Medford MA Apartment Rental Market Outperforms Metro in YOY Metrics
Medford is one of the towns outside Boston where there hasn’t been a considerable impact of the pandemic on the average YOY change in the prices of the apartments. Medford MA apartments have an average change in the price of just 0.27%. The average rent price of apartments in Medford is $2,118, only slightly lower than that of the city of Boston where the average price is $2,511.
The average prices of these apartments largely depends upon the number of bedrooms you are looking for in a property. If you are looking for a one-bedroom apartment in Medford, you can expect an average rent price of $1,486 after a drop of -5.11% YOY. Two-bedroom Medford MA apartments cost an average of $2,085. The average rent price of two-bedroom apartments in Medford have experienced a rise of +1.21% YOY. This is in contrast with the city of Boston where the YOY change in the price of two-bedroom apartments is down by -3.04%.
If you are looking for three or four bedroom apartments to rent in Medford, then you may need to pay considerably more. Medford’s average rent price for a 2 bedroom unit is $2,783 and has increased by +4.70% since last year. That is considerably higher than the rise seen in the city of Boston. The prices of three-bedroom apartments in Boston saw a rise of just +1.03% year-over-year. On the other hand, a four-bedroom apartment in Medford may cost $3,540 on average. This price witnessed a jump of +7.89% year-over-year whereas the rent prices of four-bedroom apartments in Boston have seen a slight drop in price (-0.83%).
The real time availability rate year-over-year change for apartments in Medford has increased by +34.69%, fairly higher than the YOY change in real time availability rate of +23.83% in the city of Boston. At present, the real time Medford MA availability rate lies at 3.96%, quite higher than the real time vacancy rate in Boston which sits at 2.39%. A similar pattern can be seen in the real time vacancy rate for Medford apartments, which has increased by +45.65% YOY. Now, the real time Medford MA vacancy rate is 2.01%, almost equal to the vacancy rates in Boston at 1.99%. Look for these supply numbers to shrink heading towards the end of 2021, as Tufts rental market generally stays busy throughout the fall.
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