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Market Report

Boston Multifamily Market Report

Third Quarter 2019

Demand Spreads From Central Boston As Deliveries Begin to Arrive in Same Areas

In pursuit of top talent, technology companies fuel housing demand. Boston’s economy continues to be driven by the considerable intellectual capital of its workforce. Premier universities including Harvard and MIT add to a highly skilled labor pool, drawing prominent employers to central Boston and Cambridge in particular. Facebook recently announced plans to relocate to a larger office in Kendall Square, where Google also intends to open an office within the next few years. Employment and scholastic opportunities in the submarket foster strong housing demand, pushing the average effective rent above $3,000 per month. Rental rates are similarly high in Intown Boston and across the Fenway/Brookline/Brighton area. Higher living costs have prompted some renters to look to more affordable neighborhoods nearby, including East Middlesex County and Southwest Boston, where the average monthly payment can be $1,000 less.

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