The drop-off is even more pronounced in Providence.
In metro Boston, 22.8 percent of renter households paid less than $1,000 per month in 2023, according to a report Redfin published on Oct. 30.
That share of the market has been gradually slipping. Back in 2012, it was 32.2 percent.
Nationally, the decline is more pronounced: In 2023, 32.1 percent of renter households paid less than $1,000 a month, reflecting drops from 35.2 percent in 2022, 37 percent in 2019, and 50.4 percent in 2012. That’s an 18.3 percentage point difference in 12 years.
The share dropped even more in Providence. Back in 2012, 65.7 percent of the apartment market charged under $1,000. Last year, it was 47 percent, an 18.7 drop. The region reportedly is seeing an uptick in demand as Greater Boston renters head south for more affordable housing.
Here’s the breakdown for the New England cities on the list:
METRO2023202220192012
Boston22.8%24.1%25.0%32.2%
Hartford 30.5%39.4%42.4%47.6%
Providence 47.0%53.0%56.0%65.7%
Credit: Redfin