Cambridge, Massachusetts Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Cambridge, Massachusetts rental market.
Cambridge, Massachusetts
Average Apartment Rent
$3,658
Y-o-Y Change in Average
Apartment Rent
4%
As of July 2023
Compared to a year ago, Cambridge, Massachusetts apartments have recorded a 4% rent increase.
Cambridge, Massachusetts |Average apartment rent trend
Cambridge, Massachusetts| Average apartment rent
Cambridge, Massachusetts | Apartment rent ranges
At 97.35%, apartments priced Over $2,000 represent the bulk of Cambridge, Massachusetts rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 2.65%.
Cambridge, Massachusetts | Housing tenure**
Renters take up 65% of Cambridge, Massachusetts real estate, occupying a total of 30,887 units, while homeowners live in 16,562 properties.
Median number of rooms of renter-occupied housing units**
3.6
Renter median household income**
$91,055
Average household size of renter-occupied housing units**
2.08
Rental vacancy rate**
3.1%
Cambridge, Massachusetts | Renter-occupied housing units by no. of bedrooms**
There are 11,082 rentals in Cambridge, Massachusetts with 1 bed making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 252 units. Overall, the median number of rooms in Cambridge, Massachusetts homes for rent is 3.6.
Cambridge, Massachusetts |Renter-occupied units by age of householder**
Most condos for rent in Cambridge, Massachusetts are occupied by residents in the 25 - 34 years age group (45%), followed by those in the 35 - 44 years age group (19%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Cambridge, Massachusetts | Renter-occupied housing units by family type**
Cambridge, Massachusetts | Renter-occupied housing units by the presence of own children**
A total of 10,311 apartments for rent in Cambridge, Massachusetts, or 33% of all rentals are family households. Additionally, 15% of rental homes include children under the age of 18 – that’s 4,708 units. All in all, the median size of a renter-occupied household in Cambridge, Massachusetts is 2.08.
Cambridge, Massachusetts | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 78% of the rental market. In contrast, residents with less than a high school degree reside in 5% of the homes for rent in Cambridge, Massachusetts.
Cambridge, Massachusetts | Renter-occupied units by year structure built**
The highest share of Cambridge, Massachusetts apartment rentals, namely 39% or 12,026 units, were Built 1939 or earlier, followed by those Built 1970 - 1979 (10%, 3,094 units), and the ones Built 1960 - 1969 (10%, 2,989 units).
Cambridge, Massachusetts | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Cambridge, Massachusetts renters (55%) moved in 2015 to 2016, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Cambridge, Massachusetts condos for rent is 2016.
Cambridge, Massachusetts | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 44% of Cambridge, Massachusetts renters have 1 vehicle available per household, 42% of them have No vehicle available, and 12% have 2 vehicles available.
Cambridge, Massachusetts | Means of transportation to work of householders living in renter-occupied housing units**
Cambridge, Massachusetts |Geographical mobility in the past year for householders living in renter-occupied housing units**
Cambridge, Massachusetts | Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Cambridge, Massachusetts apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2020 American Community Survey 5-Year Estimates
