Quincy/Milton/Randolph Multi Family
Vacancy in the Quincy/Milton/Randolph multi-family submarket is 6.2% and has increased by 1.0% over the past 12 months. During this period, 480 units have delivered, and 320 units have been absorbed.
Space rated 4 & 5 Star is the most dominant subtype, with 5,177 units in this category. There are 4,775 units of 3 Star space and 2,875 units of 1 & 2 Star space. Rents are around $2,570/month, which is a 3.3% increase from where they were a year ago. In the past three years, rents have increased a cumulative 18.3%. About 310 units are under construction, representing a 2.4% expansion of inventory. There have been 6 sales over the past year. Over the past three years, there have been 36 sales, which have traded for approximately $636 million. The market cap rate for Quincy/Milton/Randolph is 4.8%, moderately above its trailing three-year average of 4.4%.
South Shore Multifamily
Vacancy in the South Shore multi-family submarket is 6.1% and has increased 1.1% over the past 12 months. During this period, 560 units have delivered, and 420 units have been absorbed. Space rated 3 Star is the most dominant subtype, with 4,868 units in this category. There are 4,010 units of 4 & 5 Star space, and 1,760 units of 1 & 2 Star space. Rents are around $2,550/month, which is a 2.9% increase from where they were a year ago. In the past three years, rents have increased a cumulative 17.5%. About 540 units are under construction, representing a 5.1% expansion of inventory. There have been 7 sales over the past year, for a total of $171 million. Over the past three years, there have been 35 sales, which have traded for approximately $785 million. The market cap rate for South Shore is 4.7%, moderately moderately above its trailing three-year average of 4.4%.