There has been a considerable volatility in the supply of the rental market in Boston and in particular its premium micro-markets. Neighborhoods near Downtown, like the North End, have seen a stronger recovery since last year than those located in the suburbs. The real-time availability rate (RTAR) of North End apartments has seen a decline of -35.20% YOY. This is highly contrasting when compared to areas like Hyde Park, Mattapan, and Charlestown where the YOY RTAR% has increased by +362.96%, +126.81% and +210.94% respectively. The highest decline in RTAR% over the past year has been seen in Bay Village, followed by South Boston, South End and Northeastern/Symphony. The YOY decline in RTAR% observed in these areas are -100%, -70.83%, -65.07% and -62.63% respectively.
At present, the real-time North End availability rate is 2.08%. This is only slightly higher than the real-time availability rate in the city of Boston where it is 2.02%. While North End has seen a decline in YOY RTAR change % by -35.20%, the city of Boston has seen a rise in RTAR% by +4.66%. When we consider all areas of Metro Boston, the real time availability rate is 2.11% and this is after a rise of +13.44% YOY. In the suburbs, the availability rate is 2.23% and has seen a YOY rise of +26.70%. The availability rates are calculated by adding the number of all vacant apartments and the available apartments which are yet to be vacated. The sum obtained is then divided by the total supply of apartments in North End to find the availability rates.
If you are looking to calculate the real-time vacancy rates for North End apartments, you will need to divide the total number of vacant apartments by the total supply of apartments in North End. As per the calculations, the current real-time vacancy rate of apartments in North End is 1.20%. This is after witnessing a decline of -35.48% measured over the past year. Bay Village has seen the highest fall in YOY RTVR% at -100%. This is followed by Northeastern/Symphony, South End, Mission Hill and South Boston and West End where the RTVR% has seen declines of -81.55%, -77.78%, -73.93%, -67.71% and -52.94% respectively.
While the vacancy rates have reduced since last year in the above-mentioned areas, they have witnessed a rise in other areas. Charlestown has seen the highest rise in RTVR% at +185.94%. This is followed by Lower Allston and Jamaica Plain. The vacancy rate for Boston apartments has increased by +3.97% in the last year.