Brookline Apartment Availability and Average Rent Price
Brookline’s apartment rental market has struggled to recover from the vacancy issues that plagued the City’s housing market in 2020. While YOY vacancy rates are down by double digit margins in many markets in Boston, Brookline has seen a triple digit increase in vacancy rates during the same time span. This is having a negative affect on apartment pricing, as the average rent price for Brookline apartments is down by -5.61% year-over year.
If you are looking for apartments in Brookline, you can expect an average rent price of $2,791 across all sized units. This is on par with the average rent prices in and around the city of Boston ($2,567). The year-over-year change in the prices of Brookline apartments has seen a fall of 5.61%. If you are planning to rent a studio apartment in Brookline, you will see an average price of $1,709. The prices of studio apartments have witnessed a small YOY rise of +1.91% in Brookline. The rise in prices of studio apartments in Brookline is far better than that observed in the city of Boston. The YOY change in the prices of the studio apartments in Boston has seen a decline of -6% over the last year.
If we look at the real time Brookline availability rate, it is 2.02% whereas the real time Brookline vacancy rate is 1.84%. Data comparison shows that the availability rate in Brookline has seen a YOY rise of +114.89% and the vacancy rate have increased by +135.90% YOY. This is the second highest rise in the availability and vacancy rates behind Watertown. In Watertown, the real time availability rate has seen a rise of +230.30% whereas the vacancy rates have increased by +155.71%. The YOY changes in the availability rates and vacancy rates of apartments in Brookline are almost five times higher than the rates in Boston. The availability rates in Boston have increased only by +23.83% and the vacancy rates have increased by just +31.79%.
The average rent price of a one-bedroom Brookline apartment is $2,136 after witnessing a YOY downturn of-5.02%. The year-over-year change in the price of apartments in Brookline is negative for two, three, four and five bedroom apartments as well. The average price of a two-bedroom apartment in Brookline is $2,620 after seeing a fall of -7.19% over the past year.
Similarly, the prices of three, four and five-bedroom apartments in Brookline have seen a YOY drop of -4.60%, -3.51%, and -4.51% respectively. At present, if you rent a three-bedroom apartment in Brookline, you can expect an average price of $3,360. If you are planning to rent bigger spaces like four or five-bedroom apartments, the average rent prices are $4,128 and $4,967 respectively. These prices are considerably higher than the prices of four and five-bedroom rental apartments in Boston, which have an average rent price of $3,592 and $4,415 respectively.