Mission Hill Apartment Rental Market Report
According to Boston Pads, the average rent price in Mission Hill is $2607. This figure is a bit lower than last year and has dropped by -2.38% since September of 2020. Compared to the city as a whole, where rent prices have fell by -2.88%, the decrease in Mission Hill rent prices has not been as severe.
The dip in rental prices for Mission Hill apartments is much lower than that of Boston’s more expensive rental markets. Seaport/Waterfront is a great example, which has experienced a much larger decrease of -17.75% in rent prices. Since August 2020, Downtown Boston has witnessed a drop of -18.97% in rent prices, the highest among the neighborhoods in the city. Considering the impact remote learning had on Mission Hill’s rental market, it’s a wonder rent prices weren’t impacted more.
Mission Hill Apartment Supply and Vacancy Rates
The Real-Time Availability Rate of apartments in Mission Hill is 3.56% currently. Comparing the data of August in both 2020 and 2021, the Availability Rate in Mission Hill has fallen by -65.60%. The Real-Time Vacancy Rate in Mission Hill is 0.91% currently. This rate has dropped by -57.48% when compared with the vacancy rate in Mission Hill in August of 2020. Similar YOY drops in vacancies have been noted in other popular student markets like Allston, Brighton, and Fenway. This suggests that the return of students to Boston will put an end to the vacancy issues.
Average Rent Prices in Mission Hill by Apartment Size
The average rent price of studios in Mission Hill is $1,391. In North End, the rent price of a studio apartment is $1790. Compared to a year ago, prices for studio apartments in Mission Hill has fallen by -10.89%. For 1 bedroom Mission Hill apartments the average price is $1856. It is much lower than the town of Seaport where the average rent of a 1 bedroom apartments is $2591. When compared with the prices of 2020, the 1 bedroom rent in Mission Hill has dropped by -7.98%.
Prices held steadier in Mission Hill for larger sized apartments. The 2 bedroom average rent in Mission Hill is $2600. Compared to the previous year, the rent has increased by +0.89%. Similarly, the average rent of a 3 bedroom Mission Hill apartment ($3,192) has risen+0.09% this year.
Over the past 12 months, the average rent price for a 4 bedroom in Mission Hill saw an increase of 1.60%. Currently the average rent price of a 4bedroom apartment in Mission Hill is $3,998. This price is lower if compared to North End, where the prices are $4956 this year.
The primary reason behind the drop in prices is the pandemic and more specifically remote learning. Mission hill is a big market for off-campus apartments in Boston, so the decline in the student population during last school year had a lasting impression on the local housing economy. Now that students have returned to Boston, we’re seeing prices begin to climb again heading into 2022. Look for prices in Mission Hill to rebound next year.