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Market Report

Boston Multifamily Market Report

1Q 2021

Pandemic-Influenced Living Styles Substantially Alter Apartment Performance, Benefiting Suburbs

Boston’s urban core to face ample hurdles this year. A near record number of central business district apartment openings last year was unfortunately timed with the onset of the health crisis, which significantly lowered the demand for dense urban living. Recovering from the multiyear setback in vacancy and rent will take some time, especially as new supply is still on the way. Approximately 1,200 rentals are slated to open in just the Intown area this year, the most of any submarket, which will continue to challenge the leasing process. Boston’s core is nevertheless home to multiple well-regarded educational institutions and prominent employers, including life-science and technology firms. As the vaccine rollout continues, the reopening of these facilities will begin to bring more renters back downtown.
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