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

   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 3^rd highest in the U.S.
• Metro Boston 12^th best market for new apartments – 7,558 new units to be delivered in 2017

Boasting the 8^th 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 3^rd 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 3^rd 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.

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 2^nd 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 3^rd 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.