Invest In Apartment Buildings In Plymouth County, MA

Who Rents In Plymouth County

Plymouth County's apartment demand starts with its 45,476 renter households, 22.4% of all occupied homes in the county (U.S. Census ACS 2020–2024). Renter households rose 3.2% over five years, close to the population trend (up 3.8%).

The typical Plymouth County household earns $114,201 a year, 27.6% more than in the 2015–2019 survey. The number of employed residents rose 3.6% over the same period, and unemployment stood at 5.1%. Rent has risen faster than income (36.6% versus 27.6%), so more tenants are stretched. Well-run older buildings that rent below new construction tend to hold up best in that setting.

Plymouth County leans toward ownership. Apartment buildings compete with single-family rentals for tenants, so we look closely at how a property's rents compare with nearby rental houses.

Plymouth County Rent Trends And Supply

Median gross rent in Plymouth County, MA is $1,747 a month, up 36.6% from $1,279 in the 2015–2019 survey (U.S. Census ACS 2020–2024). That's fast growth. Part of it reflects the national rent run-up of 2021 and 2022, and some of it can fade when new buildings open nearby, so we don't project the same pace forward.

Rental vacancy is 2%, which is tight. Vacant units in Plymouth County tend to lease quickly. 54.8% of renters spend 30% or more of their income on housing. That limits how hard rents can be pushed, so renewals and retention matter more than big increases.

About 12% of homes in Plymouth County are in buildings with 5 or more units, roughly 26,229 homes. That count rose 10.1% over five years, a sign of meaningful new apartment construction that newer buildings will compete with. The median home was built in 1971, so many apartment buildings date from the 1970s and 1980s. That vintage is a common target for value-add renovation.

How Plymouth County Ranks For Apartment Investors

Among the 9 Massachusetts counties we track, Plymouth County ranks 5th for median gross rent, 9th for renter share and 3rd for five-year rent growth. Its rents fall in the middle of the pack. Compared with the 2015–2019 survey, Plymouth County now has about 19,772 more residents, 1,410 more renter households and 2,406 more homes in buildings with 5 or more units. New homes in 5+ unit buildings outpaced the growth in renter households, so newer buildings are competing for tenants and older ones may need to offer more to keep them.

Cities In Plymouth County At A Glance

We follow 2 cities in Plymouth County. The largest is Brockton, with a median gross rent of $1,641 a month.

Plymouth County Compared With Massachusetts

Plymouth County's median gross rent of $1,747 is below the Massachusetts median of $1,762.

Plymouth County Rent Affordability In Dollars

The median rent in Plymouth County works out to $20,964 a year, about 18.4% of the median household income of $114,201. Under the common 30% guideline, a household needs about $69,900 a year to cover that rent comfortably. That's a lighter load than the Massachusetts average of 20.3%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $468 a month ($5,616 a year), while median household income rose $24,702 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal.

Plymouth County Apartment Market Key Facts

These are the core numbers for Plymouth County, MA, each from the Census Bureau's American Community Survey.

• Plymouth County, MA has 535,075 residents, up 3.8% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Plymouth County, MA is $114,201, up 27.6% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Plymouth County, MA is $1,747 a month, up 36.6% over five years (U.S. Census ACS 2020–2024).
• 22.4% of households in Plymouth County, MA rent, about 45,476 renter households (U.S. Census ACS 2020–2024).
• 12% of homes in Plymouth County, MA are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Plymouth County, MA is 2%, and 54.8% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Plymouth County, MA was built in 1971 (U.S. Census ACS 2020–2024).

What We Look For In Plymouth County

Skyline buys 5+ unit apartment buildings in Plymouth County that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any Massachusetts apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Massachusetts has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Massachusetts reflect winter storm and frozen-pipe claims, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Due Diligence For Apartment Syndications In Plymouth County

The data on this page turns into a short checklist for evaluating an apartment syndication in Plymouth County.

• What vacancy does the plan assume? Rental vacancy in Plymouth County is 2%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 36.6% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• What capital work is budgeted? The median home in Plymouth County was built in 1971, so roofs, plumbing and electrical systems deserve their own line items.
• How will the building compete with new supply? Homes in 5+ unit buildings in Plymouth County rose 10.1% over five years, so newer properties are part of the competition.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Plymouth County Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Plymouth County property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

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