{"id":6974,"date":"2023-12-12T10:48:00","date_gmt":"2023-12-12T10:48:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6974"},"modified":"2024-03-05T11:50:28","modified_gmt":"2024-03-05T11:50:28","slug":"november-2023-boston-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/november-2023-boston-multifamily-market-report\/","title":{"rendered":"Boston Multifamily Market Report \u2013 November 2023"},"content":{"rendered":"<h2>Seasonality Further Affects Fundamentals<\/h2>\n<p>Boston\u2019s multifamily fundamentals held on well through the summer, but in line with seasonal patterns, figures began to soften at the end of the third quarter. Rent growth turned negative, down 0.1% on a trailing three-month basis through September, to $2,774. Meanwhile, <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-november-2023\/\"><strong>the national rate also decreased 0.1%<\/strong><\/a>, to $1,722. Yet the occupancy rate in stabilized properties remained one of the highest in the country, at 96.8% in August, following a 0.1% uptick year-over-year.<\/p>\n<p><iframe id=\"datawrapper-chart-bTfLg\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/bTfLg\/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>In the 12 months ending in July, Boston\u2019s employment market gained 89,500 jobs, or a 2.5% expansion, trailing the U.S. rate by 10 basis points. Education and health services and professional and business services led growth, with a respective 26,500 and 22,000 positions. Meanwhile, the unemployment rate stayed flat, at 2.6%, in August for the third consecutive month, on par with the state and outperforming the 3.8% national rate. The Boston Planning and Development Agency approved the $1.6 billion mixed-use Fenway Corners project.<\/p>\n<p><iframe id=\"datawrapper-chart-kg5fb\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/kg5fb\/1\/\" height=\"417\" 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>Developers delivered 4,088 units during the first three quarters of 2023 and had 17,280 units under construction. Although the current supply volume trails previous years, unlike most metros, the number of construction starts increased in 2023. Meanwhile, investors traded $1.9 billion in multifamily assets through September, for a price per unit that increased 11.3% year-over-year, to $422,136.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4783-MatrixMultifamilyBostonReport-November2023\"><strong>November 2023 report<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seasonality Further Affects Fundamentals Boston\u2019s multifamily fundamentals held on well through the summer, but in line with seasonal patterns, figures began to soften at the end of the third quarter. Rent growth turned negative, down 0.1% on a trailing three-month basis through September, to $2,774. Meanwhile, the national rate also decreased 0.1%, to $1,722. Yet [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6668,"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-6974","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 Multifamily Market Report \u2013 November 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"While short-term rents contracted 0.1% on a T3 basis through September, the YoY rate was among the fastest to rise nationally, Yardi Matrix reports.\" \/>\n<meta name=\"robots\" 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