Despite the price drops caused by COVID, Cambridge is still the most expensive suburb to rent an apartment. Brookline is the second most expensive suburb, with an average rent price $60 shy of Cambridge ($2,867). In addition to overall average rent, Cambridge holds the highest suburban average rent price for all sized apartments, from studios up to 5 bedroom units.
2022 Cambridge Rental Market Predictions
Based on current rental data, we expect the Cambridge apartment rental market to continue to strengthen over the latter half of 2022. The current data points to a short-supply of non-luxury apartment units in Cambridge, which are always in high demand among both the off-campus and young professional groups. With no imminent plans of vastly increasing the supply of housing units, it appears that rental inventory will only get tighter as we approach the end of the year. Housing officials and legislators are going to have to come up with innovative ways of increasing density and overall housing stock with limited land options.
We also expect summer rentals to make a full comeback in 2022 after taking a two-year hiatus due to remote work trends during COVID. Offices have reopened, putting additional pressure on the already tight supply of apartments in Cambridge. Look for rent prices to continue to rise and possibly even accelerate during the second half of 2022 as a result. It wouldn’t surprise us if we see an additional rent increase in aggregate for Cambridge in 4-6% range for the remainder of the year. With inflation running rampant and runaway energy, materials and labor costs; a continued rise in rent prices is almost certain. Cambridge renters who act early will see the best pricing in 2022 as well as the most options. Those who wait until July or August to lock down a rental for September will likely be faced with higher pricing and even lower inventory. If you are looking for further details about specific real time…