2022 Quincy Apartment Rental Market Report
Quincy’s apartment rental market proved to be an outlier throughout the pandemic. When apartment vacancies soared to over 9% in the city of Boston during COVID, the real-time vacancy rate (RTVR) never surpassed 3% in Quincy. Despite the relative stability and low inventory, rent prices for Quincy apartments did drop by 5% last year, and they still remain well below previous all-time highs.
Quincy Apartment Supply Metrics Remain Strong
Quincy’s current real-time availability rate (RTAR) is 1.29%. Interestingly, the current RTAR is nearly identical to its pre-pandemic level in mid-June 2019, when the availability rate sat at 1.28%. A look at Quincy’s historical rental market trends illustrates that low apartment availability is the norm in Quincy, MA.
Historically this suburb has not seen the same seasonal turnover that most neighborhoods experience in Boston. Quincy’s RTAR hit an all-time high of 3.7% in June of last year, which pales in comparison to the record-high 13.38% availability rate recorded in Boston in 2021. Even more interesting, Quincy’s RTAR hit an all time low of 0.89% in March of last year during the same month Boston was seeing record high availability. Apartment availability in Quincy has not surpassed the 2% mark in 2022, which it did twice in 2019 before the pandemic. This suggests that apartment supply is even scarcer now that it was before COVID.
Quincy’s current vacancy rate is 0.68%. The RTVR in Quincy is close to eclipsing its previous all-time low set in July 2019 (0.51%). With 8 weeks remaining before the end of the summer leasing rush, it’s likely that Quincy will surpass its previous all-time low before September. Compared to Quincy’s RTVR level mid-June 2019 (0.86%), Quincy is seeing a 20% drop in apartment vacancies in 2022 compared to pre-COVID levels.
Quincy Average Rent Prices 2022
Quincy’s current average rent price is $2,104. That average rent price is 16.78% lower than Boston’s average rent price of $2,528, making Quincy an affordable option for renters in Greater Boston. Despite the relative stability of Quincy’s rental market during COVID, the neighborhood still saw a drop in rent prices by as much as -5.01% in 2021. Quincy’s average rent price has yet to recover the ground lost, and it currently sits at -8.04% below its previous all-time high of $2,288.
Quincy Apartment Rental Market Forecast 2022
Quincy’s apartment rental market is in a very strong position in 2022. With vacancies and apartment availability both below historical levels for mid-June, it’s surprising to see that average rent prices remain low in Quincy. Considering the rent prices have already exceeded all-time highs in most other Greater Boston neighborhoods in 2022, it seems like renters in Quincy are getting better deals than they are elsewhere.
Rent prices have stayed very level in Quincy thus far in 2022. Look for that to change during the latter half of 2022 as apartment scarcity will begin to push prices upwards. Quincy will be an attractive option for renters seeking to escape the record high rents we’re seeing throughout Boston. Thus, it is very likely that both RTVR and RTAR in Quincy drop below their previous all-time lows in 2022.
Based on current rent price trends, it does not appear likely that Quincy will record an all-time high for average rent price this year, making it an attractive market for renters on a budget. Still, renters should act early in 2022 to have access to the most inventory, as we’re expecting apartment availability to continue to push lower during the latter half of 2022. We will continue to monitor these data trends as they develop.