How Much Rent Can I Charge For My Cambridge Apartment?

For Cambridge rental property owners, whenever tenants turn over the question comes up – How much can I get for my Cambridge rental? What rent should I charge for a new lease?

Apartment RentalFactors Impacting Rents For Your Cambridge Apartment

  • Size and number of bedrooms
  • Condition
  • Neighborhood desirability
  • Distance from the nearest Red Line or Green Line subway stop
  • Level of renovations – kitchens and baths are most important
  • Amenities such as parking, laundry access, hardwood floors

The rent you received from the previous tenants is a good starting point for determining the right rent to charge.  But the market may have changed since you last sought new tenants. Consulting a rental agent – or several – is often the best way to determine market rent for your apartment.  

You also might want to check websites such as  Zilpy or Rentometer for average rents in your Cambridge neighborhood. These sites are great places for landlords and tenants to check local rents.

Harvard Sets Rents for 2009-2010

Harvard recently surveyed and studied Cambridge rents to set rates for next year’s leases.  These rates give some idea of potential rents in Cambridge but keep in mind that Harvard’s rental rates include all utilities and the units are often more updated than many Cambridge apartments.  Harvard’s market rents effective July 1, 2009:

  • Studios: $1,285 to $1,630
  • One-bedrooms: $1,475 to $2,050
  • Two-bedrooms: $$1,855 to $2,663
  • Three-bedrooms: $2,280 to $3,158
  • Four-bedrooms: $2,700 to $3,200

The Value of Good Tenants

In the end, after gathering as much information as you can, you will be the judge when deciding what rent you should charge.   As a landlord you will want to ask yourself what peace of mind is worth to you. Ultimately getting a good tenant is as important – even more important – than getting the highest possible rent. Most landlords will opt for fewer problems rather than a few more dollars.

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