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.
