Rents Slip, Occupancy Endures
Boston fundamentals softened during the final quarter of 2025, with advertised asking rents down 0.5%, on a trailing three-month basis through December, to $2,859, while the U.S. figure declined 0.3%, to $1,737. Year-over-year, Boston rents rose 0.2% in 2025, while the U.S. rate stayed flat, as reported in the national multifamily report. Occupancy in stabilized assets was tight, at 96.2% in November, despite a 10-basis-point yearly dip.
Boston employment dynamics improved modestly after nearly one year of negative or flat performance, with growth at 0.2% through September 2025, still well below the 0.8% U.S. rate. Area unemployment rose to 4.4% as of November, below both Massachusetts (4.7%) and the U.S. (4.5%). Boston lost 300 net jobs in the 12 months ending in September 2025, as gains in financial activities (4,100 jobs), government (3,000) and other services (1,100) were offset by losses led by leisure and hospitality (-4,900) and professional and business services (-1,800). Notable updates included the opening of the $1.5 billion South Station Tower and 10 World Trade being on track for a February 2026 completion. Supply moderated somewhat last year, with 7,719 units delivered and an additional 13,670 apartments underway as of December.
Starts halved from 2024 levels, pointing to slower completions down the road. Boston-area multifamily sales totaled $2.8 billion in 2025, outpacing the previous two years. The average price per unit ticked up 2.5%, to $378,550.
Read the full Yardi Matrix Boston Multifamily Market Report: February 2026
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