Cambridge, Massachusetts, is often called the “intellectual capital of the world”. A part of the Greater Boston area, it has two of the world’s most famous universities – the Massachusetts Institute of Technology (MIT) and Harvard University. The area attracts many professors, new college students, and business people. Naturally, there is a huge demand for furnished apartments in Cambridge MA, and all other types of housing.
The two universities are located very close to each other. The city also has a booming biotechnology scene, which attracts many people. Cambridge also has interesting museums, many festivals, street fairs, many good restaurants, and cafes. It is sometimes called the “City of Squares” because of Kendall Square, Harvard Square, Porter Square, and Inman Square.
Cambridge is an attractive city for many reasons, which is why there is always a big demand for temporary and long-term housing. There can sometimes be a crisis, but you will still find furnished apartments Cambridge MA if you know where to look and how to find the best properties.
Apartment Rental Prices in Cambridge, MA
The city has a burgeoning real estate market. The average home cost is $789,000. The average rent price for a one-bedroom apartment is $2,372 and for a two-bedroom apartment, it is $2,855, which means, it is higher than the national average. Both short-term and long-term rents are likely to cost you more.
However, the city is still 28.01% less expensive than NYC and the rental price is also lower by 54.71%.
- Average monthly rent for a 1-bedroom apartment – $2,372
- Average monthly rent for a 2-bedroom apartment – $2,855
If you are considering looking for Cambridge furnished apartments, you can expect to find many modern apartment buildings, condos, and apartment communities. Some of them are fully furnished and ready to move. The best apartments come with luxury amenities like pools and on-site gyms.
Best Neighborhoods in Cambridge
Harvard is at the center of Cambridge, MA. The city is divided into neighborhoods simply by their direction from the Harvard University – North, South, East, or West.
The Mount Auburn Cemetery area has many large homes, popular with university professors and politicians. You will also find some apartments, where employees working in the corporate sector and the students live.
In the north, you will find single-family homes, high-rise buildings, and some of the best Cambridge furnished apartments. Many luxurious serviced apartments are located in the east, which is also very good, while the south has a lot of college dorms.
Here are some of the most popular, expensive, and affordable places to live in Cambridge and also the average rental price of apartments in these places –
- West Cambridge, Inman Square, and Wellington-Harrington are the most affordable neighborhoods in the city. The average monthly rent for an apartment varies between $2,200 and $2,300.
- East Cambridge, Kendall Square, and Harvard Square are the most expensive neighborhoods. The average monthly rent for an apartment varies between $3,395 and $3,474.
- North Cambridge, Mid-Cambridge, and East Cambridge are the city’s most popular neighborhoods.
On average, the rent for a 1-bedroom apartment in East Cambridge will be 21 percent higher than in North Cambridge.
Of course, the rental price of furnished apartments in Cambridge is always going to be more than an empty property. But you will still save money because, in an empty house, you will have to either move furniture from your present address, or you have to purchase new furnishings. It makes even more sense to move to a furnished apartment if you are an international student at Harvard or MIT.
Apartment rental prices in the surrounding communities of Cambridge, such as Arlington (northwest), Watertown (west), and Somerville (north) are also on the higher side.
The Real Estate Crisis of Cambridge
Cambridge, Massachusetts has been facing an acute housing problem for some time now, which is the main reason why both the purchase and the rental price are so high in the city. Rent has been going up steadily since the middle of the 1990s.
This is not just an issue with Cambridge. Many metropolitan areas in the northeast are struggling with the high housing costs. But the problem seems even more serious here as the city attracts many students, professors, and young professionals.
Often, many tenants are spending around 30% of their monthly income on housing. Many millennials are renting apartments instead of buying, unlike their parents, which is further driving up the prices. This can only be solved if more housing units come up, which the authorities are working on now.
- Consider getting a roommate if the cost of your short-term rental is more than 30% of your monthly income. But make sure that your agreement with the landlord will allow this.
Calculate the True Rental Cost
Despite the crisis, there are still many short-term rental accommodation options in the city. It’s just that the price will be higher than the national average. Also, remember the real cost may actually be higher than just the rent because there can be some additional expenses, such as:
- Security deposit – You may have to 1 month’s rent as the security deposit. This can be different from apartment to apartment. The money is refundable when you leave.
- Parking – You may be charged extra if there is a reserved parking place with the apartment.
- Amenities – Sometimes, the best apartment complexes have a gym. Membership to the health facility is included in the cost. Try to negotiate so you don’t have to pay for this, if you are not planning to use the facilities.
Enjoy your stay in Cambridge, MA. It is a wonderful city. If you plan to stay for a short time, perhaps a couple of weeks, or even just a few months, then booking a hotel room is going to be too costly. Cambridge furnished apartments could be the right choice for you. It is always best to work with a local realtor. Work with the agent to decide on the best neighborhood for your requirement. The realtor will help you find temporary housing, brief you about the cost, amenities, and will even help you negotiate so you can find something within your budget.