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.
Contact us today for expert guidance!
Jay Nuss
Jay Nuss Realty Group, LLC
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