{"id":5283,"date":"2022-12-15T15:16:20","date_gmt":"2022-12-15T15:16:20","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=5283"},"modified":"2023-09-13T04:49:38","modified_gmt":"2023-09-13T04:49:38","slug":"boston-multifamily-market-report-november-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-november-2022\/","title":{"rendered":"Boston Multifamily Market Report \u2013 November 2022"},"content":{"rendered":"

Softening Across Fundamentals<\/h2>\n

Boston has been making good strides toward a full recovery<\/strong>, but economic cooling and the Federal Reserve\u2019s measures to stop inflation are causing a slowdown. This shift is reverberating across the multifamily market, which is already facing a dire housing shortage<\/strong><\/a>\u2014with occupancy at 96.0% in August\u2014and a high cost of living. Although rent development moderated in Boston\u2014up 0.4% on a T3 basis through September\u2014the environment has reignited talks about rent control. While no decision had been made as of September, the debate alone is already impacting the metro\u2019s pipeline.<\/p>\n

The jobless rate in Boston stood at 3.0% in August, according to data from the Bureau of Labor Statistics, outperforming the state (3.6%) and nation (3.7%)<\/strong>. Employment expanded by 4.7% in the 12 months ending in July, 20 basis points above the U.S. rate. Government and financial activities lost 6,300 jobs combined. The rebound in tourism helped leisure and hospitality drive growth, with 46,100 jobs gained, followed by professional and business services (35,400 jobs).<\/p>\n

Development moderated, with 3,497 units delivered this year through September, roughly 60% of the volume recorded during the same period last year; another 16,231 units were underway. Investment surpassed $2.5 billion, but most of the deals closed during the first half of the year<\/strong>. Meanwhile, the per-unit price decreased 6.8% year-over-year.<\/p>\n\n\n

Read the full Matrix Multifamily Boston Report-November 2022<\/a><\/strong><\/p>\n\n\n\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Softening Across Fundamentals Boston has been making good strides toward a full recovery, but economic cooling and the Federal Reserve\u2019s measures to stop inflation are causing a slowdown. This shift is reverberating across the multifamily market, which is already facing a dire housing shortage\u2014with occupancy at 96.0% in August\u2014and a high cost of living. Although […]<\/p>\n","protected":false},"author":753,"featured_media":5287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[451,444],"class_list":["post-5283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-boston","tag-multifamily-outlook-2022"],"yoast_head":"\nBoston Multifamily Market Report \u2013 November 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Boston rent growth continued, at 0.4% on a T3 basis through September, to an overall average of $2,706, according to Yardi Matrix data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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