The Brighton apartment rental market has undergone some upheaval since March 2020. Remote learning has hindered the student population in Brighton, a favorite off-campus housing market for Boston College and Boston University. As a result, rental inventory is at levels not seen in years. In this article we'll break down the real-time availability rate (RTAR) and the real-time vacancy rates (RTVR) for Brighton apartments.
Vacancy Rates for Brighton Apartments Have Increased YOY
Greater Boston's Real-time Vacancy Rate (RTVR) is 3.36% (+121.05% YOY), while the RTVR in the City of Boston is 3.72%, with a higher YOY change at +144.74%. Hand in hand with this is also the Greater Boston Real-time Availability Rate (RTAR), which as of writing this article stands at 12.44% (+78.89% YOY). This figure is further broken down to 12.44 (+87.63% YOY) in the City of Boston and 7.34% (+61.32% YOY) in the Boston suburbs.
More specifically, in the neighborhood of Brighton, the RTVR is 2.69% (+131.90% YOY) while the RTAR is 9.67% (+71.15% YOY). Both of these figures are below the averages of the City of Boston. However, Brighton's RTVR rate was above the average for the whole of Boston.
A large reason for the rapid increase in vacancy rates is the introduction of virtual learning by schools and universities in order to limit the spread of the COVID-19 virus. Although this may not have had much of an effect on the younger students still not of age, many of the university students would have traveled from around the world in order to study in the educational institutions in and around Brighton. A large proportion of these students have moved back home until the pandemic period is over, putting a damper on the normal off-campus housing demand in Brighton.
BELOW, we will breakdown the YOY changes in apartment inventory in Brighton, as well as a few other Boston neighborhoods that have a similar RTVR to Brighton:
1. Brighton apartments
RTAR: 9.67%
RTAR Change YOY: +71.15%
RTVR: 2.69%
RTVR Change YOY: +131.90%
2. Mattapan apartments
RTAR: 6.20%
RTAR Change YOY: +73.67%
RTVR: 5.37%
RTVR Change YOY: +140.81%
3. Hyde Park apartments
RTAR: 4.55%
RTAR Change YOY: +227.34%
RTVR: 2.60%
RTVR Change YOY: +150.00%
4. Northeastern/Symphony apartments
RTAR: 16.69%
RTAR Change YOY: +13.38%
RTVR: 4.23%
RTVR Change YOY: +140.34%
5. Back Bay apartments
RTAR: 7.03%
RTAR Change YOY: +52.83%
RTVR: 3.14%
RTVR Change YOY: +100.00%
6. Lower Allston apartments
RTAR: 6.15%
RTAR Change YOY: +44.37%
RTVR: 2.34%
RTVR Change YOY: +72.06%
Average Rents for Brighton Apartments Down As A Result of Supply Glut
The average rent for apartments in Brighton compared to the previous year has seen an unusual decrease for the usually high in demand rental properties in this neighborhood. In comparison to the previous year, the average monthly rent has dropped by -3.49% in Brighton. In total out of all of the other districts in the City of Boston, Brighton experienced the 15th largest fall in rents which is not too bad.
However, it is also important to highlight that there are neighborhoods with a similar average rent price such as Roxbury who experienced a 20.20% increase in rent. This can be attributed to a lower student population in these areas. Brighton, being close to Boston College and Boston University, is a favorite for students seeking off-campus housing. All that was thwarted in 2020 when remote learning took over at these campuses, depleting the local housing market of the usual apartment demand from students. This sent prices tumbling.
Relief in Site for the Brighton Rental Market
In March, most of Boston's largest universities announced that remote learning will be scaled down in the Fall. This is great news for the rental markets near Brighton, Allston, Cambridge and Fenway, as it will inject some much needed demand in these neighborhoods to absorb the excess supply. The vacancy rates have already been trending downwards since the news broke in March, and demand is expected to really pick up again towards the end of May through to September 1.