The last couple of years have seen an unstable apartment rental market all around the Greater Boston area, and Medford has been no different. There have been larger than normal decreases in average rent prices and an increase in real-time availability rate (RTAR) and real-time vacancy rates (RTVR) compared to the year before. In this article we are going to help update you about what is going on in the metropolitan region of Boston, and their impact on the supply glut of Medford apartments.
The Increase in RTAR and RTVR in Medford Has Been Average
Medford has seen an uptick in terms ofapartment RTAR and RTVR. In total, all of the areas of Boston saw a yearly increase in RTAR and RTVR of +78.89% and +121.05%. In what is officially the City of Boston, the RTAR and RTVR figures were slightly larger at +87.63% and +144.74% change over the last year. Finally, in the metropolitan area of Boston, the RTAR increased by +61.32% while the RTVR saw a higher than average change of +88.74%.
Medford’s RTAR and RTVR year over year change was overall very average compared to the 18 other towns neighborhoods that comprise Boston’s immediate suburbs. Medford saw the 8th biggest increase in RTAR and the 9th in RTVR, or to be more specific the district of Medford had a 43.32% yearly expansion in RTAR and 52.46% in RTVR over the past year.
Neighborhoods with a similar level of rent prices to Medford’s $2,271 such as Arlington that has an average rent of $2,316 had on average a much larger alteration in year-over-year RTAR and RTVR. To be precise, Arlington’s RTAR and RTVR grew by +397.22% and +231.17% respectively. More interestingly there were neighborhoods with much cheaper rents such as Norwood with a rent of $1,073 saw a change of +292.50% for both RTAR and RTVR. However, there were also town neighborhoods such as Chelsea and Revere that saw much smaller expansion in both metrics, and in Chelsea’s case a rare decrease for this calendar year.
Below we will provide a further comparison between Medford and the neighborhoods that have had a comparable performance in the RTAR and RTVR metrics:
1. Medford
Average Rent: $2,271
RTAR Change YOY: 43.32%
RTVR Change YOY: 52.46%
2. Revere
Average Rent: $2,150
RTAR Change YOY: 20.40%
RTVR Change YOY: 31.44%
3. Cambridge
Average Rent: $2,894
RTAR Change YOY: 45.81%
RTVR Change YOY: 93.33%
4. Malden
Average Rent: $2,022
RTAR Change YOY: 18.61%
RTVR Change YOY: 94.17%
5. Everett
Average Rent: $2,228
RTAR Change YOY: -9.22%
RTVR Change YOY: 3.95%
6. Chelsea
Average Rent: $2,252
RTAR Change YOY: -18.89%
RTVR Change YOY: 49.86%
Medford Apartment Prices Stable Despite Rise In Inventory
The average rent for apartments in Medford have been nearly the same compared to last year with a minor change of just +0.14%. Furthermore, the current average rent in Medford is $2,271. There has been a mixed level of performance between the different regions of Greater Boston that have a similar average rent. For example, Chelsea which has an average rent of $2,252 saw a decrease of -2.13% while Arlington at an average rent of $2,316 had a multiple times larger increase of +4.55%.
The most popular properties in Medford were the Studios and 5 Bedroom apartments which had an increase in year-over-year rent of +6.51% and +4.47%. At the same time, Medford apartments in the other categories did not perform as well. The rent for 1 Bedroom properties decreased by -0.71%, 2 Bedroom home prices changed by 0.99%, 3 Bedrooms saw a change of 0.15% while 4 Bedrooms homes experienced a year-over-year change of -0.35%
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