Boston Multifamily Market Report

High costs drive renter behavior. The metrowide vacancy rate remained above 4 percent during the first half of 2023, translating to an annual rent growth deceleration 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 across the metro, at 2.5 and 3.0 percent, respectively. Limited construction here should steer renters toward existing units moving forward. As of July, just 800 units of the 17,650 doors underway marketwide were located in these areas.