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Boston Occupancy Hits 10-Year Low

Boston Occupancy Hits 10-Year Low

As in most major apartment markets in the U.S., occupancy in Boston slipped recently. Despite being in the middle of prime leasing season, Boston’s occupancy dipped to 95.1% in June. This was a decade low for Boston, as the last time occupancy here was near 95% was in April 2010, when the market and the nation were recovering from the Great Recession. Just one year ago, in June 2019, Boston apartment occupancy hit a decade peak as occupancy reached 97.2%. Starting in September 2019, however, occupancy started falling, and has come down nearly every month since. Occupancy has dipped a total of 200 basis points (bps) year-over-year, with 60 bps of that loss happening just since March.