Peabody, MA Rental Market Trends

Peabody Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Peabody, MA. Currently, the overall median rent in the city stands at $2,081, after rising 2.1% last month. Prices and are now up 1.1% year-over-year. Read on to learn more about what’s been happening in the Peabody rental market and how it compares to trends throughout the broader Boston metro area and the nation as a whole.

Peabody rents are up 2.1% month-over-month and up 1.1% year-over-year

The median rent in Peabody rose by 2.1% over the course of April, and has now increased by a total of 1.1% over the past 12 months. Peabody’s rent growth over the past year has is similar to the state average (1.8%) and has outpaced the national average (-0.8%).

Peabody rent growth in 2024 pacing below last year

Four months into the year, rents in Peabody have risen 4.2%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 6.0%.

Peabody rents are 3.9% lower than the metro-wide median

If we expand our view to the wider Boston metro area, the median rent is $2,166 meaning that the median price in Peabody ($2,081) is 3.9% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 1.7%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 12 cities in the Boston metro area that are included in our database. Among them, Cambridge is currently the most expensive, with a median rent of $2,913. Lowell is the metro’s most affordable city, with a median rent of $1,723. The metro's fastest annual rent growth is occurring in Lowell (6.0%) while the slowest is in Malden (-0.5%).

City
Median 1BR Rent
Median 2BR Rent
M/M Rent Growth
Y/Y Rent Growth
Boston
$2,240
$2,359
1.5%
1.6%
Cambridge
$2,645
$3,204
1.1%
0.1%
Framingham
$1,618
$2,136
0.2%
1.7%
Lowell
$1,311
$1,809
1.0%
6.0%
Malden
$1,937
$2,482
-0.3%
-0.5%
Norwood
$2,147
$2,594
2.2%
3.7%
Peabody
$1,878
$2,252
2.1%
1.1%
Quincy
$2,012
$2,374
1.4%
0.2%
Somerville
$2,024
$2,678
0.5%
2.1%
Waltham
$1,991
$2,538
2.4%
1.8%
Watertown Town
$2,100
$2,670
6.0%
3.8%
Weymouth Town
$1,808
$2,179
-0.1%
0.4%
See More

You can also use the map below to explore the latest rent trends in the Boston metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin 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, capturing apartment transactions over time 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. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.

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