Rent Prices for Medford Apartments Just Over $2,300 per Month
The Modera Medford apartments are now officially open for rent. With the tagline, “Out of the Ordinary,” the apartment building consists of studio, one, two, and three bedroom units that are ideally situated at Five Cabot Road in Medford. It is jest along the Malden riverfront and will take just minutes to the train station in Wellington.
On September 26, the building started welcoming renters for the 297 unit apartment. There are still spaces up for rent with the following prices:
- One bedroom units start at just a little over $2,300 per month.
- Two bedroom units are priced at $2,700 and above.
- Three bedroom units cost $3,600 in monthly rents.
The apartment takes pride in its prime location in which it claims to be friendly to tenants who are looking for a place where commuting into downtown Boston is quite easy. The city center is just four miles to the southeastern part of the apartment area. What makes the residential building ideal to the tenants and daily commuters is that it is in proximity to the Orange Line.
In addition to that, the six-story building has a parking garage that offers security as well as ample bike storage onsite. There is also a newly built public trail in the development area, which spans a total of 1,000 feet. It connects the site to the Woods Memorial Bridge as well as the Tufts Boat House. Among the amenities of the Modera Medford are yoga space, a pet spa (which means pets are welcome), and a roof deck.
What Does Modera Medford Offer?
With a huge number of residential developments in and around Boston, prospective tenants have a lot to choose from. The Modera Medford apartments aim to be different with several advantages for the renters.
Among its unique offerings is the one-month free stay. It is hard to find an apartment that provides such offer. Note though that there are some conditions or requirements to take advantage of the one-month free living at the apartment. It is only applicable to those who will avail of the 12 to 18-month lease terms.
Another reason why Modera Medford is considered a top of the line option for young professionals is its ideal location as it offers easy access to downtown Boston. It will only take 15 minutes of train ride to get to the city center. It is just a few steps away from the Station Landing and the Assembly Row, which is garnering so much attention right now.
Assembly Row is currently ongoing with some of the plans changing over the past few months. However, one thing is for sure: it keeps growing and growing. The plan now involves a 20 story building that will accommodate a total of 447 units, including one apartment building called Montaje. This particular part of the project contains a bocce court.
Different sections of the project have already been completed. However, the developers are not done yet. There are also new plans for a retail and restaurant space for the Block 8 of Assembly Row. The space will include 26,500 square feet for the commercial area, and the whole development will also include 500 units for the residential complex. It is truly one of the biggest projects in Boston right now as there are already hundreds of apartments and condos open here.
For those wanting a more peaceful area to live in with a waterfront vantage, along with biking and walking trails, Modera Medford can offer just that. It is also in proximity to a wildlife observatory, and there is also a kayak launch that allows access to the river of Malden.
With Boston already having many of its properties with roof decks, Modera is joining the craze with its out of this world deck that provides unmatched views of the city. The apartment complex also offers a yoga studio where residents can find a new perspective in life while they are out of their industrially quipped unit.
What Prospective Renters Can Expect from the Apartment
The official price list of the bedrooms has already been released. One bedroom apartment units are priced exactly at $2,626 as the other rooms are already occupied. Meanwhile, there are still vacancies for those searching for two bedroom units. The starting price is $2,921, and the highest price is $3,076.
With reasonable pricing, potential tenants are still up for a number of specials. Already mentioned is the one-month free stay in which renters who sign a lease that will run for 12 to 18 months will get to enjoy it. Also, those who visit the apartment to tour around it and choose to apply for a unit reservation within 24 hours will get $500, which will be credited straight to their rent. Once again, the condition is to sign a 12 to 18-month lease and moving should be done by the end of October.
The apartment is pet-friendly and welcomes up to two animals per unit. There is a weight limit for dogs as they only accept up to 100 lbs. Rents for cats are $35 per month, while dogs will depend on the size but rent prices will begin from $50 to $100.
Other amenities of the apartment include hardwood flooring, fireplace, ceiling fans, oversized closets, swimming pool, and a fitness center. Modera Medford also has a conference room, as well as controlled access for the garage parking. There are also loaner bikes and storage. Lease terms are available from 12 months to 13 months. The longest is 18 months for potential renters.
The New Building Compared to Other Properties in Medford
The Modera Medford apartments have a number of amenities for their riverfront studios and one to two bedroom units. Many of the apartments have already been reserved to their respective tenants. Part of the reasons why it is a thriving residential space today despite the tough competition is that it allows for expedient access to downtown as well as the surrounding suburbs.
In fact, it is just a short walk from the MBTA Orange Line’s Wellington Train Station. The apartment is just three stops away from employers in downtown Boston, making it a supreme setting for young urban professionals who work for high-level employers like Lawrence Memorial Hospital, Tufts Health, Aetna, and Cross Country Group. All these companies are located near the apartment building.
Modera Medford is in a community with a submarket that has grown about 4.3% in rent prices this year. According to real estate data collected by different groups, the average Medford market trends show that there is an increase of more than 20% in the median home sales this year. In line with this, the price for every square foot has also grown to $384 from $349 from the same period last year.
The median sales price in Medford varies from month to month. However, the highest is listed to be this year in March with an average of $550,000. The lowest is around September last year with the average falling to $326,000.
As for the rent prices, the current average is $2,500. Modera is a little higher than the median rent price in the neighborhood although the costs typically change depending on the months. Compared to other apartments in the community, Modera offers plenty of opportunities to save for people who are looking for a safe place to call home. Additionally, the surrounding areas make the apartment an exciting and convenient place to live.