The Covid-19 pandemic, along with a bunch of other factors, has contributed towards a decrease in demand for rental properties in Brookline. The apartment rental market in Brookline was plagued with vacancies throughout most of the pandemic, and it stayed that way until very recently. The change in vacancy rates compared to November 2020 has shot up by +61.18% in Brookline, one of the largest increases among all Boston suburbs.
Brookline’s vacancy rate equals the total number of vacant apartments in Brookline divided by the total number of units in the apartment inventory. Similarly, the availability rate can be calculated by adding the total number of apartments for rent in Brookline and dividing by the total number of apartments in the supply. When there is an increase in both the vacancy rate and the availability rate, it indicates that the market may not be healthy.
The real-time vacancy rate in Brookline at the moment is1.37%. It is quite similar to the vacancy rate in Revere which currently stands at 1.32%. With a vacancy rate of 1.30%, Newton is at a similar level. As compared to Boston Proper, the vacancy rate in Brookline is just 0.04% higher. Only a few suburbs like Framingham (0.00%), Salem (0.95%), Malden (1.28%), Winthrop (1.25%) and Quincy (1.23%) have vacancy rate lower than that of Brookline. Still, the rental market in Brookline has historically been even lower than its current level, casting doubt towards Brookline’s rental market recovery.
The availability rate in Brookline is currently at 1.82%, which is higher than the Metro average. There are many suburbs where the availability rate is lower than Brookline’s at the moment. For instance, at 0.95%the availability rate in Waltham is much lower compared to Brookline. Quincy (1.31%), Revere (1.64%), Newton (1.79%) and Weymouth (1.61%) all have lower real-time availability rates.
Many towns have also exhibited a less drastic change in YOY RTVR%. For instance, the RTVR% in Medford increased by just 27.68%. At 27.43%, Everett has registered a similar level of change. The YOY change in RTVR% in Boston City remains at a much lower level. At the moment, it stands at +7.26%. We will continue to monitor the latest Boston real estate data to report on updates.