Average rent in Lynn

Average rent in Lynn,MA

The average rent in Lynn, MA is a significant topic of interest for many residents and potential renters. On the one hand, it is essential to note that the average rent in Lynn, MA has been gradually increasing over the past few years. In 2020, the average rent per month was $1,800, which increased to $1,900 in 2021. Looking ahead, experts predict that the average rent in Lynn, MA will continue to rise and may reach $2,400 per month by 2023. This is a significant increase, and residents must consider this when budgeting for their housing needs. However, Lynn, MA remains an attractive option for many due to its proximity to Boston and affordable cost of living compared to the city.

Average rent in Lynn,MA for 1-bedroom

The average rent in Lynn, MA for a one-bedroom apartment has been steadily increasing over the years. In 2023, the average rent for a one-bedroom in Lynn, MA is projected to be $1,800. This is a significant increase compared to the average rent in 2018, which was $1,300. In 2019, the average rent increased by $100 to $1,400, and in 2020, it increased again to $1,500. By 2021, the average rent for a one-bedroom apartment in Lynn, MA was $1,600, and it has continued to rise since then. Overall, it is clear that the cost of renting a one-bedroom apartment in Lynn, MA is on the rise, and tenants should be prepared for the increasing rental rates.

Average rent in Lynn,MA for 2-bedroom

In 2023, the average rent in Lynn, MA for a 2-bedroom apartment is expected to reach $2,400 per month. This represents a significant increase from the previous year’s average rent of $2,200. In fact, the average rent has steadily increased by approximately $200 per year since 2019. Moreover, with the burgeoning demand for rental properties expected to rise even further, it is highly likely that the average rent in Lynn, MA for a 2-bedroom apartment will continue to climb in the coming years. Nevertheless, it is important to note that there are many factors that contribute to rental prices, and it is always wise to conduct thorough research before entering into any rental agreements.

Average rent in Lynn,MA for 3-bedroom

In 2023, the average rent in Lynn, MA for a 3-bedroom apartment will likely increase due to high demand and a shortage of available units. According to recent data, the average rent for a 3-bedroom in 2022 was $2,500, a 10% increase from the previous year. Looking back even further, in 2020 the average rent was $2,200, which means we can expect to see a continued upward trend in rent prices. Despite this increase, Lynn remains a more affordable option compared to nearby Boston, where the average rent for a 3-bedroom apartment is around $3,500. Given this information, it may be wise for renters to secure leases sooner rather than later, as prices are expected to continue to rise.

Average rent in Lynn,MA for studio

In recent years, Lynn, MA has seen a steady increase in the average rent for studio apartments. In 2020, the average rent was $1,200 per month, which rose to $1,350 in 2021. Looking ahead to 2023, experts project that the average rent for a studio in Lynn, MA will reach $1,500 per month. This gradual increase in rent prices is a reflection of the growing demand for housing in the area, as well as the rising cost of living. Despite these changes, Lynn remains an affordable option for those seeking a studio apartment in the Greater Boston area.

Average rent in Lynn,MA for townhouse

In terms of the average rent for townhouses in Lynn, MA, there has been a noticeable increase from previous years. According to forecasts for 2023, it is expected that the average rent for a townhouse will be around $2,500 per month. This represents a significant increase from the average rent in Lynn, MA just a few years ago. In fact, in 2017, the average rent for a townhouse in Lynn, MA was just $1,900 per month. That means that over the course of just a few years, the average rent has increased by over 30%. Looking at the numbers, it is clear that renting a townhouse in Lynn, MA is becoming increasingly expensive over time.

Most expensive neighborhoods in Lynn,MA

Lynn, Massachusetts may not be as well-known for its luxury real estate as some of its affluent neighbors, but the city does have a few neighborhoods known for their high-end properties. One of the priciest neighborhoods in Lynn is the Diamond District, which boasts large historic homes and stunning views of the Atlantic Ocean. Other top neighborhoods for luxury living in Lynn include the Ward One area, which features sprawling waterfront estates, and the Lynn Woods area, which offers secluded retreats surrounded by lush greenery. Despite their steep price tags, these exclusive neighborhoods offer an unbeatable blend of luxury, scenery, and privacy.

Most affordable neighborhoods in Lynn,MA

Lynn, MA is a diverse city with many affordable neighborhoods that offer a high quality of life. Some of the most affordable neighborhoods in Lynn include Central Lynn, West Lynn, and East Lynn, which all offer reasonable housing prices and easy access to public transportation. Central Lynn is a popular neighborhood for young professionals, offering a variety of restaurants and entertainment options, while West Lynn is a quiet residential area with many parks and green spaces. East Lynn is another great option, with a mix of affordable apartments and single-family homes, as well as several community centers and youth programs. Overall, these neighborhoods offer great value for those looking to live in Lynn.

Most popular neighborhoods in Lynn,MA

Lynn, MA has several popular neighborhoods that are highly sought after by locals and newcomers alike. The Diamond District, located on the waterfront, is a historic district filled with stunning Victorian homes and scenic views. The Wyoma Square area offers a vibrant mix of residential and commercial properties, including restaurants, shops, and entertainment venues. The West Lynn area is known for its classic New England homes and tree-lined streets, while the Lynn Woods Reservation area offers peaceful living with easy access to hiking and outdoor recreation. With a diverse mix of neighborhoods to choose from, Lynn, MA offers something for everyone.

Comparison with other cities

1. Boston, MA – $3,077
2. San Francisco, CA – $3,389
3. New York, NY – $3,542
4. Los Angeles, CA – $2,528
5. Seattle, WA – $2,169
6. Chicago, IL – $1,797
7. Washington, D.C. – $2,296
8. Miami, FL – $2,130
9. Houston, TX – $1,139
10. Denver, CO – $1,673
11. Portland, OR – $1,673
12. Austin, TX – $1,417
13. Phoenix, AZ – $1,266
14. San Diego, CA – $2,221
15. Nashville, TN – $1,578

FAQ

Q: What is the average rent in Lynn, MA?
A: As of 2023, the average rent in Lynn, MA is approximately $2,400 per month.

Q: Is the rent in Lynn, MA affordable?
A: The cost of living in Lynn, MA is slightly higher than the national average, and the average rent is also higher than other nearby cities. However, the affordability of rent is subjective and depends on individual income and budget.

Q: What is the highest rent one can expect to pay in Lynn, MA?
A: The highest rent in Lynn, MA can vary depending on the location and amenities of the property. However, as of 2023, the highest monthly rent for a luxury apartment can be around $3,000 – $4,000.

Q: What is the lowest rent one can expect to pay in Lynn, MA?
A: The lowest rent in Lynn, MA can vary depending on the location and quality of the property. However, as of 2023, the lowest monthly rent for a small studio apartment can be around $800 – $1,000.

Q: Are there any rent control policies in Lynn, MA?
A: Currently, there are no rent control policies in Lynn, MA. However, tenants have certain protections under Massachusetts state law, such as the right to request repairs and proper notice before eviction.

Q: How does the rent compare to nearby cities like Boston?
A: The rent in Lynn, MA is generally more affordable than Boston. As of 2023, the average rent for a one-bedroom apartment in Boston is around $2,600, while in Lynn, MA it is around $1,800. However, Boston has more amenities and job opportunities, which may affect the cost of living.

Sources

Zillow: https://www.zillow.com/lynn-ma/rentals/





Author – Stan Huxley

Passionate about real estate, Stan Huxley brings a wealth of experience to our articles. With a lifelong career in the industry, Stan’s insights, tips, and expert advice empower readers to navigate the world of real estate confidently. Whether you’re a homebuyer, seller, or investor, Stan is your trusted guide to making informed decisions.

Also Reading

What is the best time to buy a house in Arkansas?
What is the average rent in Erie?
Top pros and cons of living in Augusta

Spread the love