Medford Pads pulled data from the Boston Pads apartment database to create this infographic showing average rent prices. The Boston Pads database contains over 156,000 Boston apartments, 500,000 property photos, and 8,000 video tours.
Average rent prices were calculated from 179 Medford apartments that either are currently listed or that were rented in the last year. The real time vacancy rate of 6 percent was taken from the total of currently available and soon-to-be available apartments, divided by the number of all Medford apartments in the database. Information on population size and household income came from the US Census Bureau.
Interestingly, the difference between average rents in Medford versus those in its neighbor to the east, Malden, grow with the size of the apartments measured. For studio and 1-bedroom apartments, the average rents in the two cities are within $50 of each other. But, for 2-bedroom units, the average rent in Medford is, on average, nearly $300 higher than that average rent prices in Malden. Medford remains significantly costlier, on average, for larger units, with the different hitting nearly $600 for 4-bedroom apartments. Average rent prices in Somerville, which sits south of Medford, closer to Boston, costs over $400 more than Medford in rent for nearly all unit sizes.
|
BEDROOMS |
MEDFORD |
MALDEN |
SOMERVILLE |
|
Studio |
$1,229.00 |
$1,282.96 |
$1,855.79 |
|
1 Bedroom |
$1,546.26 |
$1,543.60 |
$1,972.11 |
|
2 Bedrooms |
$2,135.76 |
$1,866.93 |
$2,182.63 |
|
3 Bedrooms |
$2,484.90 |
$2,355.40 |
$2,949.39 |
|
4 Bedrooms |
$3,170.79 |
$2,584.44 |
$3,777.14 |
|
5 Bedrooms |
$4,112.50 |
$3,666.67 |
$4,825.00 |
Medford was one of 22 cities, towns, and neighborhoods in the Boston area that was analyzed. Its rankings bode well for renters living on a budget. Medford is the 3rd least expensive of all the areas sampled for studio, 1-bedroom, and 3-bedroom apartments. It is within the top 10 least expensive areas for all apartment sizes.
About Medford Pads
Medford Pads is the definitive real estate portal for Medford, MA, powered by the Boston Pads database. The information in this infographic and similar information for the Greater Boston Area is available by phone to interested landlords and renters alike. A courteous and professional phone staff and licensed real estate agents field calls seven days a week. Landlords can use this service to learn more about the rental market in their area, including the latest price rates for apartments, vacancy rates, and more. They can use this data to set more ideal rents on their properties, maximizing income and minimizing vacancies.
It is this data-driven and hyper-local business model that allowed Boston Pads to build a network of landlords to over 16,000. Boston area landlords listing with Boston Pads get the largest audience for their listings that any one portal can offer. Boston Pads syndicates listings to over 80 locally optimized websites, plus all major national platforms like Trulia, Zillow, and Craigslist, and more than 100 local pages on social media platforms like Twitter, Facebook, and YouTube.
This comprehensive marketing coverage and superior data has positioned Boston Pads as the real estate and information technology leader in New England. Their platform scales with real estate offices as they grow, and adapts to any market. Agencies and landlords looking for tools to help them improve revenue and beat the competition are welcome to utilize this suite of technologies.
To see average rent prices for more parts of the Greater Boston Area, check out a Boston Pads infographic on average rent prices in Boston by town.
