Medford, MA has great investment opportunities for those seeking less risky investments than those found in the cities of Lawrence, Lowell, & Lynn which I covered last week. I look at 2 unit multifamily houses and show you rent compared to sales price. All data in this post is based on information provided to and compiled by MLS Property Information Network, Inc. (MLSPIN) and extracted on November 23, 2010. Note that 2010 data is year-to-date.
Medford, MA Average Rent Per Unit in 2 Unit Multifamily Houses
Average rent in 2 unit multifamily houses peaked in 2005 at $1,347 per month. The average rent fell and subsequently recovered. In 2010, the average rent is currently at $1,313 per month.
Medford, MA Average Sale Price for 2 Unit Multifamily House
The average sale price of a 2 unit multifamily house peaked in 2005 at the same time as rent did. In 2005, a 2 unit multifamily house cost $533,057 on average. Unlike rent, the average price of a 2 unit multifamily has not recovered and is at $397,973 for 2010.
Medford, MA Average Rent Multiplier for a 2 Unit Multifamily House
The lower average sale price and higher average rent has made 2010 the best time to invest since 1998. (Note that I did not have sufficient data to go back further than 1998.) The rent multiplier for a 2 unit multifamily house in Medford is 12.6 while it was 12.4 in 1998.
From your Real Estate Geek, Happy Thanksgiving!
