An in-depth look at the Massachusetts rental market (May edition)
The median rental price for one-bedroom apartments in the state went up 4.55 percent in April, and Cambridge remains the most expensive community for renters, according to a report ApartmentAdvisor.com released Monday. ApartmentAdvisor analyzes listings on its website to reach its findings.
The median rent for a one-bedroom apartment in Massachusetts was $2,300, which reflects an increase of 1.54 percent over the past three months. Meanwhile, the median rent for a one-bedroom climbed to $2,728 in Cambridge, which was a 4.14 percent increase over last month but a 2.58 percent drop over the past three months.
Boston sits at No. 4 in the tally of the commonwealth’s most expensive rental markets, according to the report. Brookline was No. 2, with a median rent for a one-bedroom of $2,500, and Waltham, which had a median tally of $2,408 last month, was No. 3. The median rent in the capital was $2,400, which reflects an increase of 4.35 percent over last month. (Note, for big shifts in inventory, such as a big multifamily development opening to leases, the website factors in “a weighted average price for like units in the same property versus including each individual unit.”)
The bad news for renters is that only a handful of communities in the state saw a decrease in the median rent last month. The biggest drops in one-bedroom rents were in Lowell (-4.39 percent), Salem (-4.38 percent), and Quincy (-4.17 percent), but the biggest increases in this category were in Revere (16.15 percent) and Lynn (9.09 percent) on the North Shore and Braintree (8.93 percent) on the South Shore.
Click on the map below to see the median monthly rent in select Massachusetts communities:
Here are ApartmentAdvisor’s findings for one-, two-, and three-bedroom apartments in various communities and a breakdown by Boston neighborhood:
One-bedroom
Two-bedroom
Three-bedroom
And in several Boston neighborhoods
*Insufficient listings
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