By Ridge Yusuf
Medford MA is quickly becoming a popular suburb of Boston. It is a quiet neighborhood historically known for lower rent prices and its close proximity to Boston. Since the pandemic, the rental market has been booming in Medford, as there seems to be higher demand for rental apartments compared to years past. This is clearly shown by the current real time availability rate of Medford MA apartments.
The real time availability rate of apartments in Medford is 2.49%. This figure has dropped by -45.99% YOY. This change is considerably higher than the year-over-year change in apartment availability of nearby Waltham, where the real time availability rate has dropped by a negligible -1.45%.
If we now consider the real time vacancy rate of Medford, we can observe a similar trend. The vacancy rate for apartments in Medford is 1.25%, considerably lower than those of Salem, Melrose, Belmont and Weymouth. Salem and Melrose have a real time vacancy rate of 2.83%, and 2.70% respectively whereas the real time vacancy rate of Belmont and Weymouth is 3.34% and 3.17%. These cities have the highest real time vacancy rates among the suburbs of Boston.
If you are planning to rent a studio apartment in Medford, you can expect to see an average price of $1,821. The average rent price of studio apartments in Boston has experienced a YOY increase of +22.96%. This is the second highest year-over-year change in studio apartment rent prices after Everett. In Everett, the average rent prices have increased by +44% over the past year.
Depending on the number of rooms, you can expect to pay an average rent of $2,361 in Medford to rent an apartment. A one-bedroom apartment in Medford has an average rent price of $1,482 after recording a slight decline of -4.33% since last December. Medford average rent prices for three, four, and five-bedroom apartments are up +2.83%, +4.98%, and +5.82% respectively since last year. With the rental supply still contracting, look for rent prices in Medford to hit new all-time highs in 2022.
