{"id":7551,"date":"2024-03-01T09:06:00","date_gmt":"2024-03-01T09:06:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7551"},"modified":"2024-07-22T09:25:56","modified_gmt":"2024-07-22T09:25:56","slug":"boston-multifamily-market-report-february-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-february-2024\/","title":{"rendered":"Boston Multifamily Market Report \u2013 February 2024"},"content":{"rendered":"<h2>Limited Supply Keeps Rents Afloat<\/h2>\n<p>Boston\u2019s multifamily fundamentals proved resilient throughout 2023, with rent growth ending the year at 3.0%, while <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report\/\"><strong>the national rate inched up<\/strong><\/a> just 0.3%. The metro remained one of the country\u2019s tightest rental markets, with the occupancy rate in stabilized properties at 96.5% in November, following a minor 10-basis-point decline over 12 months.<\/p>\n<p><iframe id=\"datawrapper-chart-lJzSQ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/lJzSQ\/2\/\" 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>Job gains remained on a moderating trend in 2023, expanding 2.4% in the 12 months ending in October, or 80,500 net jobs, slightly ahead of the 2.3% national rate. Reflecting a tight market, Boston\u2019s unemployment rate stood at 2.7% in November, marking a 90-basis-point improvement since January. The metro outperformed the U.S. (3.7%) and the state (2.9%), according to data from the Bureau of Labor Statistics. Two sectors lost positions in the 12 months ending in October 2023\u2014information (-1,400 jobs) and manufacturing (-100 jobs). Meanwhile, gains were led by the metro\u2019s largest sectors: education and health services (27,300 jobs) and professional and business services (12,700 jobs).<\/p>\n<p><iframe id=\"datawrapper-chart-s3CY1\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/s3CY1\/1\/\" height=\"423\" 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>Deliveries fell to the lowest volume in a decade, with only 5,405 units coming online in 2023. As of December, developers had 18,416 units under construction, with starts picking up. Meanwhile, investors traded $2.2 billion in multifamily assets in 2023. The price per unit rose 12% year-over-year, to $417,852, more than double the $185,172 U.S. figure.<\/p>\n<p>Read the full Yardi Matrix Boston Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/5073-MatrixMultifamilyBostonReport-February2024\"><strong>February 2024<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Limited Supply Keeps Rents Afloat Boston\u2019s multifamily fundamentals proved resilient throughout 2023, with rent growth ending the year at 3.0%, while the national rate inched up just 0.3%. The metro remained one of the country\u2019s tightest rental markets, with the occupancy rate in stabilized properties at 96.5% in November, following a minor 10-basis-point decline over [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[451,511],"class_list":["post-7551","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-2024"],"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 February 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" 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