This movie is fantastic and fascinating mostly because of its director, but it would be fun either way. I'd say that it's better than many films of the same period, but not to the same extreme degree that Hitchcock's movies eventually achieved.
You can see it's his work, though. Hitchcock knew that what made a suspenseful movie good had nothing to do with gore or loud noises, and this shows even in his early work. The Lodger has a distinctly Hitchcock feel to it--fun and scary--and it's interesting to see how he gets around the lack of sound, considering the fact that most (all?) of his other films were talkies.
You can see it's his work, though. Hitchcock knew that what made a suspenseful movie good had nothing to do with gore or loud noises, and this shows even in his early work. The Lodger has a distinctly Hitchcock feel to it--fun and scary--and it's interesting to see how he gets around the lack of sound, considering the fact that most (all?) of his other films were talkies.