Demand for Medford Apartments On The Rise
Apartment data in Medford, MA indicates that rental demand has grown over the past year. Another indication is median days on market.. When apartments become available, they stay on the market for a median of 17 days in Medford. That figure is down -5 days or -22.72% compared to late September last year.
Medford has historically been one of the more affordable suburbs to rent an apartment close to Boston. Rent prices have been $500-$1000 cheaper in Medford than some of Boston’s premium neighborhoods while still offering residents close access to the city. As rent prices have soared in Boston’s core neighborhoods, Medford has likely attracted more renters than in years past thanks to its relative affordability.
Still, this surge in demand has caused rent prices to rise over the last 18 months.
Record High Rent Prices in Medford, MA
The current average rent price in Medford, MA is $2,566, a sharp +12.51% increase since last year. Earlier this month, average rent peaked at $2,571 in Medford, which was an all-time high at the time. Despite record high rents, Medford’s average rent price is still a considerable $574 or -18.28% cheaper than Boston’s average rent price, offering renters a reprieve from the expensive cost of apartments in the city.