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Studio Apartments for Rent in Salem, MA

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  • 266 Canal St, Salem, MA 01970
    266 Canal St, Salem, MA 01970
    266 Canal St, Salem, MA 01970
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    Starting at $2,349

    Total Monthly Price

    • Studio - 2 Beds

    266 Canal St, Salem, MA 01970

    Rooted in the rich character of Salem and designed for modern living, Lore invites you to experience a new chapter in style and comfort. Nestled on Canal Street, these newly-constructed studio, one and two bedroom apartment homes offer designer finishes, upscale amenities, and an air of timeless intrigue. Whether you're unwinding in the speakeasy lounge, swimming in the Summer sun in the heated

    Lore

    (978) 740-7178

    266 Canal St, Salem, MA 01970
  • 84 Highland Ave, Salem, MA 01970
    84 Highland Ave, Salem, MA 01970
    84 Highland Ave, Salem, MA 01970
    /35

    Starting at $1,700 Plus Fees

    • Studio - 2 Beds

    84 Highland Ave, Salem, MA 01970

    luxury studios, one bedroom, and two bedrooms. Great location, bus stop in front of the building, across from North shore medical Center/Salem Hospital Rt. 107 at 84 Highland Place, Salem, Ma includes stainless steel appliances, ceramic tile, washer and dryer in unit, a/c, oak cabinets, free parking, 24-hour maint. Close to schools, shopping, and downtown Salem. Professionally owned and managed

    Salem Highlands

    (978) 543-5367

    84 Highland Ave, Salem, MA 01970
Massachusetts Essex County Salem

Studio Homes for Rent in Salem, MA

Why Live in Salem

Salem's rich historical legacy comes alive through world-renowned attractions like the Peabody Essex Museum, featuring the 200-year-old Yin Yu Tang Chinese house, and the Salem Maritime National Historic Site where visitors can explore the 1797 merchant ship replica Friendship of Salem. The city's haunting past is preserved at sites like the Salem Witch Trials Memorial and The Witch House, the only remaining structure directly connected to the 1692 trials. The dining scene features distinctive restaurants like Ledger Restaurant & Bar, housed in the former Salem Savings Bank building, and Turner's Seafood at Lyceum Hall, serving classic New England seafood in a historic setting.

The Salem real estate market spans diverse price points across distinct neighborhoods. The median sale price in Salem is $580,000, with median single family home prices reaching $675,000. In the prestigious Chestnut Street area, the median single family home price rises to $1,585,000, while Collins Cove presents more moderate options with a median of $510,000. Condo seekers will find median one-bedroom prices of $405,000 in Salem Common and $316,500 in South Salem.

Property taxes in Salem maintain a 1.07% effective rate, matching nearby Beverly, Peabody, and Marblehead. The Massachusetts state income tax rate is 5.00% for a yearly salary of $48,593.00. Salem's educational landscape includes highly rated private schools like Tower School and North Shore Christian School, plus Salem State University. The city connects easily to Boston via a 30-minute MBTA commuter rail ride or seasonal ferry service from May through October. The walkable downtown area places most attractions, shops, and restaurants within a convenient mile radius.

Learn more about living in Salem

Frequently Asked Questions

How much does it cost to rent a home in Salem, MA?
The median rent for a home in Salem, MA is $2,600 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option while single-family homes and townhouses are currently more expensive.
How much do you need to make to afford rent in Salem, MA?
To comfortably afford the median rent in Salem, MA, a household needs to earn roughly $104,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,600 per month in Salem, MA, renters typically need to show $7,800 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Salem, MA?
In Salem, MA, the price-to-rent ratio is 18.6, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Salem, MA are best for renting a home?
The best neighborhood for renting in Salem, MA depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Downtown Beverly, Downtown Lynn, Revere Beach, West Revere and Crescent Beach, each with its own character and price range.

Rental Trends in Salem, MA

There are currently 2 homes available for rent in Salem, MA. The median rent is $2,600 per month, with single-family homes renting at $3,598, townhouses at $3,750 and condos at $2,550.

Rental Home Trends

Number of Homes for Rent
2
Median Rent
$2,600
Median Single Family Home Rent
$3,598
Median Townhouse Rent
$3,750
Median Condo Rent
$2,550
How to Rent a Home

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