October 2024 Fall River, MA Rental Market Report: Trends, Pricing, and Key Insights for Renters and Landlords

As of October 29, 2024, the rental market in Fall River, MA, has shown some notable changes and trends that are essential for both renters and landlords to be aware of. Here's a comprehensive look at the current rental landscape, including insights on pricing trends, market dynamics, and a comparison with nearby areas.

 

The median rent for all bedrooms and property types in Fall River stands at $1,700. This figure represents a $100 decrease from the previous month, suggesting a slight easing in rental prices, which could be a temporary dip in an otherwise steadily increasing market. Compared to last year, the median rent has increased by $100, reflecting an ongoing trend of rental appreciation in the area. With 132 available rentals on the market, tenants have a decent selection of options, though the competition for desirable properties remains high.

 

Landlords, on the other hand, may find that this month's decrease in rent could require more strategic pricing and marketing efforts. Nevertheless, the overall annual increase continues to benefit property owners, ensuring that rental income has remained strong over time.

 

Rental Price Range

 

Rental prices in Fall River vary significantly, catering to a wide spectrum of budgets and housing needs. The lowest rental prices start at $500, typically for smaller units or shared accommodations. As prices increase, renters can find properties at popular price points such as $1,200, $1,500, and $1,700, which account for the majority of rental listings. The most common price range is $1,200 to $1,800, with many options available, making it the primary range for typical apartments and homes.

 

For those with more flexibility in their budget, rental prices extend to the higher end, reaching up to $4,500 for large, luxurious properties, often with premium amenities. Only one property is listed in this top price bracket, indicating that such high-end rentals are rare. This price diversity ensures that both budget-conscious renters and those seeking more upscale accommodations can find something suitable.

 

Rental prices in Fall River have experienced a gradual increase over the past year, reflecting the area's growing popularity and sustained demand. Here's a look at how the median rental prices have evolved month by month:

 

• January 2023: $1,500
• April 2023: $1,550
• July 2023: $1,595
• October 2023: $1,650
• January 2024: $1,650
• April 2024: $1,700
• July 2024: $1,700

• October 2024: $1,800

 

This steady increase in rent over the past 12 months indicates that demand for housing in Fall River has been robust. The largest jump occurred between September and October 2024, with rent rising from $1,695 to $1,800. While there was a slight decrease from September to October 2023, the overall trend has been upward, signifying that rental prices may continue to rise in the future as demand persists.

 

Market Temperature: Warm

 

The current market temperature in Fall River is categorized as warm, indicating a strong demand for rental properties compared to the national average. This warm temperature suggests that properties in Fall River are being rented relatively quickly, and landlords may experience shorter vacancy periods. For renters, this means acting fast when a desirable rental becomes available, as competition remains significant.

In a warm market, it's also important for both landlords and renters to stay informed about pricing trends and negotiate smartly. Renters may find it useful to be prepared with strong rental applications, while landlords can benefit from pricing their properties competitively to attract quality tenants promptly.

 

Comparing Fall River to Nearby Areas

 

When comparing Fall River to surrounding areas, it becomes clear that it is one of the more affordable rental markets in the region. Here’s a detailed look at the median rent in nearby towns:

 

Acushnet, MA: With a median rent of $2,200, Acushnet is significantly more expensive than Fall River. The higher rent prices may be due to a smaller rental market or more luxurious property offerings.

 

Barrington, RI: Renters in Barrington face a median rent of $2,300, reflecting the town’s appeal and proximity to coastal amenities. This makes Fall River an attractive alternative for those looking to save on rent while remaining relatively close.

 

Bristol, RI: As one of the more expensive areas, Bristol’s median rent of $2,550 caters to those seeking upscale living. Compared to Bristol, Fall River offers more budget-friendly options.

 

Somerset, MA: At $2,500, Somerset's median rent is notably higher, likely due to a combination of location benefits and housing demand.

 

New Bedford, MA: With a median rent of $1,750, New Bedford is slightly more expensive than Fall River, but the difference is not as pronounced. Renters may find the two cities comparable in terms of amenities and living standards.

 

Overall, Fall River’s rent is 17% lower than the national median, which stands at $2,050. This affordability, coupled with its location and amenities, makes Fall River a compelling choice for many renters.

 

Rental Resources and Tools

 

For landlords and property managers, listing a rental in Fall River has never been easier, thanks to online platforms like Zillow, Trulia, and Hotpads. These platforms offer various features to streamline the rental process:

 

Tenant Screening: Conduct comprehensive background checks, credit reports, and eviction history for peace of mind.

 

Online Leases: Use legally sound templates drafted with local law firms, and take advantage of e-signature capabilities to finalize leases seamlessly.

 

Rent Collection: Easily collect rent, utilities, and fees online, with payments deposited directly into your bank account at no extra cost.

 

These features help landlords manage their properties more efficiently, ensuring that tenants have a smooth rental experience.

 

Frequently Asked Questions

 

1. What is the average rent in Fall River, MA?

The average rent in Fall River is currently $1,700. This figure includes all bedrooms and property types, giving a general idea of what renters can expect to pay in the area. The median price reflects a balance between higher-end properties and more affordable rentals, making it a useful benchmark for both renters and landlords.

 

2. How much does it cost to rent a house in Fall River, MA?

Renting a house in Fall River can cost anywhere between $500 and $4,500. This wide range accommodates various budgets, from modest homes or apartments on the lower end to luxurious, spacious houses on the higher end. The median rent for houses, similar to all property types, remains at $1,700, which provides a general indicator of affordability in the area.

 

3. How has the rent in Fall River, MA changed in the last year?

In the past year, rent in Fall River has increased by $100. This steady upward trend reflects the growing demand for rental housing in the city, likely driven by factors such as population growth, employment opportunities, and the overall desirability of the area. The increase in rent underscores the importance of staying updated on market trends, especially for prospective renters and landlords.

 

4. How much has the rent in Fall River, MA increased or decreased in the last month?

Over the past month, the median rent in Fall River decreased by $100, from $1,800 in September to $1,700 in October. This dip could indicate a seasonal fluctuation or a temporary shift in the rental market. Renters might find this a good opportunity to secure a lease before prices potentially rise again, while landlords should consider market conditions when setting rental rates.

 

5. How many available rentals are there in Fall River, MA?

There are currently 132 rental properties available in Fall River. This includes a variety of options across different price ranges and property types, giving renters plenty of choices. However, given the warm market conditions, desirable rentals may not stay available for long, so it’s important to act quickly when the right property is found.

 

6. How do rent prices in Fall River, MA compare with the national average?

Rent prices in Fall River are significantly lower than the national average. The median rent in Fall River is $1,700, which is $350 less than the national median rent of $2,050. This affordability makes Fall River an attractive market for those looking to save money on housing while still enjoying a well-connected and vibrant community.

 

With a median rent of $1,700, Fall River continues to be a relatively affordable option compared to many nearby cities and the national average. The market remains warm, indicating strong demand and a good selection of properties for renters. As rent prices have shown a gradual increase over the past year, staying informed and prepared is key for both renters and landlords. Whether you're a tenant looking for your next home or a landlord seeking to list your property, Fall River offers a dynamic rental market with opportunities for everyone.