Malden Apartment Average Rent Prices
The average rent price in Malden, MA has seen slight drop YOY compared to July 2020, but not nearly as much as the Metro area has seen as a whole. Despite experiencing more supply issues compared to Greater Boston over the past year, rent prices for Malden apartments managed to drop by only -0.27%, whereas the average rent price in Greater Boston dipped -4.61% year-over-year.
As of July 2021, the average rent price in Malden, MA is $2,030. It costs $1,628 to rent a 1 bedroom apartment on average, which ranks as the 3rd lowest average rent price for 1 bedroom units among all of Boston Metro suburbs. A 2 bedroom apartment averages $1,991, which ranks as the least expensive neighborhood out of all 14 suburbs near Boston.
Malden’s average rent price is considerably lower than the that of Greater Boston by 20–30% across all sized units. The average rent price in Greater Boston is $1,991 and $2,465 for a 1 and 2 bedroom apartments respectively. The average rent in Malden ($2,030) is 20% less expensive than the average rent for Boston apartments ($2,520).
This makes Malden still one of the most affordable places to rent an apartment. Look for prices in Malden to rise at a faster pace than other suburbs as demand has been increasing in Boston’s suburban neighborhoods. We should see YOY apartment prices back in the black by the time January nears.
YOY Changes in Malden Apartment Prices
Malden’s average rent price has decreased by a small margin (-0.27%) since July of 2020. These price reductions were a direct result of soaring vacancies related to the pandemic, and in particular remote learning. Malden’s apartment rental market is fueled by the market for off campus housing near Tufts University, so remote learning policies had an adverse affect on rental supply in Malden.
Now that remote learning has been phased down for Fall 2021 at Tufts, demand has been restored in this area, and prices are back on an upward trend. Additional demand on rental supply from the remote work population will also play a key part in pushing rental prices upward in Malden over the next few years.
