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Medford Apartment Average Rent Prices
Posted 07-22-2021 at 01:12 PM by zachparker7
Medford apartment prices have faired well in comparison the decreases seen throughout most of Metro Boston. While its true prices have dipped by -1.79% for Medford apartments, that pails in comparison to rent drops seen across Greater Boston, where apartment prices have decreased by -4.61% compared to July of last year.
The average rent in Medford, MA is currently $2,124. It costs $1,510 to rent a 1 bedroom apartment on average, which ranks as the lowest average rent price for 1 bedroom units among all of Boston Metro’s suburbs. A 2 bedroom apartment averages $2,107, which ranks 8th out of the 14 suburbs closest to Boston.
Medford’s average rent price is much lower than the average for all of Boston Metro’s suburbs by 10-30% across most units. The average rent price in Boston’s suburban neighborhoods is $2,009 for a 1 bedroom and $2,505 for 2 bedroom apartments.
A look at the rental data suggests that Medford is an affordable place to rent a small apartment, however prices for larger units it tend to be pricier. This could be due to the higher demand larger apartments from Tufts University students, as they typically will split a larger unit.
YOY Changes in Medford Apartment Prices
Medford’s average rent price has dipped 1.79% since July of 2020. These price reductions were a direct result of soaring vacancies related to the pandemic, and in particular remote learning. Medford’s apartment rental market is fueled by the demand for apartments near Tufts University, so remote learning policies had an adverse affect on rental supply.
Now that remote learning has been phased down for Fall 2021 at Tufts, demand has been restored in this area, and prices are back on an upward trend. Look for apartment prices in Medford to be up YOY by December when apartment availability is at its lowest.
The average rent in Medford, MA is currently $2,124. It costs $1,510 to rent a 1 bedroom apartment on average, which ranks as the lowest average rent price for 1 bedroom units among all of Boston Metro’s suburbs. A 2 bedroom apartment averages $2,107, which ranks 8th out of the 14 suburbs closest to Boston.
Medford’s average rent price is much lower than the average for all of Boston Metro’s suburbs by 10-30% across most units. The average rent price in Boston’s suburban neighborhoods is $2,009 for a 1 bedroom and $2,505 for 2 bedroom apartments.
A look at the rental data suggests that Medford is an affordable place to rent a small apartment, however prices for larger units it tend to be pricier. This could be due to the higher demand larger apartments from Tufts University students, as they typically will split a larger unit.
YOY Changes in Medford Apartment Prices
Medford’s average rent price has dipped 1.79% since July of 2020. These price reductions were a direct result of soaring vacancies related to the pandemic, and in particular remote learning. Medford’s apartment rental market is fueled by the demand for apartments near Tufts University, so remote learning policies had an adverse affect on rental supply.
Now that remote learning has been phased down for Fall 2021 at Tufts, demand has been restored in this area, and prices are back on an upward trend. Look for apartment prices in Medford to be up YOY by December when apartment availability is at its lowest.
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