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Market Report

Boston Multifamily Market Report

3Q 2021

Reopening Process Reignites Renter Demand in the Urban Core as Suburbs Post Standout Performance

Affordable submarkets outperform at midyear. Boston’s suburban submarkets rebounded strongly in the second quarter, with vacancy dropping to within 10 basis points of the 2019 level and rents climbing to new highs. Property performance was most positive in Plymouth, Rockingham and Strafford counties, where vacancy contracted by 100 basis points year over year in June to rates under 2 percent. During the health crisis, many households relocated to these less central but comparatively more affordable submarkets. At the start of 2020, the mean rent in Plymouth County was 26 percent below the market average, a difference that has since shrunk to 14 percent. Low availability and minimal construction will likely continue to drive rent gains here and in similar suburban settings through 2021.
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