The apartment rental market in Brighton MA has experienced a significant recovery in 2021, following a year marked by disruption from pandemic related market forces. Following 2020, when the supply of apartments ballooned to unprecedented highs, Brighton’s rental supply has settled back to its pre-pandemic levels and apartment availability is actually tighter than it was in December 2019.
Apartment Availability & Vacancies in Brighton MA
When we observe the yearly trend in the real-time availability rates of Brighton apartments, the situation is no different. The YOY change in the real time availability rate (RTAR) has fallen by -80.86%, indicating a drastic rise in the demand for rental apartments. At present, the real time availability rate of Brighton apartments is 1.47%. This is quite low if we compare the real time availability rate of apartments in Mission Hill, Mattapan, Hyde Park, Dorchester, and Roxbury. These areas currently have availability rates of 4.07%, 4.03%, 3.78%, 2.55% and 3.88% respectively. This indicates that apartment demand in Brighton is much stronger than the demand in these towns.
A similar pattern can be observed in the real time vacancy rates for Brighton rental properties. Currently, the real time vacancy rate of rental apartments in Brighton sits at 0.92% after experiencing a considerable downfall of -85.89% when compared to last year. As of December 2021, very few apartments are vacant in Brighton, which is good news for landlords and property investors.
The YOY change in Brighton’s RTVR is similar to that of Boston apartments, which has recorded a fall of -86.42%. Similar has been the trend across all towns in the city of Boston with Hyde Park being the only exception. The year-over-year change in RTVR experienced in Hyde Park has increased by +85.29% which indicates that the demand has still not picked up as much here as the rest of the city.
Brighton Average Apartment Prices 2021
In Brighton, the the current average rent price is $2,346afterrecording a YOY rise of +0.63%. However, this is considerably lower than the year over year change in the average rent prices experienced in South End and Roxbury. In South End, the average prices have increased by +18.41% whereas in Roxbury, the prices have increased by +11.51% when compared with last December.
If we now look at the YOY changes in the prices of apartments based on the number of rooms, we can observe that the prices of three, four, and five-bedroom apartments in Brighton have increased by +1.98%, +1.22%, and +8.81% over last December. On the other hand, the prices of one bedroom, two bedroom and studio apartments have declined by -4.97%, -1.44%, and -1.84% respectively. This clearly shows that the demand for bigger apartments in Brighton has increased while that of smaller apartments has decreased.