Medford Average Rent Prices 2019
As fall sets in around Greater Boston, some parts of the Medford apartment rental market heat up. As Tufts University begins its fall semester, every year we see a big spike in web traffic at the same time, as hundreds of new units get rented out in parts of Medford and Somerville markets. But how’s it looking in 2019? Here’s a real time report of the rental market in Medford for October 2019.
Medford has long been one of Greater Boston’s hidden gems. Located minutes from downtown, Medford is situated just north of Somerville and to the west of Medford. It’s location gives residents easy access to the city and local attractions, but it’s location also gives renters a break on living expenses. Medford has traditionally been one of the more affordable cities near Boston to rent an apartment especially compared to numerous other locations.
Average Rent Prices in Medford
While rent prices have increased significantly across the board in recent years, Medford remains one of the more affordable places to rent an apartment in Greater Boston. The average rent price for a 2 bedroom apartment in Medford is $2,093 and $2,676 for a 3 bedroom, which is significantly lower than neighboring Somerville to the South. Many people with jobs or businesses in Cambridge and Somerville often rent in Medford to save their money in preparation for buying a property of their own.
|City Of Boston||$1,819||$2,174||$2,572||$2,998||$3,626||$4,299|
According to the data, it is clear Medford is a very affordable place to rent an apartment. However, living with roommates may not be the best option in Medford if you are looking to rent in the June market when prices spike. It is more expensive to rent a 3 bedroom apartment in Medford at $2,676 per month than all bordering neighborhoods with the exception of Somerville, which include Malden, Everett, and Arlington. A large amount of apartments come available in and around the tufts college area that fall on a 6/1 to 5/31 cycle. There appears to be divergence in rental pricing and the real time availability rate and vacancy rate when it comes to Medford.
If you are looking to save money on a three bed you want to look in the off months and not compete in the June Market. Other times of the year you will often see far more affordable rental units come to market if they are leased on another date such as 9/1 or early spring. Prices clearly start to slide in August when some landlords miss the bigger market of 6/1.
Not surprisingly, with units in close proximity to Tufts university it is more expensive to rent. Certain parts of Somerville in close proximity to the Medford/Tufts border also have significantly divergent lease renewal dates which also seem to mimic the Medford 6/1 – 5/31 leasing cycle. Therefore you can see some bifurcation of lease renewal dates and rental pricing being influenced by the local college. As you move further away from the university you will see less a of disruption on leasing renewal dates and pricing. Therefore if you have the opportunity to rent in the off leasing cycle time near Tufts you can score a great apartment much cheaper. Like everything – timing matters in life.
Apartment Prices Trending Down? Not Yet
An interesting trend in 2019 has been a stabilization of rent prices throughout the year in many markets in and around Boston. This is one of the first signs of a market leveling we’ve seen since 2008, and Medford was no exception. Rent prices in Medford have only increased 1.73% for 3 bedroom apartments and 1.83% for 1 bedroom apartments. Rent prices are relatively flat for 2 bedroom prices in the same time span (down .38%).
While some may look to this chart as a sign of the market cooling down, the experienced rental professional utilizing great data knows there are ebbs and flows to the Medford marketplace. Rent reductions and wider enticing offers are commonplace in August and move through September into the fall. Wintertime pricing can also be hit or miss and some landlords also pay rental fees to brokers during periods of lower apartment absorption. However, there are some predictable seasonal patterns of lower price points for rent in various bedroom sizes in certain parts Medford area. For Medford landlords it is important to know your neighborhood and the rental cycle that will give you the best chance of the most optimum rents and qualified tenants.
There is no question that some landlords in Medford will drop rental prices to not miss out on getting their place rented; which seems to become particularly acute as it approaches 9/1. More astute landlords check in frequently with leading real estate offices to make sure their pricing is not catching a falling knife. Often times getting ahead of August price reductions is the smartest financial strategy to implement. Provided that the unit looks good and has proper amenities, history tells us that unrented properties will correct themselves once landlords make some price adjustments then get their properties back on the more efficient leasing cycle.
If you are a landlord and this all sounds too confusing, please feel free to reach out to one of our Medford apartment rental experts. We can help craft an apartment leasing plan specific to your property that will help you get the most out of your investment.
Call us at (617) 208-2121 or fill out our contact form here!