Boston Multifamily Market Report

High costs drive renter behavior. The metrowide vacancy rate has remained above 4 percent so far in 2023, allowing annual rent growth to decelerate after a year of historical gains. Still, housing costs remain broadly elevated. Some price-burdened renters are moving north into the metro’s outlying environs as a result. Entering July, Rockingham-Strafford Counties and North Essex County noted the lowest vacancies in the metro, at 2.5 and 3.0 percent, respectively. Limited construction here should also steer renters toward existing units. As of July, just 804 units of the 17,650 doors underway marketwide were located in these areas.