Brighton’s apartment rental market is a microcosm of Boston’s rental market. Rent prices and apartment vacancy rates in Brighton MA closely mimics that of Boston historically. So when the data for either begins to trend in different directions, it may indicate a change in market conditions for one if not both areas.
Earlier this month on September 1, the vacancy rate for apartments in Brighton MA jumped to 3.21%, which was 29% higher than the vacancy rate for Boston apartments (2.48%). Since then, Brighton’s vacancy rate has shrunk to 2.4%, still 21.8% higher than Boston’s vacancy rate (1.97%).
The vacancy rate for Brighton apartments has stayed below that of Boston throughout the entire pandemic, going back to September of 2019, when the vacancy rate in Brighton was slightly above (less than +10%) Boston’s for a period of 6 weeks. Since then, it has been at or below Boston’s vacancy rate consistently. So why the sudden change?
It’s no doubt that demand for Boston apartments has made a strong comeback in 2021, thanks in large part to the decision by local Universities to hold in-person class this fall. Remote learning had a devastating impact on the local apartment supply in 2020, and Brighton saw its fair share of disruption being one of Boston’s more popular student markets.
Boston’s vacancy rate ballooned to over 9% in September 2020 as a result, and it peaked at 8.02% in Brighton simultaneously. Those apartment vacancies were quickly absorbed by the market following announcements in March from local schools regarding in-class learning for Fall 2021.
But when Brighton’s vacancy rate jumped to 3.21% earlier this month, it marked a +54.09% increase from its September 2019 level. In Boston, a comparison of the same dates would show a much smaller increase of +35.37%.
There are a number of factors that could be pointed to for a reason why Brighton’s market took a hit this month. For one, Boston College, located on the border of Newton and Brighton, has embraced remote learning much more than other Universities for Fall 2021. If more students opted for remote learning at Boston College, it would certainly explain the large jump in vacancies recorded in Brighton, as well as in nearby Jamaica Plain and Brookline. We’ll continue to monitor this trend as it develops.
