While I personally only do real estate sales, I do have clients who buy rental properties and also often get asked rental questions from friends, friends of friends, people I meet on the street (seriously!), etc. Soooo... figured I'd share some market data from my colleague, Jamie Phillips, who does handle rentals and has some good info on the current state of affairs.
If you were a renter or a landlord during the pandemic, you know it's been a roller coaster the past couple of years. But seems we've settled back into our usual, pre-COVID low vacancies / high demand.
Here's what's been happening in the past four months here in Cambridge, at least with the rentals that are posted in MLS. Bear in mind, there are MANY rentals not posted in MLS, so the number of units rented is probably much higher. Still, the average rents should be representative of the wider pool:
1-bed, 1+ bath units -- 117 rented or under agreement / average rent -- $2,486
2-bed, 1+ bath units -- 166 rented or under agreement / average rent -- $3,133
3-bed, 1+ bath units -- 59 rented or under agreement / average rent -- $4,086
4+ bed, 1+ bath units -- 23 rented or under agreement / average rent -- $5,205
June/July rentals (second only to the September rental season) should begin listing as soon as April, and rental agents are anticipating a strong summer market, so if you're going to be out there looking, expect some competition! And if you need help, reach out to Jamie :)