The headline
Cambridge rents in our portfolio are up about 3.2% on renewals over the past twelve months. New-lease rates — what we ask when a unit turns over — are up closer to 5.5%. Allston is roughly flat on renewals and up about 4% on new leases. Neither figure is dramatic by recent-year standards, and both are well below the post-pandemic peaks of 2022 and 2023.
What is actually moving
Two specific corners of the market are tighter than the averages suggest. Anything within a six-minute walk of the Red Line at Central, Harvard, or Porter is leasing in under ten days at prices that surprise even us. Our most recent Inman 2-bedroom went in eleven days for $3,450; the same unit was $3,200 in 2024 and $2,950 in 2022.
On the other side, larger 2- and 3-bedroom units that depend on graduate-student demand are softer than we expected. Our suspicion is that the federal-funding uncertainty through the back half of last year pulled some incoming graduate cohorts smaller than usual. We'll see whether that holds when the September 2026 cycle lists in mid-July.
What we are telling owners
For renewals, we are recommending modest increases — the 3-4% range is what most of our owners are landing on, and our residents are renewing at 91%. The math on chasing a bigger renewal increase rarely works out once you account for vacancy and turnover costs.
For new leases, the September 1 cycle remains the right timing for any Cambridge unit. Mid-July listing, August showings, August 31 turnover. We are advising owners with off-cycle vacancies to consider short or long first leases that align the next renewal with the September cycle. The long-term economics generally favor it.
Quarterly market notes will continue. If you would like the next one sent directly, leave a note through the contact page.