Jamaica Plain Apartment Rental Market Report
Jamaica Plain has established itself as one of Boston’s up-and-coming neighborhoods. From family-owned restaurants and shops to green open space that nearby parks have to offer, it is of no surprise that many people from diverse cultural and age groups have come and decided to dwell in the said neighborhood. Because of gentrification, rent prices for Jamaica Plain apartments have been on the rise. That is, until the pandemic came to town.
Jamaica Plain Apartment Availability
Apartments have sprouted from many development projects in Jamaica Plain, ready for any dwellers to rent. Yet, despite the demand for vacant apartments, Jamaica Plain still ranks 12th among the neighborhoods in Massachusetts near Boston in terms of real-time availability rate with 9.28%. It is higher than Boston's 9.08% real-time availability rate. As for the real-time vacancy rate, Jamaica Plain ranks 8th when it comes to vacancies with a rate of 3.06%, which is higher than the availability rate for Boston apartments (2.54%). This suggests a person searching in Jamaica Plain will have better access to quality apartments then other parts of the city.
High Availability and Vacancy Rates for Jamaica Plain Apartments
The real-time availability rate in Jamaica Plain has increased year over year by +50.16%. The real-time vacancy rate, on the other hand, has gone up +35.40% YOY. Both changes are higher than that of Boston's, which are only +12.66 and +9.01% consecutively. That means that renters will have a better chance of finding an apartment in Jamaica Plain.
Per-Unit Average Apartment Prices in Jamaica Plain
Aside from the easy way of having to find an apartment, Jamaica Plain also offers cheaper apartments of various sizes. Studio-type apartment usually costs $1,473, which is a lot cheaper than Boston's studio-type that amounts to $1,705. The studio-type apartment in Boston already has the same price as Jamaica Plain's 1-bedroom apartment. Consequently, the rate for a 1-bedroom apartment in Boston is almost the same as that of Jamaica Plain's 2- bedroom apartment. Thus, Jamaica Plain is a more affordable neighborhood to live. Those seeking an diverse neighborhood, especially students looking for apartments near Northeastern and BU, Jamaica Plain will provide a good opportunity this year based on our data.