Despite a variety of new development, the Boston Metro multi-family sector enjoyed a rebound in rental income last year, and market projections are positive for the balance of 2018. Here’s a summary from Multi-Housing News, along with insights from Jay Nuss Realty Group, LLC!
New multi-family development has been coming to market in waves, reaching a crest during the early months of 2017. This created a slowdown in rent increases, but not a complete curtailment. By November of 2017, year-over-year rents increased by 2.3%.
Industry analysts believe that we’ll see a similar pattern during the upcoming months, as more multi-family development reaches completion. About 13,000 units are expected to come to market during 2018. A temporary slowing of rent growth may result at various points, but strong housing demand is expected to keep absorption rates high.
The Boston Metro multi-family sector is bolstered by our robust economy and its job-creation power. We are among the top multi-family markets in the nation, with occupancy rates averaging 95%. Our diverse range of industry includes high-wage positions in healthcare, life sciences and technology, which drives demand for upscale rentals.
Whether you are a commercial real estate investor or a business owner, the Boston Metro offers many opportunities! When you are ready to buy or lease Boston Metro commercial real estate, we can help you find the ideal property.
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