{"id":6080,"date":"2023-07-10T09:40:46","date_gmt":"2023-07-10T09:40:46","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6080"},"modified":"2023-09-12T16:48:19","modified_gmt":"2023-09-12T16:48:19","slug":"boston-multifamily-market-report-june-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-june-2023\/","title":{"rendered":"Boston\u00a0Multifamily Market Report \u2013 June 2023"},"content":{"rendered":"<h2>Demand Pushes Rents, Occupancy Endures<\/h2>\n<p>With occupancy at 96.6% in March, following a 30-basis-point year-over-year downtick, Boston still boasts <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-february-2023\/\">one of the tightest rental markets in the U.S.<\/a><\/strong>, behind only a few metros. The new leasing season invigorated rent growth, up 0.6% on a trailing three-month basis through April, and 5.2% year-over-year, to $2,735. The national rate rose 0.2% on a three-month basis (3.2% year-over-year), to $1,709.<\/p>\n<p><iframe id=\"datawrapper-chart-Qyv6X\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/Qyv6X\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Boston\u2019s jobless rate stood at 3.4% in March, slightly ahead of the state and national figures, both at 3.5%, according to data from the Bureau of Labor Statistics. Still, the job market has yet to reach pre-pandemic levels. Job growth further decelerated to 2.7%, or 81,200 jobs, in the 12 months ending in February, lagging the 3.4% U.S. rate. More than 40% of gains were in the city\u2019s two largest sectors\u2014professional and business services (17,300 jobs) and education and health services (16,500 jobs). In recent months, Boston took the lead nationally for office stock under construction, with life science space accounting for most of the pipeline.<\/p>\n<p><iframe id=\"datawrapper-chart-HUGPV\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/HUGPV\/1\/\" height=\"576\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Development remained strong, with 1,328 units delivered through April\u2014equal to 0.5% of total stock\u2014and an additional 13,753 units underway. Yet, construction starts plummeted to a fraction of the volume recorded a year ago. Meanwhile, investment tapered off, with just $287 million in multifamily assets trading through April, for a price per unit that rose 9.6% year-over-year.<\/p>\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4057-MatrixMultifamilyBostonReport-June2023\">Matrix Multifamily Boston Report-June 2023<\/a><\/strong><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand Pushes Rents, Occupancy Endures With occupancy at 96.6% in March, following a 30-basis-point year-over-year downtick, Boston still boasts one of the tightest rental markets in the U.S., behind only a few metros. The new leasing season invigorated rent growth, up 0.6% on a trailing three-month basis through April, and 5.2% year-over-year, to $2,735. The [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[451,475],"class_list":["post-6080","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-2023"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boston\u00a0Multifamily Market Report \u2013 June 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Boston\u2019s average rent rose 5.2% YoY as of April, above the 3.2% national average. T3 rents rose 0.6%, while the U.S. rate increased 0.2%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-june-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston\u00a0Multifamily Market Report \u2013 June 2023\" \/>\n<meta property=\"og:description\" content=\"Boston\u2019s average rent rose 5.2% YoY as of April, above the 3.2% national average. T3 rents rose 0.6%, while the U.S. rate increased 0.2%.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-june-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-10T09:40:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-12T16:48:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/07\/Boston-iStock-1494140025.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Boston\u00a0Multifamily Market Report \u2013 June 2023 - Yardi Matrix Blog","description":"Boston\u2019s average rent rose 5.2% YoY as of April, above the 3.2% national average. 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