Quincy is one of the few suburbs outside Boston that has registered a negative YOY change in vacancy rates(-30.90%). This signifies that the demand for Quincy apartments and rental properties has grown throughout the pandemic, as Quincy has historically maintained a vacancy rate above that of the Metro area. Now, the vacancy rate in Quincy MA is 1.23%, nearly 20% less than the vacancy rate for all of Boston’s suburbs (1.49%).
The vacancy rate (RTVR) in Quincy can be calculated by dividing the number of apartments that are lying vacant by the total supply of apartments. The availability rate (RTAR) can be calculated by adding the total number of vacant apartments to the number of apartments that are available for rent but have not been vacated, then dividing it by the total supply of apartments.
Quincy’s apartment vacancy rate of 1.23% is similar to that of Winthrop (1.25%) and Malden(1.28%). The vacancy rate in the city of Boston is 1.33%, which shows that the demand for rental properties in these suburbs are at similar levels. Outside Boston, Waltham currently has the lowest real-time vacancy rate at 0.82%, followed by Salem where the vacancy rate is at 0.95%. The rest of the neighborhoods outside Boston are above the 1 percent mark as far as the real-time vacancy rate is concerned.
When it comes to apartment availability, Waltham has the lowest real time availability rate at 0.95%. At 1.31%, Quincy has registered the second lowest real-availability rate among all suburbs in Metro Boston. Occupying the third position on this list is Revere where the availability rate stands at 1.64%. There is a considerable margin difference of 0.33% in the availability rate of these two towns. At 3.65%, Medford has registered the highest availability rate among all the suburbs closest to Boston. After Medford, the second highest availability rate has been recorded by Everett, at 3.07%. None of the other immediate suburbs in Boston have recorded an availability rate in a range higher than 3 percent.
Just like the YOY change in RTVR, the YOY RTAR% also seen a decrease in Quincy. This is good news for landlords in Quincy, where over the past year the YOY RTAR% has dropped by -46.75%. This trend was also prevalent in Newton, where the YOY RTAR change % was -46.25%. Some of the other neighborhoods where availability rates have dropped include Waltham (-5.94%) and Weymouth (-11.54%). In Boston, the YOY RTAR % has increased by+5.62%, whereas outside of Boston it jumped by+25.60%. We will continue to provide the latest Boston real estate market updates as these stories develop.