2022 Jamaica Plain Apartment Rental Market Report
The rental market in Jamaica Plain is experiencing historically low inventory in 2022. With just 10 weeks remaining until the pivotal 9/1 leasing date, the real-time vacancy rate (RTVR) of Jamaica Plain apartments has surpassed its previous all-time low set in August of 2019. Apartment availability has dropped by -47.27% compared to its pre-pandemic level in June of 2019. Despite the record low rental supply, average rent in Jamaica Plain still sits $123 below its all-time high set on June 1, 2020.
Jamaica Plain Rental Supply Metrics
The current RTVR in Jamaica Plain is 0.50%. That figure marks a -91.08% decrease in vacancies compared to a year ago when apartment supply numbers were still inflated due to the pandemic. Just two weeks ago, the RTVR hit an all-time low of 0.16%, indicating an astounding apartment occupancy percentage of 99.84% in Jamaica Plain. At this point – the only reason why a vacant apartment in JP has not rented in a week is due to the fact that it is most likely in poor condition and/or overpriced.
Jamaica Plain’s real-time availability rate (RTAR) currently sits at 3.71%. This is a significant departure from the 10.52% RTAR recording in early June of 2020 when the rental market was just starting to rebound from the rental supply disruption caused by COVID. The RTAR in Jamaica Plain hit an annual high of 4.14% in April of this year before starting its cyclical downturn. Based on the most recent rental market statistics in Jamaica Plain, renters are seeing 40-50% less apartment inventory than before the pandemic throughout 2022. JP has historically been an area where renters tend to stay longer in their units than other parts of the city.
Jamaica Plain Average Rent Prices 2022
Despite the historically low inventory, rent prices in Jamaica Plain have yet to surpass their record highs like they have done in most of Boston’s neighborhoods in 2022. The average rent price of an apartment in Jamaica Plain is currently $2,361, making it the 6th most affordable area to rent an apartment out of the 24 neighborhoods that make up Boston. This is again is partly due to the fact that there is lower apartment turnover in this area. Landlords tend to prefer longer term tenants than the hustle and bustle of turnover.
Jamaica Plain Rental Market Forecast 2022
It appears that average rent in Jamaica Plain has been spared the rapid price acceleration that has been typical of most Boston neighborhoods thus far in 2022. Average rent prices have already blown past their previous all-time highs in nearby Mission Hill and Allston this year, both of which have historically been more affordable rental markets for off campus apartments near Northeastern University. Perhaps that explains why RTAR has been significantly lower than pre-pandemic levels in Jamaica Plain compared to Allston and Mission Hill, where record-high rents could be pushing renters further out.
Despite its relative affordability, the current apartment supply metrics indicate that rent prices will continue to rise in Jamaica Plain as we approach September. The current RTAR in Jamaica Plain is down -32.75% since early May, indicating that apartment availability has already peaked for 2022 and is dropping rapidly. Demand for affordable apartments has never been higher in Boston. Given the current Jamaica Plain RTAR is nearly 50% lower than its June 2019 level, it is likely that the RTAR will break through its previous all-time low (1.02%) set in November 2019. There seems to be no loss of demand to move to the Greater Boston Area. It would be prudent to examine ways we can maximize bedroom and unit count on any upcoming developments in the area.
This should create a sense of urgency for Jamaica Plain renters who haven’t locked down an apartment yet for the Fall. As prices soar to record highs in other neighborhoods, more renters will look towards affordable neighborhoods like Jamaica Plain, putting further downward pressure on the already tight rental supply. We expect rent prices to continue to climb in Jamaica Plain as a result. Those who put off their apartment search in Jamaica Plain will be faced with limited options and higher prices.
At the current rate of price growth, the average rent price in Jamaica Plain will not break its previous record high in 2022. That could change quickly as the available inventory approaches its annual low in the Fall.