Boston Multifamily Market Report

Solid fundamentals undeterred by demographic headwinds. After welcoming a total of 75,000 net migrants in 2023 and 2024, Boston expects net in-migration to be flat in 2026 and potentially turn negative beginning in 2027. A slower job market and tighter national immigration policies contributed to this reversal locally. Still, steady apartment demand is helping operations hold up, as the metro did not experience the rapid inventory expansion seen in many Sun Belt markets. Limited land availability remains the defining trait here, and as construction activity in the western portion of the metro slows, net absorption could outpace deliveries in 2026 for the first time in five years.