Read the latest Yardi Matrix Boston Multifamily Market Report.
Solid Occupancy Props Up Boston’s Fundamentals
Boston’s multifamily market was solid at the start of the new leasing season, with fundamentals steady despite sluggish job growth, according to the latest Yardi Matrix Boston multifamily market report. Average advertised asking rents rebounded in the short term, up 0.6% on a trailing three-month basis through April, to$2,924. Year-over-year growth was 1.8%, double the 0.9% U.S. rate, as noted in the national multifamily report. Meanwhile, the overall occupancy rate in stabilized properties remained strong, at 96.1% in March.
Employment growth was negative in Boston for the sixth consecutive month in February, down 0.1% year-over-year, or 2,000 net jobs. The unemployment rate rose to 4.5% in March, trailing the state (4.4%) and the U.S. (4.1%). Three sectors added jobs during the period, led by education and health services (10,400 jobs) and government (4,000 jobs). Of the five contracting sectors, leisure and hospitality (-4,600 jobs) and professional and business services (-3,500 jobs) posted the steepest declines. Cambridge, Seaport Innovation District and Fenway all feature notable projects under construction, including Fenway Center’s $1 billion second phase, and South Station Tower, which is slated to open in 2025.
Developers delivered 1,480 units through April and had another 15,920 units underway, but new construction is rapidly decelerating. Meanwhile, investors traded $770 million, with the average price per unit up 6.8% year-to-date to $419,792, nearly double the
$212,785 U.S. figure.
Read the full Yardi Matrix Boston Multifamily Market Report: June 2025
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