As rent prices are soaring to record levels all over the metro Boston region, Malden’s apartment rental market is looking stronger than ever. Both real-time vacancy rate (RTVR) and real-time availability rate (RTAR) in Malden MA have both reached record lows in the past 12 months. Because of the tight supply, average rent prices for Malden apartments have never been higher. Let’s take a look at the main trends driving the apartment rental market in Malden MA.
Record-Low Apartment Supply in Malden
The current apartment vacancy rate (RTVR) in Malden is 0.79%. That figure is down -72.76% from mid-August last year when the market was still recovering from COVID. In late July, Malden’s RTVR hit 0.55% which marked a record low. This has been the prevailing trend in Boston over the past few months.
Malden’s current apartment availability rate (RTAR) is a paltry 0.91%. That figure is down -82.30% since last August and has officially sunk below the previous all-time low set in December 2021 (0.96%). Based on historical rental data in Malden, MA, it will likely continue to drop further through the fall months before bottoming out near the end of the year.
Record High Rent Prices in Malden
As a result of the tight apartment supply, Malden’s average rent price surpassed its previous all-time high earlier this year in May when it hit $2,109. As it currently stands, the average rent price in Malden MA is $2,100 and has remained relatively flat since May.
Malden Rental Market Forecast 2022
Despite the record-high rent prices, Malden remains one of the most affordable neighborhoods to rent an apartment in Boston. Malden has the lowest average rent price out of the 33 neighborhoods closest to Boston. As prices soar elsewhere, Malden is likely attracting many budget-conscious renters this year which could explain the exceptionally scarce rental supply.
That trend is likely to continue as the recession looms. If more priced out renters opt for more affordable neighborhoods, it could potentially push prices even higher in Malden while they cool off in the more expensive parts of Boston. We noted a similar trend in Medford’s apartment rental market earlier this month.
In the short run, look for RTVR and RTAR to continue to hit new lows this month in Malden. RTAR may bottom out close to 0.50% by late December when the Tufts market peaks. Prices will likely begin to trend back upwards in Malden through the fall as the demand for off-campus housing near Tufts heats up. We will continue to report on these trends as they develop.
Published August 23, 2022
Demetrios has pulled together the largest apartment leasing team in the Greater Boston Area and is responsible for procuring more apartment rentals than anyone in New England – with over 130k people finding their housing through his services. Demetrios is an avid real estate developer, peak performance trainer, educator, guest lecturer and motivational speaker.