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Chelsea MA Apartment Rental Market Report
Posted 08-24-2021 at 09:26 AM by zachparker7
Chelsea’s apartment rental market has faired well through the pandemic in comparison to other markets. Located away from Downtown Boston and local Universities, Chelsea was spared the soaring vacancy rates that developed due to remote learning and remote work. Despite the lower than average vacancy rate, prices remain reasonable for Chelsea apartments overall.
The current vacancy rate in Chelsea is a stingy 1.37% at the moment. That is the 8th lowest apartment vacancy rate out of 14 of Boston’s immediate suburbs, and just under the Greater Boston vacancy rate of 1.48%. The apartment vacancy rate in Chelsea has dropped by -48.30% YOY. In August of 2020 Chelsea had a vacancy rate of 2.65% which was above the Greater Boston vacancy rate of 2.27% at the time.
Average Rent Prices in Chelsea MA
Average rent prices for Chelsea apartments are still on the affordable side of the price spectrum. The average rent of $2,131 is the 6th lowest among the 14 suburbs closest to Boston. That is almost 15% lower than the average for all of Greater Boston non-luxury apartments ($2,500). The average rent price in Chelsea is similar to that of the suburbs of Medford ($2,119) and Quincy ($2,141).
1 Bedroom Average Rent Price: $1,686
2 Bedroom Average Rent Price: $2,114
3 Bedroom Average Rent Price: $2,592
Rent prices in Chelsea have come down compared to 2020 by a very small margin (-1.36%). Prices have been on the rise in Chelsea since March of this year, so look for prices to be back in the green in December when vacancies hit their cyclical low.
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