Boston, MA Market Snapshots Rental Market

The Most Expensive ZIP Codes in Massachusetts – 3rd Priciest City for Renters, Boston Core Cluster of Expensive Zips

Massachusetts’ Most Expensive ZIP Codes

   Key takeaways:

  • Boston’s 02199 is the #1 most expensive ZIP code for Massachusetts renters at an average of $4,227
  • Massachusetts’ top 8 most expensive ZIP codes form a contiguous cluster of pricey ZIPs , with average rents ranging between $3.3K and over $4.2K
  • Massachusetts and Boston average rents rank as 3rd highest in the U.S.
  • Metro Boston 12th best market for new apartments – 7,558 new units to be delivered in 2017

Boasting the 8th highest median annual household income of all states and the District of Columbia, it’s no surprise Massachusetts has some of the highest rents in the country. The overall rent average for the Bay State is $2,005, making it the 3rd most expensive state for renters. In fact, Washington D.C. with $2,024 and New York with $2,113 were the only ones to surpass the Bay State. Furthermore, Boston now ranks as the 3rd most expensive city for renters, surpassed only by notoriously unaffordable San Francisco and Manhattan. At $3,245, Boston’s average rent is nearly two-and-a-half times the July national average of $1,350.

Massachusetts’ priciest ZIP is 02199, averaging a monthly rent of $4,227, according to Yardi Matrix – more than three times the national average. Moreover, the Bay State’s top 8 priciest ZIPs form a massive cluster of expensive ZIP codes that cover much of Boston’s urban core. This supercluster of pricey ZIPs covers iconic neighborhoods such as Back Bay, South End, Beacon Hill, East Cambridge, Mission Hill, Fenway and Kenmore.

The interactive table below allows you to take a detailed look at Massachusetts’ top 50 most expensive ZIP codes for renters. Use the search box or click on the header of each column to sort results according to your preferences.

Top Most Expensive Zip Codes in Massachusetts in 2017

#Zip CodeCityCountyAverage Rent
102199BostonSuffolk$4,227
202111BostonSuffolk$3,823
302116BostonSuffolk$3,632
402210BostonSuffolk$3,552
502115BostonSuffolk$3,388
602114BostonSuffolk$3,350
702142CambridgeMiddlesex$3,347
802141CambridgeMiddlesex$3,300
902118BostonSuffolk$3,115
1002129BostonSuffolk$2,997
1102127BostonSuffolk$2,864
1202421LexingtonMiddlesex$2,860
1302446BrooklineNorfolk$2,817
1402140CambridgeMiddlesex$2,811
1502139CambridgeMiddlesex$2,810
1602215BostonSuffolk$2,757
1702120BostonSuffolk$2,588
1802474ArlingtonMiddlesex$2,559
1902138CambridgeMiddlesex$2,553
2002472WatertownMiddlesex$2,532
2102145SomervilleMiddlesex$2,458
2202130BostonSuffolk$2,452
2302125DorchesterSuffolk$2,449
2402128BostonSuffolk$2,447
2502134BostonSuffolk$2,420
2602155MedfordMiddlesex$2,416
2702451WalthamMiddlesex$2,406
2802453WalthamMiddlesex$2,349
2902143SomervilleMiddlesex$2,294
3001730BedfordMiddlesex$2,238
3102184BraintreeNorfolk$2,208
3202176MelroseMiddlesex$2,157
3302476ArlingtonMiddlesex$2,133
3401867ReadingMiddlesex$2,128
3502171QuincyNorfolk$2,106
3602452WalthamMiddlesex$2,095
3702150ChelseaSuffolk$2,093
3801803BurlingtonMiddlesex$2,038
3901887WilmingtonMiddlesex$2,017
4002021 (Tie)CantonNorfolk$1,999
4102135 (Tie)BostonSuffolk$1,999
4201923DanversEssex$1,998
4301810AndoverEssex$1,990
4402169QuincyNorfolk$1,975
4501960PeabodyEssex$1,972
4601801WoburnMiddlesex$1,963
4702360PlymouthPlymouth$1,958
4802148 (Tie)MaldenMiddlesex$1,927
4902124 (Tie)BostonSuffolk$1,927
5002339HanoverPlymouth$1,921

Unsurprisingly for Massachusetts, Boston takes the #1 spot for expensive rents, with 02199 clocking in at an average of $4,227. Covering a small portion of Back Bay bounded by Boylston, Dalton and Exeter streets as well as Huntington Avenue, 02199’s average rent is more than 3 times the national average. While 02199’s apartment supply remained unchanged compared to the year-ago figure – 888 units –, rents have inched up 1%, rising from $4,172 in 2016 to $4,227 over the past 12 months.

With an average rent of $3,823, 02111 in Boston ranks as the 2nd most expensive ZIP code for Massachusetts renters – and prices are trending upwards. This pricey ZIP code saw its average rent tick up 2% year-over-year, while stock levels remained unchanged at 964 units. Covering Chinatown – Leather District and a small portion of Boston’s Downtown and Financial District, there’s plenty of pricey apartments to choose from here. Big-ticket options include Oak Terrace Apartments, where rents can go up to $4,500 per month. With a median age of 32.2, this young Boston ZIP has plenty of restaurants and is just minutes away from the employment opportunities of the Financial District and the city’s famed Theater District.

Covering most of Boston’s iconic Back Bay neighborhood, as well as Bay Village and portions of South End, 02116 managed to maintain its title of 3rd priciest neighborhood for renters, despite a 2% year-over-year contraction in prices. Currently 02116’s average rent sits at $3,632, slipping from 2016’s average of $3,713. Similarly to the state’s top two priciest ZIPs , supply in 02116 remained unchanged at 2,205 units. Pricey apartments here include the units at Tent City Apartments, where rents go as high as $4,000 per month. In fact, 96% of all apartments in 02116 range above the $2,000 threshold, while the remaining 4% average between $1,501 and $2,000, well over the national average.

02119 in Massachusetts is the most expensive ZIP code, with the average rent clocking in at $4,227.  Curious to see if other states’ priciest ZIPs can take Massachusetts on? Just hover your cursor over another state boundary.

Methodology
  • Data compilation, analysis, and mapping done by RENTCafe using rent and construction data provided by Yardi Matrix, a RENTCafe sister company.
  • The average rent figures in this article were calculated from the actual rents charged in apartment buildings with at least 50 rental units, located in 125 U.S. markets, totaling approximately 15 million apartment units.
  • ZIP codes with less than 200 rental units and less than 3 properties were excluded from the calculations.
  • Rent prices are for apartments only, no single-family homes or townhomes were included.

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About the author

Balazs Szekely

Balazs is a qualified journalist with a thing for real estate. This obsession comes in handy in his work as an online content developer and creative writer for RENTCafe. When he’s not thrashing his keyboard, he takes pleasure in photography, aquascaping and all kinds of DIY projects. Feel free to get in touch with Balazs via email or Twitter.

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