😵‍💫 Boston’s rent is too damn high

It’s Tuesday, Boston.

😂 Here’s a good laugh: The “cop slide” at City Hall Plaza is officially recognized on Google Maps.

👀 What’s on tap today:

• Messy morning commute

• Allston comfort food

• Halloween in Christmas

Up first...

RENTING

Up, up, and away!

Good news: Crazed rental markets are finally cooling across the country.

Bad news: Just not in Boston.

Here’s what to know:

📈 Boston’s rental market is still heating up. The exact median rent prices in Boston are a little all over the place: In June, BostonPads said it had surpassed $3,000 a month; Zumper said the median rent for a one-bed was $2,800; and Apartment List’s August Rent Report said the median one-bed was $2,100. And while some of these data points are more eye-popping than others, there’s one common thread: The rent is only going up.

👀 We’re also seeing this trend with our New England neighbors. Providence, R.I., may still be less expensive than Boston, but the city’s median rent prices have ballooned 16% since last year, helping it crack Apartment Advisor’s list of top 15 most expensive cities to rent. And prospective renters in Portland, Maine, are competing with over two dozen people for the same unit.

🏠 In Boston, there are two big things to blame. One being high interest rates. The average interest rate on a 30-year mortgage currently sits around 7%, making it cheaper to just stay put. And there just aren’t a lot of houses on the market since more than 40% of Mass. homeowners are locked into an interest rate between 3% and 4%, according to Redfin data shared with Axios Boston. Why sell when you’d be stuck with a higher rate?

0️⃣ And then there’s the age-old issue of supply. According to data from BostonPads, the current vacancy rate in both Boston and the Greater Boston area is around .5%, and the real-time availability rate (the percentage of apartments available now PLUS those becoming available in the future) is around 2%. Yes, you read that correctly. And with the number of building permits for residential or mixed-use new construction down from last year, it’s likely that the rent will keep ticking upward.

👍 But there are bright spots on the neighborhood level. Since August 2022, the median rents for studio apartments in JP and Back Bay have slipped more than 40% and nearly 17%, respectively; one- and two-beds in Allston have dropped about 24% and 12%, respectively; and two-beds in Southie have seen an 11% dip.

QUICK QUESTION!

💰 How much do you spend on rent?

TOGETHER WITH NOBEE

Apartment hunting?

🏢 Do you need an apartment? Boston-based rental agency Nobee has access to over 5,000+ beautiful apartment options that could be your perfect new home. And the best part? Their unique business model lets you save a whopping 50% on average for broker fees. Check out our top offerings below and take the first step towards securing your dream apartment:

1. SOUTH BOSTON | 2 Beds | 1 Baths | $2,800/mo

2. BRIGHTON | 2 Bed | 1 Bath | $2,695/mo

3. CAMBRIDGE | 2 Beds | 1 Bath | $2,550/mo

To find more spots around Boston, download the app here.

CITY

Quick & dirty headlines

🌪️ Today’s weather is gonna be messy. TL;DR: Pack an umbrella. Chances are you woke up to gusty winds, heavy rain, and lots of thunder and lightning. And those downpours may have caused some flash flooding, so brace for a sloppy commute. The National Weather Service also warned of the possibility of a brief tornado or waterspout today, so make sure you’re signed up for weather-related warnings. Things should clear up around noonish, but we may see another round of storms this afternoon.

❤️ Gov. Healey may step in soon to help the state’s “catastrophic” shelter crisis. The system is incredibly overburdened, and with a recent influx of migrants only exacerbating the situation, Healey is reportedly preparing to announce an emergency declaration to relieve some pressure. For context: As of Friday, 1,382 homeless families had been placed in hotel shelters. When Healey took office in January, there were 388. If she follows through, the declaration would open up the state to emergency federal funding for housing and more. She’ll make an announcement at 10:30 a.m., so stay tuned.

⛽ Mass. gas prices are going up, too. Although gas is much cheaper than it was last summer, we’ve seen a consistent creep at the pump the last few months. The average gas price in Mass. is up seven cents from last week, averaging $3.74 per gallon, and up 19 cents from a month ago, according to AAA Northeast. What’s to blame? Rising oil prices and cuts in production are the usual suspects, but July’s extreme heat forced some refineries to pull back. That said, business should be getting back to normal.

🍔 A new comfort food restaurant has landed in Allston. Chef Sarah Wade is all about comfort food with flair (see: her first Boston restaurant, Stillwater, and her stint as Lulu’s Allston exec. chef). And since the concept ain’t broke, she’s opened Sloane’s, another comfort food spot in Allston this week. The menu is full of elevated American classics like ranch wings and lamb meatloaf, and portions are big enough to take a little home. Food Network once dubbed her the “brunch maven,” so you’ll be able to indulge in the brunch menu until 3 p.m on the weekends.

THINGS TO DO

Weekday checklist

🧙‍♂️ Test your Hobbit knowledge at The Thirsty Scholar. The Somerville pub is hosting a Lord of the Rings trivia night at 7 p.m. tonight. Seating is limited, so get there early!

🌶️ Try to survive Bardo’s hot sauce pizza challenge. The restaurant is topping its South Shore-style pizza with locally made hot sauces that get progressively hotter on Wednesdays this month.

🧱 Feel like a kid again at LEGO Discovery Center. They’re hosting an adults-only LEGO night on Wednesday with adult-only bevs from Notch Brewing, and the chance to win LEGO prizes.

 💐 Make a sweet-smelling wreath with Bluebird Bouquets. The flower shop is hosting an aromatherapy wreath workshop on Thursday where you’ll create your own wreath to refresh your home.

😌 Chill out at Carson Beach. Connected City Social Club is hosting a guided meditation this Friday, followed by massages, a potluck, and a night of dancing. Bonus: It’s free!

TOGETHER WITH FLOUR BAKERY

Giveaway alert!

🍪 We’re giving away $50 to Flour Bakery's online shop. To be eligible, refer a friend below and have them accept your invite between August 8 and 9. If you’ve already referred a friend to B-Side (and they’ve accepted), you're eligible! Full details below*

ONE LAST THING

Halloween in Christmas

Christmas Tree Shops are closing for good this Saturday. And when the clock strikes midnight on Sunday, instead of turning into a pumpkin, the Sagamore location is turning into a Spirit Halloween.

It’s a tale we’re all too familiar with: Company goes bankrupt. Stores close. Spirit Halloween moves in. Store is vacant again in November. And as of now, that’s the plan for the Cape-based location.

Only eight remaining Christmas Tree Shops are open in Mass., so if you want deeply discounted bath towels and potpourri, get there before Saturday.

🌲 Thanks for reading! But wherever will I be able to find old candy and picture frames in the same place? Oh right, Michael’s.

💜 Special Shoutout to today's sponsor, Nobee, for investing in local journalism and providing renter's with a more transparent renting option.

👃 The results are in: To no one’s surprise, 95% of readers thought the Learjet pilot’s stuffy nose excuse explaining why he nearly collided into a JetBlue plane earlier this year was BS. Nice try.

💃 Keep up with us @BostonBSide on IG, TikTok, and Twitter. Send comments and suggestions to [email protected].