Rental demand has been on the rise in Quincy since the pandemic began. The apartment supply in Quincy stayed relatively stable throughout most of 2020 and this year, staying well below the Metro average availability rate. More recently, the rental supply contracted quickly in Boston’s inner markets while in most outer areas, the rental markets have been slower to recover. That is not the case for Quincy, where apartment availability is actually lower than it was prior to the pandemic.
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Quincy Average Rent Prices
The average rent price for Quincy apartments is $2,168, still among the most affordable in Metro Boston. Studio apartments are priced at $1,400 on average, after experiencing a YOY change of +19.05%. A similar positive curve can be observed for the YOY % change in the rent prices of one, two and four-bedroom apartments.
If you are looking to rent a one bedroom apartment in Quincy, you can expect an average price of $1,825, which has increased by +9.81% since last December. Similarly, a two-bedroom apartment in Quincy would cost you an average rent price of $2,197 after recording a positive year-over-year change of +5.07%. A four bedroom apartment averages $2,928 in Quincy after a YOY increase of+2.74%. This shows that demand for studio, one, two and four bedroom apartments has increased in Quincy. Three bedroom and five bedroom apartments, on the other hand, have seen a YOY drop of -19.99% and -0.18% respectively.
If you are looking at renting a bigger space like a four or five bedroom apartment, the prices are slightly higher. The average rent price of a three-bedroom apartment in Quincy is $2,481 whereas that of a four-bedroom apartment is $2,928. This is considerably lower than the average rent price of a four-bedroom apartment in Cambridge, which is $4,185, the highest among all suburbs of Boston.
2021 Rental Supply Statistics in Quincy
These rising rent costs in Quincy MA can be attributed to some of the lowest apartment availability we’ve seen in years. The availability rates for apartments have increased by significant margins in almost all of Boston’s suburbs compared to the beginning of the pandemic. Quincy and Waltham are the exception, where the change in the availability rate during the same time span is -28.08% and -65.83% respectively. Quincy’s current availability rate for apartments is 1.46%
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Now considering the real time vacancy rates of rental apartments in Quincy, the YOY percentage change has been recorded to be +17.35% since last December. But if you compare that same figure to December 2019, before the pandemic hit, it’s actually down by -41.03%. At present, the real time vacancy rate of Quincy apartments is a slim 1.15%, the lowest on record.
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