Renting

In Greater Boston, 12 people want the same apartment you do

In Providence and Portland, Maine, the competition is even more heated. Tell us: Have you lost out on an apartment lately?

In Greater Boston, a vacant apartments remains vacant for 42 days on average, according to a report from online marketplace RentCafe. Adobe Stock

By Boston.com Staff

July 12, 2023

Greater Boston may be only the 18th hottest rental market in the nation, but a prospective renter has to compete with a dozen other home shoppers on average for the same vacant unit, according to a report released Wednesday.

But hold on. In Providence, it’s way more than a dozen. In Portland, Maine, make that more than two dozen.

Blame high occupancy rates and not enough inventory to meet the demand, according to the report by online marketplace RentCafe.

On the site’s list of the hottest “small rental markets,” Providence ranked fourth, two spots higher than Portland, Maine.

Here’s a look at some of New England’s biggest cities by the numbers:

Competition heats up

market	average vacant days	Number of prospective renters
Greater Boston	42	13
Worcester-Springfield	45	13
Providence	42	17
Portland, Maine	42	25
UNITED STATES	43	9

Source: RentCafe
Markets are based on the Census breakdown

Staying put or on the move?

market	% of occupied apartments	lease renewal rate	share of new apartments
Greater Boston	95.4%	58.9%	0.5
Worcester-Springfield	95.6%	56.7%	0.12
Providence	96.6%	68%	0%
Portland, Maine	96.8%	65%	0%
UNITED STATES	94%	59.7%	0.64%

Source: RentCafe
Markets are based on the Census breakdown

Why is the share of new apartments zero in some spots? The report, based on Yardi Systems apartment data, looks only at properties of at least 50 units.

Why is the Northeast so hot? The demand here is “fueled by the spread of remote work and a large number of students in search of off-campus housing in college towns,” the report noted.

The top rental market? That was Miami-Dade County, which the report says is experiencing a “veritable rental boom.” The occupancy rate there is 97.1% there, with 24 applicants competing for each available unit. (That’s still one fewer than in Portland, Maine, folks.)

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