Somerville Apartment Rental Market Report 2022

We’re now two weeks removed from the peak of the 2022 apartment rental market and something remarkable is happening in Somerville. Historically, the real-time vacancy rate (RTVR) spikes on 9/1 on account of the large number of apartment leases expiring on 8/31. Over the past 3 years, Somerville’s September RTVR increased by +175.85% (2021), +293.10% (2020), and +272.73% (2019) compared to August. Now in September 2022, Somerville’s RTVR is up just +64.71% compared to August when RTVR was at an all time low in Somerville (0.34%).

In fact, both RTVR and real-time availability rate (RTAR) hit new record lows last month in Somerville. In mid August, apartment availability sank to a new historic low of 1.16%. RTVR bottomed out at an all-time low of 0.34% at the beginning of last month. Despite the unprecedented shortage of apartments in Somerville, MA, rent prices have yet to exceed their previous record-highs of 2020 as they have in most neighborhoods in Boston this year. Here are the main trends driving Somerville’s apartment rental market in 2022.