The rent prices in real estate in Lowell, in the Massachusetts region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per sq.feet in Lowell has had a strong fall during the last 6 months. In July, the average price per sq.feet was $17.22. In the following month the price per sq.feet fell considerably to $1.85. The price for the following two months in (September, October) had a considerable fall of 21 with regard to the previous two months. The price per sq.feet has had a considerable fall of 33 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $5.75 to $1.92 during November, and December.
When referring to the price in Lowell (cities), there have hardly been any changes in the last 6 months. The average price for July is $1,559. During August the price had a slight fall till $1,473. In the following two months the average price has hardly changed with regard to the previous two months from $1,516 to $1,529. Based on an analysis of the first four prices and the last two months the average price has increased 106 % during the last two months.
The graph displaying the average rent price for bedrooms illustrates that those properties with 4 bedrooms are the most affordable ones. At a price of $1,660 they are 20 % more affordable than the average price for Lowell . The properties with the highest average price have 2 bedrooms, Their price is 11 % more expensive than the average. After that we have properties with 3 bedrooms priced at $1,663.
With regard to the average price per sq.feet, those properties with 4 bedrooms are the most affordable ones at a cost of $0.7 / sq.feet, with an average $1.82 / sq.feet price in Lowell. The properties with the most expensive average prices have 1 bedroom. They are 21 % more expensive than the average followed by properties with 2 bedrooms with a price at $1.74 / sq.feet.
The graph displaying the average rent prices displays the property type "" as the most affordable one. At an cost of $1,660 it is 9 % more affordable than the average price in Lowell. "Apartment" is seen as the second most affordable property type. The most affordable property is "Apartment" followed by "". At a price of $1,511 it is 3 % more affordable than the average price.
According to the average area price by sq.feet the most expensive property type is "Apartment with an average cost of $2.02 / sq.feet. "Apartment" at an average price of $2.02 / sq.feet has the highest price and would be directed at more affluent cities.