Increase in Vacancy Rates for Boston & the Surrounding Areas
Boston, much like the rest of the country, has undergone some major changes in the past year. With the real estate market already prone to fluctuations, the past 10 months have brought about an increase in vacancy rates and availability rates. The areas outside of Boston, such as Cambridge, have witnessed similar changes to their real estate market. Cambridge is best known for its prestigious universities: Harvard and MIT. As a result, many students and families move to Cambridge to pursue education and career. This area is known as the Greater Boston Area. For this reason, there is usually an endless demand for apartments for rent in Cambridge, MA. However, the pandemic has caused these two institutions to enact remote learning, driving up the amount of vacant inventory and driving down prices. The real-time availability rate in Cambridge is 6.68% and the vacancy rate is 5.68%.
Average Rent Prices in Cambridge, MA
As mentioned previously, Cambridge has many attractive opportunities for education, career, shopping, dining, art, history, museums and more. The average prices for Cambridge apartments are listed below and can help landlords and renters find the perfect home to rent outside of Boston.
The average price for a studio apartment in Cambridge is $1,911.
The average price for a one-bedroom apartment in Cambridge is $2,257.
The average price for a two-bedroom apartment in Cambridge is $2,717.
The average price for a three-bedroom apartment in Cambridge is $3,326.
The average price for a four-bedroom apartment in Cambridge is $4,313.
The Recent Changes in Cambridge Apartment Average Rent
Landlords and renters can benefit from the recent changes in Cambridge average rent prices. The changes from year to year can be analyzed with a statistic known as YOY changes or year-over-year changes. It is important to understand these changes as it allows both landlords and renters to make strategic decisions for the future. However, due to remote learning offered at many universities such as Harvard and MIT, Cambridge is not as populated as it usually is this time of year. It is also important to note that some of the previously most sought-after towns in the Greater Boston Area are now easily available, while other areas that had plenty of empty apartments are nearly full. Real estate easily fluctuates based on current events in society.
The YOY change for a studio apartment in Cambridge is -2.10%.
The YOY change for a one-bedroom apartment in Cambridge is -4.73%.
The YOY change for a two-bedroom apartment in Cambridge is -5.43%.
The YOY change for a three-bedroom apartment in Cambridge is -4.09%.
The YOY change for a four-bedroom apartment in Cambridge is -6.54%.