Apartment Inventory Soars in Cambridge, MA — Market Report
Just became a #contributor at #ActiveRain. Here’s our first #guestpost, the year of #content continues!
While Cambridge is technically outside of the City of Boston, data trends in the housing market and in particular the rental market in Cambridge closely mirror that of Boston. Both are highly cyclical markets that depend heavily on apartment turnover from the local student population. So while Boston’s rental market is reeling due to inventory spikes, it should come as no surprise that the same supply issues are occurring in Cambridge.
Cambridge may be best known as the home of two famous universities: Harvard and MIT. Like most of the area’s Universities, both adopted remote learning for the 2020–2021 school year, severely hampering the influx of students we normally see in September.
As a result, the real estate market in Cambridge has experienced quite a bit of fluctuation in terms of vacancy and availability rates. The information listed below is up-to-date and analyzes real-time rates for Cambridge apartments from the Boston Pads database. The real-time vacancy rate is currently at 5.68%, which ties Cambridge with Brookline as the highest vacancy rate of all suburbs. The real-time availability rate is currently 6.68%, which is the second highest among all suburbs behind only Brookline at 8.05%.
