2024 Cambridge Apartment Rental Market Report - Boston Pads (2024)

Home Boston Real Estate Insights Boston Rental Market

10 minute read

2024 Cambridge Apartment Rental Market Report - Boston Pads (1)

Demetrios Salpoglou

June 11, 2024

Social Media Sharing Button

2024 Cambridge Apartment Rental Market Report - Boston Pads (2)

Cambridge, MA is one of the largest and most expensive rental markets outside of Boston, MA. Rental demand and apartment turnover are very high in this neighborhood on account of its close proximity to many major universities in the Boston metro, namely Harvard and MIT which are both located in Cambridge.

In Cambridge, you also have a large proportion of high-tech companies that rapidly grow, mature, and consolidate or decline based on free market forces. The typical worker is often transient to Cambridge as high-tech jobs shift more quickly than traditional companies. Therefore Cambridge is a unique market that commands high rent but has a quicker rental turnover than other Greater Boston areas. As a landlord in Cambridge, you will want to stay on top of your rentals as market forces can shift on a dime and many jobs can quickly turn into remote-based positions.

In recent years, the apartment rental market in Cambridge, MA has experienced the highest rental demand on record, driving vacancy and availability to new all-time lows. Venture capital and family office money have been strategically deployed countless times with success in Cambridge which keeps pushing demand. Rent prices rose by double-digit margins in late 2022 and 2023 as a result. Rent prices are still on the rise so far in 2024, albeit at a lower rate than the previous year. Here are the dominant data trends affecting the Cambridge apartment rental market 2024.

Cambridge, MA Apartment Rental Supply Numbers

The current real-time availability rate (RTAR) for Cambridge apartments is 3.69%. That marks an +11.14% increase compared to early June 2023, when Cambridge’s rental supply was approaching an all-time low. Though apartment availability is slightly higher year-over-year, the cyclical peak in 2024 (4.11%) was -6.59% lower than its 2023 peak of 4.4%. RTAR typically peaked in the 5-6% range in the years prior to the pandemic, which illustrates that apartment demand is as high as ever in Cambridge.

');}else{$("#"+chart_id).append('

');}if(value.multiaxis_combined === true){var ctx = document.getElementById(tabId).getContext("2d");var chartDataMultiAxis = value.multiaxis;const correctedMultiaxis = value.multiaxis.replace(/\n/g, "").replace(/\t/g, "").replace(/\/\/.*/g, "").replace(/,\s*}/g, "}").replace(/,\s*]/g, "]");const multiaxisObject = eval("(" + value.multiaxis + ")");var mmObj = {type: multiaxisObject.type,data: multiaxisObject.data,options: multiaxisObject.options};let abcM;if (value.annotation) {try {abcM = JSON.parse(value.annotation);} catch (error) {// alert("Error parsing annotation JSON:" + value.annotation);}}if (value.annotation) {abcM = JSON.parse(value.annotation);}// Add the parsed annotations to the chart optionsif (abcM) {if (!mmObj.options) {mmObj.options = {};}mmObj.options.annotation = {drawTime: abcM.annotation.drawTime,events: abcM.annotation.events,annotations: abcM.annotation.annotations};}const myChart = new Chart(ctx, mmObj);if ($("#" + ctabId + " table").length === 0) {if(value.wcag_table!=undefined){const tableHtml = genrateJsonTableMultiAxis(value.wcag_table);$("#" + ctabId).append(tableHtml);}}}else{var ctx = document.getElementById(tabId).getContext("2d");if(value.data_label!=undefined){var chartData = parseChartData(value);new Chart(ctx, chartData);}if ($("#" + ctabId + " table").length === 0) {// Add table generation code under chart starts from here const tableHtml = generateTableFromJSON(value.wcag_table);$("#" + ctabId).append(tableHtml);}}}else{$.each(globalJsonData, function(key, value) {var randomInt = getRandomInt(1, 1000);const tabId = "charts_tabs-" + key+"_"+randomInt;const ctabId = "charts_tab-" + key+"_"+randomInt;$(".err_chart_"+chart_number).append(value.annotation_error);const parentDiv = $("#"+chart_id);const childDiv = $("#" + chart_id).parent().find(".charts_tabs");const ulElement = childDiv.find("#mylist");ulElement.append('

  • ' + value.tab_heading + value.tab_sub_heading + '
  • ');childDiv.append('

    ');var new_name = "charts_tabs-"+key+"_"+randomInt;;var ctx = document.getElementById(new_name).getContext("2d");var chartData = parseChartData(value);new Chart(ctx, chartData);counter++;if ($("#" + ctabId + " table").length === 0) {// Add table generation code under chart starts from here const tableHtml = generateTableFromJSON(value.wcag_table);$("#" + ctabId).append(tableHtml);}});}jQuery("#" + chart_id).parent().find(".charts_tabs").tabs();});} function createChart() {}function getRandomInt(min, max) {min = Math.ceil(min);max = Math.floor(max);return Math.floor(Math.random() * (max - min + 1)) + min; }function genrateJsonTableMultiAxis(jsonData){let divClass = jsonData.show_table_class;let tableData = jsonData.table;// Create the table with the specified classlet html = "

    ";// Add header rowhtml += "";tableData[0].forEach(function(header) {html += "";});html += "";// Add data rowshtml += "";for (var i = 1; i < tableData.length; i++) {html += "";tableData[i].forEach(function(cell) {html += "";});html += "";}html += "";// Close the table and div tagshtml += "
    " + header + "
    " + cell + "

    ";return html;}function generateTableFromJSON(jsonData) {if (!jsonData) {return "";}const wcagTable = jsonData;const heading = wcagTable.heading;const rows = wcagTable.rows;const divClass = wcagTable.div_class || "";let html = "

    ";// Table headinghtml += "";html += "";html += "";if (heading.compare_value) {html += "";}html += "";// Table rowshtml += "";for (const row of rows) {html += "";html += "";html += "";if (row.compare_value) {html += "";}html += "";}html += "";html += "
    " + heading.date + "" + heading.value + "" + heading.compare_value + "
    " + row.date + "" + row.value + "" + row.compare_value + "

    ";return html;}function parseChartData(value) {const labels = JSON.parse(value.data_label.slice(7));const data = JSON.parse(value.data);const compareLocationData = JSON.parse(value.compare_location_data);const symbol = value.symbol;const percent = value.percent;const datasets = [ {label: value.dataset_compare_location_label,data: data,borderWidth: value.chart_border_width,backgroundColor: value.chart_plain_bgcolor,borderColor: value.chart_plain_border_color,pointBackgroundColor: value.chart_plain_pointbgcolor,pointBorderColor: value.chart_tab_point_border_color,pointStyle: "rectRounded",pointRadius: value.chart_plain_point_radius,pointHitRadius: value.chart_plain_point_hit_radius,pointHoverRadius: value.chart_plain_point_hover_radius,pointHoverBorderWidth: value.chart_plain_point_hover_border_width,cubicInterpolationMode: "default",spanGaps: true, },]; if (value.compare_location_label) { datasets.push({label: value.compare_location_label,data: compareLocationData,borderWidth: value.chart_comparison_border_width,fill:value.chart_comparison_fill_flag,backgroundColor: value.chart_comparison_bgcolor,borderColor: value.chart_comparison_border_color,pointRadius: value.chart_comparison_point_radius,pointHitRadius: value.chart_comparison_point_hit_radius,pointHoverRadius: value.chart_comparison_point_hover_radius,pointHoverBorderWidth: value.chart_comparison_point_hover_border_width,cubicInterpolationMode: "default",spanGaps: true, });} const chartData = { labels: labels, datasets: datasets,};let abc;if (value.annotation) {try { abc = JSON.parse(value.annotation);} catch (error) {// alert("Error parsing annotation JSON:"+ value.annotation);} }if (value.annotation) {abc = JSON.parse(value.annotation);}if(value.yaxis_label_labelString!=null){var y_label = value.yaxis_label_labelString;}else{var y_label = "";}const chartOptions = { maintainAspectRatio: false, scales: {yAxes: [ {ticks: { autoSkip: true, autoSkipPadding: 90, reverse: false, callback: function (value, index, values) {return symbol + value + percent; },},scaleLabel: { display: true, fontSize: 14, labelString: y_label,}, },],xAxes: [ {ticks: { autoSkip: true, autoSkipPadding: 5,}, },], }, legend: {display: value.xAxes_legend_display === "true",labels: { fontSize: 14,}, }, tooltips: {enabled: true,mode: "single",callbacks: { label: function (tooltipItems, data) {return symbol + tooltipItems.yLabel + percent; },}, }, // Add any other chart options here};if (abc && abc.annotation) {chartOptions.annotation = abc.annotation; }var options = { type: "line", data: chartData, options: chartOptions,};return options; } function fixInvalidCommas(dataString) {return dataString.replace(/,,/g, ",null,"); } function findInvalidCharacter(jsonString) {let position = -1;try { JSON.parse(jsonString);} catch (error) { const match = error.message.match(/position (\d+)/); if (match) {position = parseInt(match[1], 10); }}return position; }function isElementVisibleAPI(el) {const rect = el.getBoundingClientRect();const windowHeight = window.innerHeight || document.documentElement.clientHeight;const windowWidth = window.innerWidth || document.documentElement.clientWidth;return (rect.top < windowHeight &&rect.bottom > 0 &&rect.left < windowWidth &&rect.right > 0);}});

    The current real-time availability rate (RTVR) in Cambridge, MA is 1.07%. That figure is up +35.44% year-over-year. Despite being up by a one-third margin compared to last year, vacancies are still very low by historical standards. The vacancy rate spent most of the past 2 years below the 1% mark when apartment scarcity was at its highest. It will be interesting to see if the RTVR comes close to the 2% level on September 1 in Cambridge, which it had done consistently in the years prior to COVID.

    ');}else{$("#"+chart_id).append('

    ');}if(value.multiaxis_combined === true){var ctx = document.getElementById(tabId).getContext("2d");var chartDataMultiAxis = value.multiaxis;const correctedMultiaxis = value.multiaxis.replace(/\n/g, "").replace(/\t/g, "").replace(/\/\/.*/g, "").replace(/,\s*}/g, "}").replace(/,\s*]/g, "]");const multiaxisObject = eval("(" + value.multiaxis + ")");var mmObj = {type: multiaxisObject.type,data: multiaxisObject.data,options: multiaxisObject.options};let abcM;if (value.annotation) {try {abcM = JSON.parse(value.annotation);} catch (error) {// alert("Error parsing annotation JSON:" + value.annotation);}}if (value.annotation) {abcM = JSON.parse(value.annotation);}// Add the parsed annotations to the chart optionsif (abcM) {if (!mmObj.options) {mmObj.options = {};}mmObj.options.annotation = {drawTime: abcM.annotation.drawTime,events: abcM.annotation.events,annotations: abcM.annotation.annotations};}const myChart = new Chart(ctx, mmObj);if ($("#" + ctabId + " table").length === 0) {if(value.wcag_table!=undefined){const tableHtml = genrateJsonTableMultiAxis(value.wcag_table);$("#" + ctabId).append(tableHtml);}}}else{var ctx = document.getElementById(tabId).getContext("2d");if(value.data_label!=undefined){var chartData = parseChartData(value);new Chart(ctx, chartData);}if ($("#" + ctabId + " table").length === 0) {// Add table generation code under chart starts from here const tableHtml = generateTableFromJSON(value.wcag_table);$("#" + ctabId).append(tableHtml);}}}else{$.each(globalJsonData, function(key, value) {var randomInt = getRandomInt(1, 1000);const tabId = "charts_tabs-" + key+"_"+randomInt;const ctabId = "charts_tab-" + key+"_"+randomInt;$(".err_chart_"+chart_number).append(value.annotation_error);const parentDiv = $("#"+chart_id);const childDiv = $("#" + chart_id).parent().find(".charts_tabs");const ulElement = childDiv.find("#mylist");ulElement.append('

  • ' + value.tab_heading + value.tab_sub_heading + '
  • ');childDiv.append('

    ');var new_name = "charts_tabs-"+key+"_"+randomInt;;var ctx = document.getElementById(new_name).getContext("2d");var chartData = parseChartData(value);new Chart(ctx, chartData);counter++;if ($("#" + ctabId + " table").length === 0) {// Add table generation code under chart starts from here const tableHtml = generateTableFromJSON(value.wcag_table);$("#" + ctabId).append(tableHtml);}});}jQuery("#" + chart_id).parent().find(".charts_tabs").tabs();});} function createChart() {}function getRandomInt(min, max) {min = Math.ceil(min);max = Math.floor(max);return Math.floor(Math.random() * (max - min + 1)) + min; }function genrateJsonTableMultiAxis(jsonData){let divClass = jsonData.show_table_class;let tableData = jsonData.table;// Create the table with the specified classlet html = "

    ";// Add header rowhtml += "";tableData[0].forEach(function(header) {html += "";});html += "";// Add data rowshtml += "";for (var i = 1; i < tableData.length; i++) {html += "";tableData[i].forEach(function(cell) {html += "";});html += "";}html += "";// Close the table and div tagshtml += "
    " + header + "
    " + cell + "

    ";return html;}function generateTableFromJSON(jsonData) {if (!jsonData) {return "";}const wcagTable = jsonData;const heading = wcagTable.heading;const rows = wcagTable.rows;const divClass = wcagTable.div_class || "";let html = "

    ";// Table headinghtml += "";html += "";html += "";if (heading.compare_value) {html += "";}html += "";// Table rowshtml += "";for (const row of rows) {html += "";html += "";html += "";if (row.compare_value) {html += "";}html += "";}html += "";html += "
    " + heading.date + "" + heading.value + "" + heading.compare_value + "
    " + row.date + "" + row.value + "" + row.compare_value + "

    ";return html;}function parseChartData(value) {const labels = JSON.parse(value.data_label.slice(7));const data = JSON.parse(value.data);const compareLocationData = JSON.parse(value.compare_location_data);const symbol = value.symbol;const percent = value.percent;const datasets = [ {label: value.dataset_compare_location_label,data: data,borderWidth: value.chart_border_width,backgroundColor: value.chart_plain_bgcolor,borderColor: value.chart_plain_border_color,pointBackgroundColor: value.chart_plain_pointbgcolor,pointBorderColor: value.chart_tab_point_border_color,pointStyle: "rectRounded",pointRadius: value.chart_plain_point_radius,pointHitRadius: value.chart_plain_point_hit_radius,pointHoverRadius: value.chart_plain_point_hover_radius,pointHoverBorderWidth: value.chart_plain_point_hover_border_width,cubicInterpolationMode: "default",spanGaps: true, },]; if (value.compare_location_label) { datasets.push({label: value.compare_location_label,data: compareLocationData,borderWidth: value.chart_comparison_border_width,fill:value.chart_comparison_fill_flag,backgroundColor: value.chart_comparison_bgcolor,borderColor: value.chart_comparison_border_color,pointRadius: value.chart_comparison_point_radius,pointHitRadius: value.chart_comparison_point_hit_radius,pointHoverRadius: value.chart_comparison_point_hover_radius,pointHoverBorderWidth: value.chart_comparison_point_hover_border_width,cubicInterpolationMode: "default",spanGaps: true, });} const chartData = { labels: labels, datasets: datasets,};let abc;if (value.annotation) {try { abc = JSON.parse(value.annotation);} catch (error) {// alert("Error parsing annotation JSON:"+ value.annotation);} }if (value.annotation) {abc = JSON.parse(value.annotation);}if(value.yaxis_label_labelString!=null){var y_label = value.yaxis_label_labelString;}else{var y_label = "";}const chartOptions = { maintainAspectRatio: false, scales: {yAxes: [ {ticks: { autoSkip: true, autoSkipPadding: 90, reverse: false, callback: function (value, index, values) {return symbol + value + percent; },},scaleLabel: { display: true, fontSize: 14, labelString: y_label,}, },],xAxes: [ {ticks: { autoSkip: true, autoSkipPadding: 5,}, },], }, legend: {display: value.xAxes_legend_display === "true",labels: { fontSize: 14,}, }, tooltips: {enabled: true,mode: "single",callbacks: { label: function (tooltipItems, data) {return symbol + tooltipItems.yLabel + percent; },}, }, // Add any other chart options here};if (abc && abc.annotation) {chartOptions.annotation = abc.annotation; }var options = { type: "line", data: chartData, options: chartOptions,};return options; } function fixInvalidCommas(dataString) {return dataString.replace(/,,/g, ",null,"); } function findInvalidCharacter(jsonString) {let position = -1;try { JSON.parse(jsonString);} catch (error) { const match = error.message.match(/position (\d+)/); if (match) {position = parseInt(match[1], 10); }}return position; }function isElementVisibleAPI(el) {const rect = el.getBoundingClientRect();const windowHeight = window.innerHeight || document.documentElement.clientHeight;const windowWidth = window.innerWidth || document.documentElement.clientWidth;return (rect.top < windowHeight &&rect.bottom > 0 &&rect.left < windowWidth &&rect.right > 0);}});

    2024 Cambridge Apartment Rental Market Report - Boston Pads (2024)

    FAQs

    Will Boston rent go down in 2024? ›

    While Boston rent prices will most likely not come down in price in 2024; that doesn't mean you can't find a great deal.

    Are rent prices going down in Boston? ›

    Five months into the year, rents in Boston have risen 4.0%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2023 rents had increased 5.1%.

    Is Cambridge more expensive than Boston? ›

    Cost of Living

    You will typically need to spend around $6,613 per month in Boston compared to $6,800 per month in Cambridge to maintain the same standard of living.

    What is the vacancy rate in Cambridge MA? ›

    Among 02140 residents, there is a homeowner vacancy rate of 0.0% and a rental vacancy rate of 2.4% from a total of 9,413 units.

    What is the outlook for Boston real estate in 2024? ›

    Boston's real estate market got off to a sluggish start in 2024. Total Boston real estate sales are down -10.62% compared to 2023 and down -33.75% compared to 2022 on account of rising interest rates.

    Is it smarter to rent or own in 2024? ›

    You may wonder whether is it better to rent or buy a house in 2024? The answer is a little bit more complicated than just mortgage rates. It depends on your financial wellbeing, the ability to afford a down payment, your job security, whether you want to stay in one place for a while, make repairs, and other reasons.

    Can you negotiate rent prices in Boston? ›

    Negotiate - Boston landlords are not usually fans of negotiation, however sometimes it doesn't hurt to ask! If you are a well qualified applicant, it may make sense to apply for a lower move in cost than required on the listing.

    How much can landlord raise rent in Boston? ›

    Rent Increases: There is no legal limit to the amount of rent a landlord can charge. However, in order for the rent increase to be valid, the landlord must provide the tenant proper notice of the raise in rent and the tenant must agree to it (signs the lease with the new monthly rent).

    Why is there no rent control in Boston? ›

    Rent control was repealed in 1994 via ballot initiative. At the time, only Boston, Cambridge, and Brookline had rent control measures in place. Only Cambridge had a full system in place.

    What is the nicest part of Cambridge MA? ›

    14 Popular Cambridge, MA Neighborhoods: Where to Live in Cambridge in 2024
    • Agassiz-Harvard University. ...
    • Cambridge Highlands. ...
    • Cambridgeport. ...
    • East Cambridge. ...
    • Inman Square. ...
    • Mid-Cambridge. ...
    • Neighborhood Nine. ...
    • North Cambridge.
    Jan 29, 2024

    What are the wealthiest parts of Cambridge? ›

    Newnham. Enjoying a 'village feel' yet with great access to the city centre and colleges alike, Newnham is one of the most affluent suburbs of Cambridge. It enjoys national recognition – not just as one of the best places to live in Cambridge, but as one of the best places to live in the whole of the UK.

    How do people afford Cambridge? ›

    There's a range of financial help available to students at Cambridge, including government student loans for tuition fees and living costs, the Cambridge Bursary Scheme, and College awards. For more information, see: Cambridge financial support. Government financial support.

    What is the average rent increase in Cambridge? ›

    Average rent in Cambridge compared with the East of England

    In Cambridge, the average rent for semi-detached properties rose by 7.5%, while for terraced properties, it increased by 6.9%. Average rent for one bed properties rose by 7.6%, while the average for four-or-more bed properties increased by 6.1%.

    Is Cambridge MA an expensive place to live? ›

    How should I pay? Cambridge, Massachusetts's cost of living is 73% higher than the national average. The cost of living in any area can vary based on factors such as your career, its average salary and the real estate market of that area.

    What is the average household income in Cambridge MA? ›

    What are the median and average incomes in Cambridge?
    Y-o-Y Change
    Average Household Income$154,4485.8%
    Median Household Income$112,5654.7%
    People below Poverty Level12,2301.5%
    People above Poverty Level87,271-1.3%

    How much is rent in Massachusetts 2024? ›

    As of March 2024, the median rent price in the Boston-Cambridge-Newton area is $3,939.50, according to a report released in April 2024 by housing inventory website Rent. While the overall state's median asking price is a little lower at $3,243, Massachusetts rent is the highest in the nation, according to the report.

    Will there be a housing recession in 2024? ›

    According to MCT housing market experts and other experts in the field, the likelihood of a real estate housing market crash in 2024 is low. Overall, while there are factors that could potentially lead to a housing market crash, the current market conditions point towards a more stable situation.

    Will housing interest rates go down in 2024? ›

    Mortgage rate predictions 2024

    The MBA's forecast suggests that 30-year mortgage rates will fall into the 6.5% to 6.9% range throughout the rest of 2024, and NAR is predicting a similar trajectory. But Fannie Mae thinks rates could stay in the low 7% range this year.

    When the rent is the lowest in Boston? ›

    According to RentHop, a two-bedroom apartment in Boston might be around $111 per month cheaper (or $1,332 annually) during January versus September. Similarly, a one-bedroom rented in February is 3.4 percent cheaper, or $78 less per month.

    Top Articles
    Latest Posts
    Article information

    Author: Trent Wehner

    Last Updated:

    Views: 6202

    Rating: 4.6 / 5 (56 voted)

    Reviews: 95% of readers found this page helpful

    Author information

    Name: Trent Wehner

    Birthday: 1993-03-14

    Address: 872 Kevin Squares, New Codyville, AK 01785-0416

    Phone: +18698800304764

    Job: Senior Farming Developer

    Hobby: Paintball, Calligraphy, Hunting, Flying disc, Lapidary, Rafting, Inline skating

    Introduction: My name is Trent Wehner, I am a talented, brainy, zealous, light, funny, gleaming, attractive person who loves writing and wants to share my knowledge and understanding with you.