We investigated the influence of the growth rate on the quality of zero-net-strained InGaAsP/InGaAsP/InP multiquantum well structures for 1.55 μm emission grown by low pressure metalorganic vapor phase epitaxy. The samples consisted of fixed compressive strained wells (ε = +1%) and tensile strained barriers (ε = -0.5%) grown with different quaternary bandgap wavelengths (λB = 1.1-1.4 μm). Using higher growth rates, we obtained for the first time high quality zero net strained multi quantum well structures, regardless having constant group V composition in the well and barriers. The samples were analyzed by x-ray diffraction, photoluminescence and atomic force microscopy techniques. The amplitude of surface modulation roughness along  direction decreased from 20 nm to 0.53 nm with increasing growth rate and/or quaternary compositions grown outside the miscibility gap. A new deep PL broad emission band strongly correlated with the onset of wavy layer growth is also reported. Broad area and ridge waveguide lasers with 10 wells exhibited low losses (34 cm-1) and low threshold current densities at infinite cavity length (1020 A·cm-2 and 1190 A·cm-2, respectively).