Quincy, Milton & Randolph Multifamily Outlook 2025
What Local Landlords Should Watch in 2025–26
For mom-and-pop landlords and midsize property owners in Quincy, Milton, and Randolph, 2025 is shaping up to be a year of balance. After the swings of the post-pandemic rental market, conditions have leveled out. But that doesn’t mean it’s time to sit still.
This submarket is showing real momentum, but there are also subtle shifts ahead. Here's what to know if you're managing your own building, preparing for a transition, or thinking about a strategic sale.
Vacancy is Tightening—But There's Still Some Breathing Room
Vacancy has fallen to 5.8%, down more than two percentage points in the last year. That's the lowest it's been in five years. Compared to ultra-tight submarkets like Back Bay, where vacancy hovers near 3%, Quincy-Milton-Randolph still offers a cushion. That buffer can help ease tenant turnover and give owners a bit more flexibility between leases.
What to consider: This is still a tenant-favorable environment in many respects, but landlords who offer well-maintained, reasonably priced units are leasing up faster and with less effort.
Rent Growth Has Cooled—But Is Still Positive
Rents now average about $2,700 per month, approximately $250 below the metro-wide average. Annual rent growth has slowed to 2%, down from the 3.8% average over the past five years.
What to consider: Steady rent growth is better than overcorrection. With affordability still top-of-mind for many tenants, this submarket’s price point remains attractive to renters priced out of Boston’s core. Owners who invest in modest improvements are best positioned to capture higher rents without overpricing.
Construction Is Rebounding, But Not Overwhelming
Currently, 633 units are under construction across the submarket—about 5% of total inventory. While that’s below the long-term average, the pipeline is active again, with larger projects like AvalonBay’s 288-unit developments slated for delivery in 2026.
What to consider: The submarket feels balanced now, but new supply could push vacancy back above 6% in late 2026. Owners may want to lock in strong tenants now, while the competitive landscape is still manageable.
Sales Volume is Steady, with Values Below Metro Pricing
In the past 12 months, seven multifamily properties sold for a combined $121 million, totaling 414 units. Per-unit pricing averages around $390,000—about 15% below Boston’s metro-wide level. Cap rates are hovering near 5.0%, slightly tighter than the metro’s 5.1%.
What to consider: This remains an attractive market for investors seeking yield. For owners, it can be a favorable time to sell, especially if you’ve held the property for a while and are considering retirement or a generational hand-off.
Key Takeaways for Smaller Landlords
Advantages
Occupancy is improving, leasing is steady
Rent growth may not keep up with rising expenses
Rent levels remain affordable compared to the city
Challenges
New supply in 2026 may create short-term competition
Strong entry point for new investors and upgraders
Interest rates are still compressing cash flow
PropertyCraft’s Perspective
This submarket rewards thoughtful, forward-looking owners. Whether you're still managing your property hands-on or working with family members on a long-term plan, now is the time to assess your position. Ask yourself:
Are your units aligned with the expectations of today’s renters?
Is your rent strategy in line with the market’s price point and pace?
Are you prepared for refinancing or repositioning before 2026 deliveries arrive?
Upgrading select units, formalizing maintenance processes, or considering professional management could help you preserve value and reduce stress as the market shifts.
*Figures from Costar May 2025