37 1 Bedroom Apartments for rent in Lawrence, MA
July 2020 Lawrence Rent Report
Welcome to the July 2020 Lawrence Rent Report. Lawrence rents remained steady over the past month. In this report, we'll evaluate trends in the Lawrence rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 Lawrence Rent Report
Welcome to the July 2020 Lawrence Rent Report. Lawrence rents remained steady over the past month. In this report, we'll evaluate trends in the Lawrence rental market, including comparisons to cities throughout the metro, state, and nation.
Lawrence rents increased over the past month
Lawrence rents have increased 0.1% over the past month, but have remained steady at 0.1% in comparison to the same time last year. Currently, median rents in Lawrence stand at $1,460 for a one-bedroom apartment and $1,811 for a two-bedroom. Lawrence's year-over-year rent growth leads the state average of -0.9%, but trails the national average of 0.2%.
Rent trends vary across the Boston Metro
Throughout the past year, rents have remained steady in the city of Lawrence, but trends across the metro have varied. Of the largest 10 cities that we have data for in the Boston metro, half of them have seen decreases while the other half have been increasing. Here's a look at how rents compare across some of the largest cities in the metro.
- Cambridge has seen rents fall by 2.3% over the past year, the biggest drop in the metro. It's also the most expensive city in the Boston metro with a two-bedroom median of $2,269.
- Framingham has seen the fastest rent growth in the metro, with a year-over-year increase of 2.5%. The median two-bedroom there costs $1,948, while one-bedrooms go for $1,571.
- Lowell has the least expensive rents in the Boston metro, with a two-bedroom median of $1,532; rents fell 0.2% over the past month and 0.2% over the past year.
Many large cities nationwide show more affordable rents compared to Lawrence
Rent growth in Lawrence has been relatively stable over the past year - some other large cities have seen more substantial decreases. Compared to most large cities across the country, Lawrence is less affordable for renters.
- Although rents across cities in Massachusetts have been slightly on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 1.2% in Worcester.
- Lawrence's median two-bedroom rent of $1,811 is above the national average of $1,192. Nationwide, rents have held steady over the past year.
- While rents in Lawrence remained moderately stable this year, similar cities saw increases, including Seattle (+0.2%), Chicago (+0.1%), Philadelphia (+-0.3%); note that median 2BR rents in these cities go for $1,678, $1,289, and $1,180 respectively.
- Renters will generally find more expensive prices in Lawrence than most large cities. For example, Philadelphia has a median 2BR rent of $1,180, where Lawrence is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.