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63 Apartments for rent in Peabody, MA

Read Guide >
Last updated January 21 at 12:38am UTC
31 Essex Green Lane
Proctor
Peabody, MA
Updated January 3 at 11:47am UTC
2 Bedrooms
$2,200
Results within 1 miles of Peabody, MA
698 Salem Street
Lynnfield
Lynnfield, MA
Updated January 3 at 11:47am UTC
2 Bedrooms
$2,800
31 1/2 Bradstreet Ave
Danvers
Danvers, MA
Updated January 20 at 2:11am UTC
2 Bedrooms
$1,600
28 Goodhue St
North Salem
Salem, MA
Updated January 20 at 2:23am UTC
1 Bedroom
$1,800
Results within 5 miles of Peabody, MA
107 Foster Street
Peabody Town Center
Peabody, MA
Updated January 3 at 11:45am UTC
2 Bedrooms
$1,850
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City Guide
Peabody
Find an Apartment in Peabody, Massachusetts

When Should I Look for Rental Homes? The vacancy rate in the city is low, so begin searching for apartments or houses to rent well in advance of your move date. Be prepared to jump through hoops for apartments - previous circus experience is a plus. It's a landlord's market here, and with many tenants to choose from they are going to be on the pickier side. So, be polite, show up on time, and treat the whole process as if you were applying for your dream job and you're sure to ace the interview.

What Do I Need? Be prepared. Just like the first day of school, bring everything you think you might need to rent an apartment when viewing homes or apartments to rent. You will need to have your credit history, employment and salary history, and any rental references that you have collected. Bring along pet records, too. Be prepared to throw down immediately on any apartment or home that you want, it's a serious game in Peabody. If you get a ‘Yes’, you don’t want to turn it into a ‘No’ by not having a check ready to sign.

Neighborhoods in Peabody

Proctor: Proctor has mostly small to medium sized apartment complexes and single family homes in the area. It is occupied by a mix of both owners and renters. The vacancy rate is about 5 percent, so there is a high demand for city apartments. It may take a diligent search before you find something appropriate, but persevere! A lot of the properties are newer, which means less time making repairs and more time kicking back and enjoying your new home.$$$$

Birch St / Russell St: This is a family neighborhood of medium to large sized single family homes. However, the vacancy rate is almost nil at 2 percent. It is a quiet, peaceful neighborhood that makes a great place to raise a family, with a high degree of school age children in the area. The residents skew mostly wealthy, so if you are looking for an upscale place to live with surprisingly low rents, this is the way to go - manifest destiny your way to the top of the food chain. Home rentals are hard to come by, so start looking well ahead of the time you must move, and be prepared to jump on it when you find a place to rent. $

West Peabody: Hold onto your hats – this area has an almost zero percent vacancy rate. It is a wealthy neighborhood with many highly educated people in professional or management positions. Condos for rent or apartments for rent will be hard to find, as most of the housing is medium to large size single family homes. $$

Jubilee Drive / 1st Ave: The vacancy rate here isn’t as low as West Peabody or Birch St., but it is still low at about 3 percent. There is a mix of apartment buildings, high-rise apartments, and small to medium sized homes, occupied by renters and owners. Be prepared to move quickly on anything you find that you want to rent, no dilly-dallying here!$$$

South Peabody: The vacancy rate here is about the same as Jubilee Drive, and the rents are slightly lower. It is composed mostly of small to medium sized housing and small apartment buildings. It is an upper middle income area with many urban professionals who commute to Boston for work. $$

Life in Peabody, Massachusetts

Peabody is a medium sized city with a higher cost of living and a great quality of life. It's been named one of the best places to retire in the Northeast, and if you can handle the tough winters, it is indeed a beautiful and quaint environment. Many people commute to Boston for work, and the cost of living in Peabody as compared to Boston (along with lower prices for apartments for rent) make Peabody an attractive alternative.

Rent Report
Peabody

January 2018 Peabody Rent Report

Welcome to the January 2018 Peabody Rent Report. Peabody rents increased over the past month. In this report, we'll evaluate trends in the Peabody rental market, including comparisons to cities throughout the metro, state, and nation.

Peabody rents increase sharply over the past month

Peabody rents have increased 0.8% over the past month, and are up moderately by 3.1% in comparison to the same time last year. Currently, median rents in Peabody stand at $1,430 for a one-bedroom apartment and $1,770 for a two-bedroom. Peabody's year-over-year rent growth leads the state average of 1.9%, as well as the national average of 2.8%.

Rents rising across the Boston Metro

Throughout the past year, rent increases have been occurring not just in the city of Peabody, but across the entire metro. Of the largest 10 cities that we have data for in the Boston metro, 9 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

  • Lawrence has seen the fastest rent growth in the metro, with a year-over-year increase of 5.3%. The median two-bedroom there costs $1,660, while one-bedrooms go for $1,340.
  • Over the past month, Framingham has seen the biggest rent drop in the metro, with a decline of 2.1%. Median two-bedrooms there cost $1,810, while one-bedrooms go for $1,460.
  • Newton has the most expensive rents of the largest cities in the Boston metro, with a two-bedroom median of $2,210; rents fell 1.0% over the past month but rose 2.0% over the past year.
  • Haverhill has the least expensive rents in the Boston metro, with a two-bedroom median of $1,460; rents decreased 0.2% over the past month but were up 2.4% over the past year.

Many large cities nationwide show more affordable rents compared to Peabody

As rents have increased moderately in Peabody, a few large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Compared to most large cities across the country, Peabody is less affordable for renters.

  • Peabody's median two-bedroom rent of $1,770 is above the national average of $1,160. Nationwide, rents have grown by 2.8% over the past year compared to the 3.1% rise in Peabody.
  • While Peabody's rents rose moderately over the past year, the city of DC saw a decrease of 0.3%.
  • Renters will generally find more expensive prices in Peabody than most large cities. For example, Philadelphia has a median 2BR rent of $1,160, where Peabody 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.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Boston $1,660 $2,050 -0.3% 1.9%
Lowell $1,210 $1,500 -0.0% 2.1%
Cambridge $1,760 $2,180 0.0% 1.0%
Brockton $1,300 $1,610 -0.4% -0.2%
Quincy $1,460 $1,810 -1.7% 3.6%
Newton $1,780 $2,210 -1.0% 2.0%
Lawrence $1,340 $1,660 0.4% 5.3%
Somerville $1,610 $1,990 0.0% 2.4%
Framingham $1,460 $1,810 -2.1% 2.0%
Haverhill $1,180 $1,460 -0.2% 2.4%
See more

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.