rentIf you are looking to rent an apartment in Boston, you may want to do some research first. Boston was listed as the third most expensive city in the Nation for renters. The average monthly rental rate is a whopping $3,190.  That monthly figure would allow you to afford a $660,000 home with an interest rate of 4.0% and a 30 year fixed mortgage.

Boston.com compiled data from the real estate website Jumpshell who used public information from RentMetrics to find out where in Boston you can get the most bang for your buck. Here is a list of the most common towns in and around Boston and the average rate to rent an apartment in each location:

  1. Allston/Brighton: $2,359 (or $2.42 per sq. ft.)
  2. Back Bay: $3,607 (or $3.54 per sq. ft.)
  3. Bay Village: $3,888 (or $3.32 per sq. ft.)
  4. Beacon Hill: $3,535 (or $3.24 per sq. ft.)
  5. Brookline: $2,792 (or $2.61 per sq. ft.)
  6. Charlestown: $2,804 (or $2.91 per sq. ft.)
  7. Chinatown/Leather District: $3,821 (or $3.22 per sq. ft.)
  8. Dorchester: $1,524 (or $1.34 per sq. ft.)
  9. Downtown/Financial District: $3,612 (or $2.83 per sq. ft.)
  10. East Boston: $2,278 (or $2.23 per sq. ft.)
  11. Fenway/Kenmore: $2,993 (or $3.05 per sq. ft.)
  12. Hyde Park: $1,597 (or $1.59 per sq. ft.)
  13. Jamaica Plain: $2,214 (or $1.69 per sq. ft.)
  14. Mattapan: $1,403 (or $1.23 per sq. ft.)
  15. Mission Hill: $2,695 (or $2.47 per sq. ft.)
  16. North End: $3,532 (or $2.71 per sq. ft.)
  17. Roslindale: $1,685 (or $1.58 per sq. ft.)
  18. Roxbury: $1,764 (or $1.53 per sq. ft.)
  19. South Boston: $2,928 (or $2.58 per sq. ft.)
  20. South End: $3,243 (or $3.32 per sq. ft.)
  21. Watertown: $2,302 (or $1.79 per sq. ft.)
  22. West End: $3,362 (or $3.01 per sq. ft.)
  23. West Roxbury: $1,476 (or $1.31 per sq. ft.)

If you would like a more in-depth breakdown on what the cost of rent is in these neighborhoods based on the number of bedrooms, click here to go to Jumpshell’s website.

Based on these numbers, it just may make more sense for you to purchase a home, if you have the down payment to do so. Please do not hesitate to give me a call with mortgage and real estate questions at: 508-660-8888 or visit us on the web at: www.attorneyjimbrady.com.