2021 Mission Hill Rental Market Report
When you make a trip to Mission Hill, you see many triple-decker multi-family homes and brick row houses. The area here is known to have a thriving rental market thanks to its close proximity and easy access to many of Boston’s largest universities. In the last 18 months, since the COVID-19 situation brought with it remote learning, the rental market has gone on a roller coaster ride.
Mission Hill’s 2021 Apartment Supply Rollercoaster
We started 2021 with a great deal of uncertainty, as the vacancy rate for Mission Hill apartments was up 6 fold from the previous year. We’re happy to report that Mission Hill’s rental market has recovered quite well from COVID-19, and apartment supply numbers are lower than they’ve ever been.
As far as the real-time vacancy rate (RTVR) is concerned, there has been a -99.22% YOY drop which is extremely good. Considering the fact that Mission Hill’s RTVR was above 6% a year ago and it now sits at an astonishing 0.05%, landlords definitely have something to cheer about. This rapid rental supply absorption didn’t stop in September either. It continued throughout the Fall, historically the slowest months of Allston’s rental season.
The real-time availability rate(RTAR) in Mission Hill has also dropped significantly year-over-year and is at -68.15% compared to December 2020. Since both RTAR and RTVR are now both below pre-pandemic levels in Mission Hill, its safe to say that the apartment rental market has fully recovered.
Average Rent Prices on Mission Hill
Though studio apartments and 1 bedroom apartments in Mission Hill have logged a negative YOY change in rent prices(-6.26% and -1.83% respectively), prices for all other apartment sizes have grown in the last year. The average rent price of 2 bedroom apartments in Mission Hill has increased by+2.86%, +1.01% for 3 bedrooms, and +2.27% for 4 bedroom (2.27%) apartments.
Overall, the average rent price in Mission Hill ($2,594) grew at a higher margin than Boston since last year. The average rent price for Boston apartments rose by a small margin (+0.35%) compared to December 2020 while Mission Hill’s average rent grew by +0.49%. Look for prices to continue to climb at a faster pace than Boston in Mission Hill next year due to the extremely tight rental inventory we’re currently seeing. Mission Hill apartment data provided by Boston Pads.