Medford Apartment Rental Market Outperforming Other Boston Micro-Markets
The #VacancyRate in #Medford #MA has remained relatively steady compared to other popular #offcampushousing enclaves in #Boston. Learn why in our #RealEstate #MarketReport!
The apartment rental market in Medford has faired well in comparison to many neighborhoods in Boston. While many neighborhoods that have a heavy student population saw vacancies soar to unprecedented levels as a result of COVID and remote learning, the vacancy rate for Medford apartments never rose above 4%. Medford is a favorite option for students seeking apartments near Tufts University, but it didn’t experience the same supply issues as other student enclaves like Fenway, Allston, and Cambridge.
The current vacancy rate in Medford is 1.8%. That is significantly lower than the current vacancy rate in the City of Boston (3.17%) and even the combined vacancy rate of all suburbs in Boston (2.9%). The rental market in Medford is heavily dependent on the local student population, and historically it has experienced the same turnover as the City of Boston as a result. So one would think that remote learning would have done the same to Medford as it did to Boston, but that is not the case. So how has Medford avoided the apartment supply glut that other neighborhoods were burdened with?
