South End Rental Analysis

South End Rental Market Analysis: 2024 Recap & 2025 Outlook

The 2024 South End rental market saw shifting trends driven by economic conditions, renter preferences, and price fluctuations. Understanding these changes will help renters and landlords navigate 2025.

 

 

 

 

2024 South End Rental Market Performance

 Median Rental Prices & Market Activity

• Highest Median Rent (2024): $6,725 (June 2024)
• Lowest Median Rent (2024): $3,274 (December 2024)
• Highest Median Rent (2023): $6,458 (May 2023)
• Lowest Median Rent (2023): $3,274 (December 2023)
• Rent prices fluctuated throughout the year, peaking in early summer before cooling off toward the end of the year.
• The average days on the market (DOM) ranged from 18 to 44 days, indicating a competitive market.

Quarterly Breakdown

• Q1 2024 (Jan-Mar): The market started strong, with median rents reaching $4,387 in March, fueled by high demand and limited supply.
• Q2 2024 (Apr-Jun): Rental prices peaked in June at $6,725, driven by peak leasing season and heightened demand.
• Q3 2024 (Jul-Sept): Prices remained elevated, with July’s median rent at $4,381, reflecting continued demand.
• Q4 2024 (Oct-Dec): The market cooled, with December rents dropping to $3,274, offering renters better deals.

 

Was 2024 a Renter’s or Landlord’s Market?

The South End rental market in 2024 favored landlords in the spring and summer, as high demand led to competitive pricing. However, as the year progressed and inflation impacted affordability, renters gained more negotiating power in the fall and winter months.

 

 

What to Expect in 2025?

• Balanced Market: 2025 will likely be more balanced, with rental supply keeping pace with demand.
• Stronger Demand in Spring/Summer: Similar to previous years, landlords will benefit most from listing units between April and July when demand is highest.
• Best Time for Renters to Secure Deals: Renters looking for savings should focus on December to February, when landlords may offer discounts to fill vacancies.
• Impact on the Economy: If interest rates remain high, rental demand could increase as prospective homebuyers delay purchasing, keeping prices stable.

Key Takeaways for Renters & Landlords in 2025

For Renters

Best Time to Rent: December – February for the best deals. Negotiate Terms: With rising inventory, pricing and lease terms will be more flexible. Monitor New Listings: If home sales slow, more rental properties may hit the market, increasing tenants’ choices.

For Landlords

Peak Rental Season: April – July will see the highest demand and rental prices.  Competitive Pricing Matters: Units priced at or below market rates will attract tenants faster.  Updated Units Rent Faster: Properties with modern updates and amenities continue to attract premium rents.

Final Thoughts

The South End rental market in 2024 reflected seasonal trends and economic influences. In 2025, landlords can expect steady demand, while renters will find opportunities for better pricing in the winter months.

Thinking about renting or investing in South End? Let’s discuss your options! Contact me for a personalized market analysis. You can also find market reports on the South End Condo and Single-Family market for 2024. If you want weekly updates on how the rental market is performing, follow me on Instagram. Every Tuesday, I feature several markets and their performance, and on Monday, I feature sales activity. You can also find Market Reports on Facebook and YouTube.