Market Report | Multi-family | January 2023

Quincy/Milton/Randolph Report Summary 

The vacancy rate in the Quincy/Milton/Randolph Submarket has dropped over the past four quarters, and at 5.7%, essentially aligns with the long-term average.

While developers have been active in recent years, nothing has delivered over the past 12 months. But construction has started back up, and about 1,400 units are underway, which will substantially expand the existing inventory.

Rents have increased by an impressive 5.7% over the past year, which significantly exceeds the average annual growth of 3.8% over the past decade. Quincy/Milton/Randolph is a liquid submarket, with about 34 trades over the past three years.

The market price, which is an estimated price of all properties in the submarket, has risen dramatically over that time period and now stands at $393,967/unit.

South Shore Report Summary

The vacancy rate in the South Shore Submarket has expanded moderately over the past year, and at 6.6%, is slightly above the long-term average.

New development is common in this submarket: About 440 units have delivered over the past year, consistent with the five-year average. Development is set to continue, as roughly 460 units are underway, which will expand the existing inventory by 4.5%.

Rents have increased by an impressive 4.2% over the past year, which was in line with the average over the past decade. South Shore is a liquid submarket, with about 34 trades over the past three years.

The market price, which is an estimated price of all properties in the submarket, has risen dramatically over that time period and now stands at $374,576/unit.