0.2%
1.7%
3.1 years
Lowell
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$1,971
−0.4%
8.5%
1.6 years
Cambridge
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$2,631
0.5%
1%
3.7 years
Newton
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$3,010
0.3%
0.8%
3.7 years
Brockton
Current:
Monthly Change:
Annual Change:
Breakeven Horizon:
$1,689
−0.2%
−1.6%
2 years
Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community
City ZRI Year-over-Year
-9.4% - -6.2% -6.1% - -3.4% -3.3% - -1.4% -1.3% - 0.0%
0.0% - 1.4%
1.5% - 3.1%
3.2% - 4.9%
5.0% - 7.3%
7.4% - 11.8%
Metro Cities: Top/Bottom by Annual Rent Appreciation
Top:
Newington
Town of Hingham
Tyngsboro
Town of Bellingham
Dracut
20.5%
11.8%
10.3%
10.1%
9.6%
Bottom:
Deerfield
Norfolk
Hampstead
South Hampton
Auburn
-9.4%
-8.4%
-8.1%
-7.9%
-7.6%
Metro Neighborhoods: Top/Bottom by Annual Rent Appreciation
Top:
North Chelmsford
East Weymouth
South Weymouth
Central Weymouth
North Weymouth
8.2%
7.9%
7.5%
7.4%
6.7%
Bottom:
South Walpole
Downtown Crossing
Bay Village
Back Bay
Leather District
-4.9%
-3.5%
-3.1%
-2.9%
-2.7%
How do we measure rents? To track rents, we use the Zillow Rent Index (ZRI). The
ZRI is the midpoint of estimated rents in a given region. Half the estimated rental prices
are above this number and half are below.
What is the Breakeven Horizon? The Breakeven Horizon in the number of years you
must live in a home before owning the same home becomes more financially advantageous
than renting the home. For example, if ’City X’ had a Breakeven Horizon of 5.5 years,
it is financially better for you to rent in ’City X’ unless you plan on living there for more
than 5.5 years.
www.zillow.com/research/
SEPTEMBER2016
2,204
2,122
2,358
1,960
2,538
3,010
2,231
1,996
2,306
2,258
1,972
2,499
2,418
2,247
2,381
0.3
5.3
-0.1
9.2
3.6
0.8
9
0.7
5.6
2.2
2.8
3.1
0.1
7.5
4.4
Rent estimate/sq. ft. ($)
1,320
2.2
1.9
2.7
2.3
2.9
3.7
2.5
2.4
2.8
2
2.5
3.3
3
2.2
2.6
Median rent list price ($)
2,700
2,880
Malden
Marlborough
Medford
Methuen
Natick
Newton
Peabody
Plymouth
Quincy
Revere
Salem
Somerville
Waltham
Weymouth
Woburn
Rents (ZRI) YoY (%)
2,600
1.7
1.4
2.5
1.5
1.2
2.6
2.7
1.9
1.1
1.7
1.6
1.2
1.4
1.4
Rents (ZRI) All Homes ($)
6.1
6.4
1.7
4.6
-1.6
-0.1
1
2.6
1.1
3.3
5.5
3.7
7.3
8.5
6.8
Breakeven Horizon (yrs)
2,618
2,310
2,485
2,410
1,689
2,983
2,631
2,211
1,673
2,164
2,285
1,746
1,594
1,971
1,869
Rent estimate/sq. ft. ($)
Rents (ZRI) YoY (%)
3.3
2.5
3.1
2.6
2
3.9
3.7
1.7
2.3
2
2.3
2.3
1.7
1.6
2.1
Median rent list price ($)
Rents (ZRI) All Homes ($)
Arlington
Beverly
Boston
Braintree
Brockton
Brookline
Cambridge
Chelsea
Derry
Everett
Framingham
Haverhill
Lawrence
Lowell
Lynn
Breakeven Horizon (yrs)
Largest Cities Covered by Zillow
1,600
1.7
1.4
1.7
1.2
1.6
1.8
1.4
1.2
1.8
1.7
1.4
2.1
1.6
1.6
1.7
2,250
2,650
1,900
2,750
2,270
2,650
2,700
3,000
Mattapan
Mission Hill
North Dorchester
Roslindale
Roxbury
South Boston
South Dorchester
South End
South Weymouth
West Roxbury
1.8
2.2
2.6
2.2
3.3
2.1
4.8
2.3
2.6
1.1
-0.7
3.9
2.9
1.8
1.3
3.2
-0.2
7.5
2.1
2,400
2,150
2,960
2,250
3,000
2,100
Rent estimate/sq. ft. ($)
2,243
2,869
2,445
2,339
2,403
2,732
2,292
2,944
2,272
2,441
Median rent list price ($)
2.8
3.9
2.7
2.7
2.2
1.6
4.1
1.8
2.2
3.9
Rents (ZRI) YoY (%)
2,450
2,850
2,200
2,800
2,100
Rents (ZRI) All Homes ($)
-0.8
-2.9
0.1
-1.7
3.9
7.9
-1.5
1.9
0.4
2.3
Breakeven Horizon (yrs)
2,343
2,918
2,368
2,736
2,320
2,215
2,611
2,364
2,572
2,427
Rent estimate/sq. ft. ($)
Rents (ZRI) YoY (%)
3.1
5.9
2.8
4.1
1.8
2.1
3.9
2
3.2
4.1
Median rent list price ($)
Rents (ZRI) All Homes ($)
Allston
Back Bay
Brighton
Charlestown
East Boston
East Weymouth
Fenway
Hyde Park
Jamaica Plain
Kenmore
Breakeven Horizon (yrs)
Largest Neighborhoods Covered by Zillow
1.7
2.4
2.1
1.8
1.7
2.8
1.7
3.5
1.6
1.7
*Top cities and neighborhoods by size within the metro are listed. Additional counties, cities, neighborhoods and zip codes may be available online at
www.zillow.com/research/data or by emailing [email protected]
Zillow
Research:
Zillow R is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place
they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing
data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations
Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home
Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in
local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), and
headquartered in Seattle.
www.zillow.com/research/