Traders Row
45 Traders Way,
Salem, MA 01970
1-2 Beds | $2,430 - $3,475
Rental Market Trends in Salem, MA
What is the average rent in Salem, MA?
$2,077/month
Average Rent
705 Sq Ft
Average Apartment Size
+1.2%
Increase in the Last Year
As of December 2024, the average rent in Salem, MA is $2,077 per month. This is 33% higher than the national average rent price of $1,560/month, making Salem one of the most expensive cities in the US. When you rent an apartment in Salem, you can expect to pay about $1,082 per month for a studio, $2,077 for a one-bedroom apartment, and around $2,534 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $3,188 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Salem, MA?
In the past year, rent has increased by 1.2%, which averages out to $25 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Salem, MA
Last Updated December 2024
Above $2,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
8%
$700 - $1,000/month
19%
$1,001 - $1,500/month
4%
$1,501 - $2,000/month
69%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Salem?
Based on current rent prices, Salem Neck, North Salem and Downtown Salem are the most affordable neighborhoods in Salem.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Salem?
Based on current rent prices, North Shore, South Salem and Downtown Salem are the most expensive neighborhoods in Salem.
Neighborhood
Average Rent
Average Sq Ft
Which Salem neighborhoods have the most rentals available?
The neighborhoods in Salem with the most apartments available are North Shore, South Salem and Downtown Salem .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Salem, MA?
Because the average rent in Salem is $2,077, you’ll want to make about $6,923 per month or $83,076 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Salem, MA compare to other nearby cities and neighborhoods?
Use the tool below to compare Salem, MA to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
-
$1,637/month
One Bedroom
$1,294/month
$2,212/month
Two Bedroom
$1,091/month
$2,660/month
Three Bedroom
-
$3,309/month
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.