Fifteen miles west of Boston, when most Americans hear the name Lexington, they think of the first shot fired in the Revolutionary War, but in the real estate market, it is often mentioned for a completely different reason. The top-tier school district represented by Lexington High School is the biggest factor influencing rental prices.

The average rent for a 2-bedroom apartment in Lexington is reported to be around $3,700 based on recent data. According to RentCafe's March update, it is $3,701, while Apartments.com lists it between $3,400 and $3,800, and ApartmentList suggests it is over $3,690. Compared to the overall average in Massachusetts, this is quite high, as Lexington is both part of the Boston commuting area and has a top-tier school district.

The demand for 2-bedrooms is concentrated in three main areas. The area around Lexington Center is popular among young working couples and families looking to downsize, as it offers easy access to shops, restaurants, and community facilities. East Lexington is relatively quiet with a higher proportion of single-family homes, resulting in fewer rental listings, but when they do become available, they tend to attract family demand quickly. The vicinity of Route 128 and Hartwell Avenue is close to a cluster of biotech and IT companies, making it preferred by professionals who prioritize commuting.

Rental price differences between areas are influenced by school district assignments and accessibility. New condo-style rentals within the Lexington High School district often exceed $4,000, while properties near the borders of Burlington or Arlington can be found in the low $3,000s. Factors like parking space, availability of a washer, and floor level can also affect prices by hundreds of dollars.

Recent trends indicate that the rental price increase in Lexington is showing signs of leveling off. After a sharp rise in rents post-pandemic, the increase has slowed in the last year or two due to a rise in new supply across the Boston metro area. However, the school district premium remains strong, suggesting that it may take more time before prices in Lexington begin to decline.

For Korean households, it is important to note that rental listings in Lexington are not abundant. The neighborhood is primarily single-family homes, and there is not a large inventory of apartment-style rentals. Rather than being a densely populated area for Koreans, it is often families prioritizing their children's education that move in individually. There are relatively reasonable 2-bedroom listings in nearby Burlington or Arlington, so checking the school district boundaries and comparing both areas can be a good strategy.

Ultimately, when looking for a 2-bedroom in Lexington, it is necessary to consider both budget and school district assignment. If rent is a concern, it may be worth adjusting priorities to find a relatively affordable unit while maintaining the school district assignment.