{"id":8084,"date":"2024-07-15T12:17:00","date_gmt":"2024-07-15T12:17:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8084"},"modified":"2024-12-04T12:37:29","modified_gmt":"2024-12-04T12:37:29","slug":"boston-multifamily-market-report-february-2024-2","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-february-2024-2\/","title":{"rendered":"Boston Multifamily Market Report \u2013 February 2024"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/boston-multifamily-market-report\/\">Boston Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Demand Boosts Rents, Occupancy Solid<\/h2>\n<p>Boston\u2019s multifamily fundamentals showcased a stable performance at the start of the second quarter of 2024, according to the latest Yardi Matrix Boston multifamily market report. Rent growth continued to outperform the U.S., both on a trailing three-month basis (up 0.6%) and on a year-over-year basis (up 2.6%), to $2,086 as of April, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily report<\/strong><\/a>. Occupancy remained tight, above 96%, despite a 70-basis-point year-over-year decline.<\/p>\n<p><iframe id=\"datawrapper-chart-e1h4W\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston vs. National Rent Growth\" src=\"https:\/\/datawrapper.dwcdn.net\/e1h4W\/1\/\" height=\"321\" 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 employment market expanded by just 0.6%, or 21,000 jobs, year-over-year as of February, while U.S. employment rose 1.5%. Five sectors lost 15,400 jobs combined: information; trade, transportation and utilities mining, logging and construction; financial activities and manufacturing. Education and health services led gains with 24,400 jobs. Despite the slowdown, Boston\u2019s economy is expected to remain stable, supported by the life sciences, tech and logistics sectors\u2014industries with long-term growth potential. In January, the metro had 15 million square feet under construction across 50 properties, 38 of which are life science buildings.<\/p>\n<p><iframe id=\"datawrapper-chart-Sx3ql\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/Sx3ql\/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>Developers delivered 1,152 units through April. While the pipeline was still robust with 19,097 apartments under construction, the volume of new projects is slowing. Investors traded $301 million in multifamily assets and were primarily drawn to upscale properties. The price per unit bucked the national trend and rose 11.6% year-to-date, to $483,412.<\/p>\n<p>Read the full Yardi Matrix Boston Multifamily Market Report: <a href=\"\/publications\/download\/file\/5788-MatrixMultifamilyBostonReport-June2024\"><strong>June 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Demand Boosts Rents, Occupancy Solid Boston\u2019s multifamily fundamentals showcased a stable performance at the start of the second quarter of 2024, according to the latest Yardi Matrix Boston multifamily market report. Rent growth continued to outperform the U.S., both on a trailing three-month basis (up 0.6%) and on a year-over-year basis (up 2.6%), to $2,086 [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":7553,"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-8084","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\" content=\"Boston advertised rents outpaced the U.S on both a T3 basis through April (0.6 percent) and a YoY basis (2.6 percent), reaching $2,086.\" \/>\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-february-2024-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston Multifamily Market Report \u2013 February 2024\" \/>\n<meta property=\"og:description\" content=\"Boston advertised rents outpaced the U.S on both a T3 basis through April (0.6 percent) and a YoY basis (2.6 percent), reaching $2,086.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-february-2024-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-15T12:17:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T12:37:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/03\/Boston-iStock-2155763002.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=\"Adina Rogoz\" \/>\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 Multifamily Market Report \u2013 February 2024 - 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