How Competitive Is MA For Local Renters?

BOSTON, MA—Boston is expensive for renters, but how competitive is it for apartment seekers?

RentCafe.com, a national apartment search website, compiles rental competitiveness analysis reports and, in its most recent, Boston received a rating higher than the national average.

The website ranked markets on a "market competitive scale," using five metrics and their averages from October to December 2024. Those metrics are: apartment occupancy rate; average total days vacant; prospective renters per vacant unit; renewal lease rate; and the share of new apartments completed during the same timeframe compared to the existing overall supply at the start of Quarter 4 2024.

Company officials said Boston's market got slightly less competitive than a year ago, with its Rental Competitiveness Index (RCI) score dropping from 77.5 to 76.3. The national RCI score is 75.7, but that indicates a competitive market across the country, not the city's lack of competition.

Boston’s apartment stock grew by 0.72 percent in recent months, a "significant" jump compared to the 0.19 percent increase seen in early 2024. Despite this, data shows, high demand and low supply continue to define the market, as reflected in the 62.8 percent lease renewal rate, which is up 4.5 percent year-over-year.

Despite the addition of new apartments, occupancy rates remain over 94 percent

While new apartments have been added, the occupancy rate remains high at 94.5 percent, exceeding the national benchmark of 93.3 percent. This means that despite new supply, competition remains strong, with eight renters competing for each available unit, the company said.

Turnover for renters is also higher in Boston than across the region, where the average renter stays 34 months, four months less than the Northeast average of 38 months. It is, however, higher than the national average of 28 months.

Other New England Markets

Though Boston is a highly competitive place for renters, others in New England outpace it by a wide margin.

Both Bridgeport and Providence have competitive scores in the 84s, with more than 10 renters looking for any one available unit.

The Worcester-Springfield market is also above Boston, with an RCI of over 81.

Read the full report here.

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