The top rental markets in Massachusetts are Boston, Worcester, Brookline, Dorchester, Quincy, Cambridge, Allston, Taunton, and Brockton.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Massachusetts Rental Trends:
Massachusetts is the most populous state in New England and is in a strategic location by New York, Connecticut, and New Hampshire. It is also a leader in industries such as biotechnology, higher education, and engineering. With a rich history and unique buildings all throughout the state, property investors should expect a high value and ROI on their properties. Here are some highlights from the top rental markets in the Bay State.
Days on Market:
The city with the lowest days on market is Quincy at only eight – under the national average which sits at 15 days; Allston has the highest number of days on market at 72.
The top three towns for the largest amount of leads per listing are all over 100 with the national average sitting at 38. Here they are:
- Taunton – 312 leads per listing
- Worcester – 162 leads per listing
- Brockton – 148 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Worcester comes above that with the lowest average rent of $1,335 for a two-bedroom compared to the highest rent in Massachusetts at $3,137 in Boston.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Massachusetts’s highest median sale price comes above that at $950,000 in Allston with its lowest median sale price lower than the national average at $280,000 in Worcester.
Massachusetts’s median income rings in at $62,110 – above the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Massachusetts cities between 2018 and 2019. With the largest being an increase of 112% in Allston at $2,650, and the largest decrease in Quincy at -46.24% with the current average at around $750 – under the national average for security deposits which is $1,200.
All of the Massachusetts cities had a livability score 53 or higher with the highest being Brookline at 80!
Please visit here for our full methodology.
Whether you’ve found the best Massachusetts investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.