If you’re trying to find a rental apartment in Newton, MA, you may be hard-pressed to do so according to the most recent real-time availability rate (RTAR) in Newton. The RTAR% of apartments in Newton MA has declined by -32.57% over the last year. At present, the real-time Newton availability rate is just 2.07%. The availability rate is calculated by dividing the total of all vacant apartments plus those available apartments which are not yet vacated by the total supply of apartments in Newton. It’s a rental supply marker which allows for a complete picture of accessibility in rental housing of a given area.
Are you planning to take an apartment on rent? With myriad of options readily available out there, choosing one among the lot becomes extremely challenging and time-consuming. Now in this write-up, I have jotted down certain essential factors, keeping which in mind would most surely simplify the said endeavour. So, please do buy some time and take a close look at the below-mentioned pointers.
There is no significant difference in the availability rates of apartments in Newton and other metro neighborhoods. In the city of Boston, the availability rate is just 2.02%. This figure has dropped by YOY RTAR% change of -4.66%, a much smaller margin when compared to the YOY apartment supply decreases noted in Newton (-32.57%). If we look at the trends in the year-over-year change in RTAR% of different towns, we can see a contrasting difference. In some towns like Framingham, the RTAR% has fallen by over 100% YOY. Newton comes right next followed by towns like Everett, Waltham, Winthrop and Quincy that have seen a fall in YOY RTAR% by -31.76%, -18.10%, -16.74% and -13.53% respectively.
On the other hand, in cities like Melrose, the availability rate has actually seen a YOY rise of +233.33%. Melrose has seen the highest increase in RTAR% year-over-year of all Metro suburbs, followed by Watertown, Brookline and Salem which have seen a rise in RTAR% at +134.85%, +80.85% and +26.70%. This indicates a varied impact on the housing market in depending on your location in Metro Boston. However, Newton is one of the neighborhoods in Boston that has seen a increase in housing demand compared to last year.
While people pay utmost attention when it comes to buying houses; taking accommodations on rent should also be done after considering a few vital factors. Starting from checking the plumbing and electricity to discussing the prices, the list simply does not seem to end.
The vacancy rate of apartments in Newton is just 1.53%. This vacancy rate is calculated by dividing the number of vacant apartments by the total supply of apartments in a given area. When compared to last year, the real-time vacancy rates of apartments in Newton have witnessed a drop of -42.48%, which is in contrast with the vacancy rates of Boston that have seen YOY RTVR% rise by +3.97%.
