Despite the current trend toward record high prices, the Quincy apartment rental market is still appreciably less expensive than the average in the Greater Boston area. The affordability of lower rent prices coupled with the relatively short commute into Boston is attractive to many people, and this is reflected in the low availability and vacancy rates for apartments in Quincy. In contrast, the current Median Days on Market is high at 68. This has been in an upward trend over the last year.
Record Low Apartment Vacancies in Quincy
The real-time vacancy rate (RTVR) in Quincy is currently 0.15%. This is an 80.26% drop over what it was just one year ago, and only a slight increase over the record low of 0.07% at the beginning of May. This is even lower than the City of Boston RTVR, which is currently 0.42%. The Quincy downward RTVR trend began in early February this year and mid-March was when it dropped below that of the City of Boston. Historically Quincy does see an increase in RTVR between September and October.
Record Low Apartment Availability in Quincy
The real-time availability rate (RTAR) in Quincy is currently 0.74%. This is a decrease of 38.84% over one year ago, and only a slight increase over the record low of 0.67% at the beginning of May. By comparison, this is significantly lower than the City of Boston RTAR, which is currently 3.63%. The Quincy RTAR has been on a generally downward slope since the end of October 2022, when it was 1.72%. Except for a spike to 3.7% in late June to early August of 2021, Quincy RTAR has been generally below 2% since the first week of January in 2020.
Median Days on Market Has Increased by Nearly One Quarter for Apartments in Quincy
Despite a significant drop in apartment supply compared to last year, the apartments that become available are spending more time on the market than a year ago. Current Quincy rental data shows that the median number of days that apartments spend on the market is 68 days. This represents a 23.64% increase over the 55 days of a year ago.
Rent Prices Are at or Near Their Record Highs in Quincy
The current average rent for a 3-bedroom apartment in Quincy is $3,261, representing a 44.74% increase over last year. This large average increase is reflective of a sharp downward spike that occurred from early January to early February of 2022. As the smaller apartments did not show a downward spike at that time, their rates of increase over the last year are much more moderate. The current average rent of 3-bedroom apartments is 5.02% over the previous peak in November 2020.
The current average rent for a 2-bedroom apartment in Quincy is $2,328, representing an increase of 5.64% over the last year. Despite a generally upward trend in rent prices over the last two years, there has been a decrease of 2.03% for 2-bedroom apartments in the last 30 days.
The current average rent for a 1-bedroom apartment in Quincy is $1,988, representing an increase of 7.11% over the last year. There has been a general upward trend since December 2020.
The current average rent for a studio apartment in Quincy is $1,796, representing an increase of 1.75% over the last year. There was a brief spike in prices between late February and early April of this year.
These record high rental prices for Quincy are still substantially lower than most of the Greater Boston area, much of which has seen even higher rates of increase over the past year.
2023 Quincy Rental Market Forecast
Quincy’s average rental prices will likely continue their steady climb given the trend in the rest of the Greater Boston area. The rate of average rental price increase for 1-bedroom and 2-bedroom apartments in Quincy is lower than the average rate of increase for the City of Boston, making them of particular interest to a certain value-conscious segment of potential renters. This also means that the very low real-time vacancy rate and real-time availability rate will likely continue. This would seem to indicate that there is a low turnover in tenant occupancy. Please note: Luxury buildings in Quincy were purposely omitted from this report to provide the greatest level of accuracy.
Demetrios Salpoglou
Published June 7, 2023
Demetrios has pulled together the largest apartment leasing team in the Greater Boston Area and is responsible for procuring more apartment rentals than anyone in New England – with over 130k people finding their housing through his services. Demetrios is an avid real estate developer, peak performance trainer, educator, guest lecturer and motivational speaker.
