Boston saw a strong return of apartment demand recently. Roughly 4,300 units were absorbed in Boston in the year-ending 1st quarter, leading to nation-best occupancy and rent growth performances among the largest 50 apartment markets. Boston’s diverse economic makeup has historically included a concentration of financial and investment groups. More recently, this market has expanded, emerging as the largest biotech hub in the world, with over 1,000 biotech companies and a large network of scientists from nearby universities. Economic stability helped Boston bounce back quickly from the COVID-19 pandemic and helped to keep occupancy above the 95% mark since March 2021. Also helping boost apartment market performance, Boston hasn’t seen a large supply wave like many other major metros nationwide. While over 7,000 units were delivered here in the year-ending 1st quarter, that’s a muted volume compared to nearby New York and not far ahead of the decade average for Boston.
For more information on the state of the Northeast region apartment market, including forecasts, watch the webcast Market Intelligence: Q2 Northeast Region Update.
