The Charlestown rental market 2024 saw dynamic shifts in demand, pricing, and leasing trends shaped by economic factors like inflation, interest rates, and rental inventory. Below is an analysis of key metrics from the past 12 months and insights into what renters can expect in 2025.
Rental Activity in 2024
Charlestown saw fluctuations in rental activity throughout the year:
- Peak Rental Closures: July and September had the highest rental volume, with 32 monthly rentals closed.
- Slowest Months: May (10 rentals) and November (12 rentals) recorded the least rental activity.
Market Speed – Average Days on Market
- The fastest rental turnover occurred in May (8 days) and June (20 days), indicating strong renter demand.
- Longest Days on Market: July rentals lingered the longest, averaging 56 days—potentially due to price adjustments and shifting demand.
Quarterly Rent Averages & Yearly Comparisons
First Quarter Rent Averages
- Studio: 2023: $2,375 → 2024: $2,383 (+0.34%)
- One-Bedroom: 2023: $2,799 → 2024: $2,883 (+3%)
- Two-Bedroom: 2023: $3,697.67 → 2024: $3,915 (+6%)
- Three-Bedroom: 2023: $5,375 → 2024: $4,275 (-25.7%) ⬇️ Largest Rent Decrease
- Median Rent: 2023: $3,588 → 2024: $3,651 (+2%)
Second Quarter Rent Averages
- Studio: 2023: $2,500 → 2024: $2,380 (-5%)
- One-Bedroom: 2023: $2,948 → 2024: $3,170 (+8%)
- Two-Bedroom: 2023: $3,856 → 2024: $3,860.67 (+0%)
- Three-Bedroom: 2023: $5,139 → 2024: $4,089.67 (-20.42%)
- Median Rent: 2023: $3,740 → 2024: $3,716.67 (-0.63%)
Third Quarter Rent Averages
- Studio: 2023: $2,383 → 2024: $2,381.50 (-0.06%)
- One-Bedroom: 2023: $2,764 → 2024: $3,026.50 (+10%) ⬆️ Largest Rent Increase
- Two-Bedroom: 2023: $3,743 → 2024: $4,011.66 (+7%)
- Three-Bedroom: 2023: $5,111 → 2024: $4,631.22 (-10.36%)
- Median Rent: 2023: $3,472 → 2024: $3,683.84 (+6%)
Fourth Quarter Rent Averages
- Studio: 2024: $2,381.50 (No data for 2023)
- One-Bedroom: 2023: $2,777 → 2024: $2,822 (+2%)
- Two-Bedroom: 2023: $3,564 → 2024: $3,985 (+12%)
- Three-Bedroom: 2023: $5,983 → 2024: $4,100 (-31%) ⬇️ Largest Rent Decrease Overall
- Median Rent: 2023: $3,508 → 2024: $3,562 (+2%)
Annual Rent Averages
- Studio: 2023: $2,419.33 → 2024: $2,381.50 (-2%)
- One-Bedroom: 2023: $2,822 → 2024: $2,975.38 (+5%)
- Two-Bedroom: 2023: $3,715 → 2024: $3,943.08 (+6.14%)
- Three-Bedroom: 2023: $5,402 → 2024: $4,273.97 (-26%) ⬇️ Biggest Annual Rent Drop
- Median Rent: 2023: $3,577 → 2024: $3,653.38 (+2%)
Economic Impact on the Rental Market
Charlestown’s rental market was shaped by inflation, rising interest rates, and changing homeownership affordability.
- Higher mortgage rates (around 7%) led to more renters staying in the market, driving up rental prices in peak months.
- Cost of Living Increases: Rising expenses influenced renter affordability, especially for larger units.
- Competition remained high in summer, forcing some renters to pay above the asking price.
What to Expect in 2025
As we move into 2025, renters should be prepared for:
- Stable or slightly lower rent prices in the early months before rising again in peak summer leasing season.
- Possible increased rental inventory as homeowners adjust to mortgage rates and investor-owned units enter the market.
- A continued competitive environment for premium units, with one-bedroom and two-bedroom units maintaining strong demand.
For renters looking to secure a lease, the best deals may be available in early 2025 before demand picks up again in spring and summer. Monitoring inventory levels, interest rates, and median rental trends will be crucial for those looking to lock in favorable lease terms.
💬 Thinking of renting in Charlestown? Let’s connect to discuss your options and how market trends impact your decisions! If you are an investor or someone trying to decide whether you buy or rent, please check out my market analysis on Charlestown Condo and Single Family market report. Last, if you are a renter or investor or just someone who likes a weekly market report on how markets in Boston are doing, check out my Market Reports on Instagram; every Monday, I do a sales report, and on Tuesday, I do a market report for rentals. So you are in the know how the market is doing whether you’re looking or not.
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