Boston is the third most expensive city in the United States to rent, according to a recent report by digital home rental service Zumper.
Zumper’s National Rent Report noted that the median rent price for a bedroom in Boston was $2,660, up just over 27% year over year. A 2-bedroom in the city currently costs a median rent of $2,990, up 15% over the past year, he added.
The only most expensive cities to rent currently are New York, where the median rent for a bedroom is $3,260, followed by San Francisco where a bedroom costs a median rent of $2,910, according to Zumper.
He added that the past year has been one of “explosive rent growth“, saying that in the first three months of the year, national rent growth in 2022 exceeds that of 2021.
“It’s hard to believe considering that 2021 may have seen the biggest rent increase of any calendar year in our lifetime,” Zumper said.
The fastest growth period last year was between May and October, when the median rental of a bed jumped 9.7% in six months, he added.
Nationally, the median price for a one-bedroom rental this month is at ‘an all-time high’ of $1,400, representing a 2.5% increase for this year, outpacing growth from 1.9% at the same time last year, Zumper said.
Year-over-year, the national median of $1,400 for a one-bedroom rental represents a 12.2% increase – marking the 11th time in the past 12 months that a one-bedroom rental hit an all-time high, Zumper reported.
Meanwhile, 2-bedroom rentals rose 13.8% year-over-year to a national median of $1,723, Zumper said, marking the 14th consecutive month that 2-bedroom rentals reached a record high.
Miami saw the strongest rent growth of any city nationwide in 2021, the rental service said, rising to the fourth most expensive city to rent for a bedroom at a median price of $2,500.