South Shore Multifamily Market Update | January 2025 - Ellis Realty Advisors

South Shore Multifamily Updates

With Dan Morton | Commercial Advisor

The South Shore and South Plymouth County multifamily markets are experiencing notable trends, with demand stabilizing and opportunities emerging for investors and developers.

Leasing activity and rent growth remain steady, while sales volumes and property pricing reflect the evolving dynamics of the submarket.

This email highlights key market trends, recent multifamily property sale comparisons, and an available investment opportunity to help you stay informed and ahead in this competitive market.

Market Trends

As we begin 2025, the South Shore multifamily market (from Braintree to Kingston along Route 3) continues to show steady performance, with some notable trends worth highlighting.

• Vacancy Rates: The current vacancy rate stands at 5.6%, slightly below the submarket’s five-year average of 5.8% but above the 10-year average of 5.3%. This indicates a relatively stable leasing environment for property owners.
• Construction Activity: There are 290 multifamily units under construction in South Shore as of Q1. For context, the submarket has averaged 532 units under construction annually over the past decade-a significant slowdown that could impact future inventory growth.
• Rent Trends: The average rent in South Shore is $2,590/month, lower than Boston’s metro average of $2,860/month. Rents in South Shore have grown 1.8% over the past year, compared to 2.1% metro-wide. However, this year’s growth is below the submarket’s five-year and 10-year averages of 3.8% and 3.7%, respectively.

These insights suggest a market in transition, with steady demand but reduced construction activity and moderated rent growth compared to historical trends.

If you’d like to discuss how these shifts might affect your portfolio or explore opportunities, please don’t hesitate to reach out.

Recent Sales Comparables

36 Pond St | Weymouth

Year Built: 1885

Sale Date: 10/17/2024

Sale Price: $1,487,500

Price/SF: $266.77

Price/Unit: $247,917

118 Greenleaf St | Quincy

Year Built: 1960

Sale Date: 02/13/2024

Sale Price: $3,950,000

Price/SF: $416.75

Price/Unit: $493,750

24 Livingston Rd | Brockton

Year Built: 1898

Sale Date: 11/15/2024

Sale Price: $850,000

Price/SF: $251.18

Price/Unit: $141,667

Year Built: 1885

Sale Date: 01/31/2024

Sale Price: $1,100,000

Price/SF: $269.28

Price/Unit: $110,000

14 Old Plain St | Marshfield

Year Built: 1930

Sale Date: 02/17/2023

Sale Price: $1,287,500

Price/SF: $249.66

Price/Unit: $213,750

203 – 205 Taylor Ave | Plymouth

Year Built: 1930

Sale Date: 02/10/2023

Sale Price: $2,375,000

Price/SF: $287.88

Price/Unit: $148,438

Multifamily Properties On Market