Medford Rent Price Surpasses All Time High In March

Medford’s average rent price has just surpassed its previous all-time high this month. The current average rent price of $2,158 eclipses the previous record of $2,156 set in July of 2020 after stagnating for 18 months during the pandemic. With apartment occupancy nearing all-time highs in Medford, it looks like 2022 will be a banner year for Medford’s apartment rental market.

Medford’s recent rent price growth comes as the neighborhood approaches record high occupancy. The current vacancy rate for Medford apartments sits at 0.67%, close to the all-time low of 0.62% set in March of 2020. Considering there are 5 months left until vacancy hits its cyclical low, that number will continue to push to unprecedented lows as we approach September.

Apartment availability, another key supply metric, is currently 2.8% in Medford. Compared to its pre-pandemic level in March 2019, that is 1.15% lower indicating that the rental market in Medford has never been tighter. Both availability and vacancies metrics suggest that Medford’s average rent price will continue to rise throughout 2022.