Best places to buy rental properties in Massachusetts

February 2, 2022
● Written by
Teddy

Massachusetts

Investing in Massachusetts

If you're looking to buy your next property or your first property, you should take a look at Massachusetts! The state is home to a diverse economy and some of the world's best colleges and universities. To help you better narrow your search, the Nophin team crunched the numbers and found the five best places to invest in Massachusetts rental properties.

Statewide vacancy rates

MA Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Boston, MA

Boston is the state capital of Massachusetts. The city is well known for its rich history, seafood, and world class higher education.

  • Population: 675,647
  • Median household income: $76,298
  • Median 1-bedroom monthly rent: $2,600
  • Median listing home price: $815,000

Worcester, MA

Worcester is the second largest city in Massachusetts and was ranked the 3rd Safest Place to live in the US (US News & World Report, 2021-2022).

  • Population: 206,518
  • Median household income: $51,647
  • Median 1-bedroom monthly rent: $1,702
  • Median listing home price: $350,000

Springfield, MA

Springfield is where basketball was invented and home to three Fortune 500 companies including MassMutual (100), O'Reilly Automotive (279), and Eversource Energy (358).

  • Population: 155,929
  • Median household income: $41,571
  • Median 1-bedroom monthly rent: $1,025
  • Median listing home price: $248,000

Quincy, MA

Quincy is the birthplace of two presidents, John Adams and John Quincy Adams, and plays an important role in US history.

  • Population: 101,636
  • Median household income: $80,462
  • Median 1-bedroom monthly rent: $2,000
  • Median listing home price: $638,000

Taunton, MA

Taunton, also known as the Silver City, is one of the oldest cities in America. Many semiconductor companies also manufacture electronics here.

  • Population: 59,408
  • Median household income: $63,433
  • Median 1-bedroom monthly rent: $1,365
  • Median listing home price: $419,900

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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