Why Boston hotel rooms are so expensive
The cost of a Boston hotel room in Boston is far higher than the average cost of four-bedroom apartments in the city, according to a report released Thursday by real estate data firm Zillow.
The report found that Boston hotels have an average rent of $2,700 per month and that a typical room in a five-star hotel costs $2.7 million to $3.6 million.
Zillows study also found that the average rent in a six- or seven-bedroom hotel in Boston averages $3,200 to $4,200 per month.
The ZillOW study, which was released Thursday, found that average rents in Boston are up 27% from 2015, when the cost of renting an average-priced room in the Boston area was $2.,400 per month, according the report.
Zillow did not disclose the cost for a five or six-bedroom, but it is estimated that a six bedroom in a three-bedroom apartment costs $5,000 to $6,000 per month in Boston.
The study estimates that a one bedroom in an average apartment in Boston costs $1,500 per month to $2 for a family of four.
The city’s median household income in 2016 was $51,842, and Zillowed found that one-bedroom and two-bedroom homes in Boston average $84,921 and $97,716 respectively, with two-bedrooms in Boston averaging $86,941 and $107,000 respectively.
The average price of a four-bedroom apartment in the greater Boston area averaged $1.3 million in 2015, according Zillower, while the average price for a three bedroom apartment in Massachusetts was $1 million in 2016.