{"id":8510,"date":"2024-11-29T08:32:00","date_gmt":"2024-11-29T08:32:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=8510"},"modified":"2025-03-18T08:46:45","modified_gmt":"2025-03-18T08:46:45","slug":"boston-multifamily-market-report-november-2024","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-november-2024\/","title":{"rendered":"Boston Multifamily Market Report \u2013 November 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>Softening Fundamentals Across Market<\/h2>\n<p>Boston\u2019s multifamily fundamentals softened at the end of the third quarter, as seasonal slowdowns began, according to the latest Yardi Matrix Boston multifamily market report. Advertised asking rents were down 0.2% on a trailing three-month basis, to $2,901, some 20 basis points lower than the U.S. rate. Boston placed third nationwide for year-over-year growth, up 3.4%, above the 0.9% national figure. The occupancy rate in stabilized properties stood at 96.6% as of September, above the 94.8% U.S. average, as noted in the <a href=\"\/blog\/national-multifamily-market-report\/\" rel=\"\"><strong>national multifamily report<\/strong><\/a>.<\/p>\n<p><iframe id=\"datawrapper-chart-lrH6O\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston vs. National Rent Growth \" src=\"https:\/\/datawrapper.dwcdn.net\/lrH6O\/1\/\" height=\"335\" 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 37,900 jobs, expanding 0.6% year-over-year. Education and health services led gains, with 21,900 new positions. The metro\u2019s unemployment rate was 4.3% as of August, 10 basis points above the national rate, according to the Bureau of Labor Statistics. The local economy could get a boost from the construction of a life science and advanced manufacturing campus in Bedford, Mass. The first phase came online in October, while the second one is slated for groundbreaking in 2025 and completion in 2026.<\/p>\n<p><iframe id=\"datawrapper-chart-3Jd0i\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Boston Employment Share by Sector \" src=\"https:\/\/datawrapper.dwcdn.net\/3Jd0i\/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 completed 4,462 units in the first three quarters, a 1.6% expansion of existing stock, lagging the nation by 50 basis points. Transaction activity remained moderate, with $1.3 billion in assets changing hands year-to-date through September. For comparison, the metro recorded an average of $2.2 billion in deals over the past 10 years.<\/p>\n<p>Read the full Yardi Matrix Boston Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/6501-MatrixMultifamilyBostonReport-November2024\"><strong>November 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Softening Fundamentals Across Market Boston\u2019s multifamily fundamentals softened at the end of the third quarter, as seasonal slowdowns began, according to the latest Yardi Matrix Boston multifamily market report. Advertised asking rents were down 0.2% on a trailing three-month basis, to $2,901, some 20 basis points lower than the U.S. rate. Boston placed third nationwide [&hellip;]<\/p>\n","protected":false},"author":436,"featured_media":8086,"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-8510","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 November 2024 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Advertised asking rents in Boston were down 0.2 percent on a T3 basis, to $2,901, 20 bps below the flat national rate, Yardi Matrix reports.\" \/>\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-november-2024\/\" \/>\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 November 2024\" \/>\n<meta property=\"og:description\" content=\"Advertised asking rents in Boston were down 0.2 percent on a T3 basis, to $2,901, 20 bps below the flat national rate, Yardi Matrix reports.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/boston-multifamily-market-report-november-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-29T08:32:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-18T08:46:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/07\/Boston-iStock-2183100892.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=\"Madalina Pojoga\" \/>\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 November 2024 - 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