Brookline has been and still is one of Boston’s most expensive suburbs to rent an apartment. Prices did stagnate in Brookline throughout most of the pandemic, but with the recent market correction, prices are again rising for apartments in Brookline. Price stagnation had a larger effect on Boston’s more expensive suburbs like Brookline and Cambridge, but that trend is all but over amidst record low vacancies across the city.
Brookline’s current rent price is $2,810. That marks a 4.37% year-over-year increase since March of last year. Brookline’s price growth has accelerated through the first quarter of 2022, as vacancy rates have hit record lows. With apartment availability tighter than ever in Brookline, look for prices to continue to climb throughout 2022.
Brookline remains the second most expensive suburb to rent an apartment behind Cambridge ($2,831). Brookline’s average rent price is currently $198 more than that of Boston apartments, which sits at $2,612. Prices for larger apartments in Brookline have outpaced those of smaller apartments, with the average rent price for 4 bedrooms and 5 bedrooms increasing by $353 and $282 respectively.
Look for pricing for smaller apartments to catch up to larger units as the summer leasing rush hits Brookline. At the current rate of rent price growth, Brookline’s average rent prices will likely finish the year close to if not above the previous all-time high of $2,935 set in May of 2020. The combination of record low vacancy rates and soaring inflation could be a dangerous combination for renters this year. Those who act early will find the best deals and the most inventory in Brookline and all of Greater Boston.
