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22Q2 Boston Multifamily Market Report

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  • Apartment vacancies are low and rents are at an all-time high.
  • Expensive for-sale home prices and increasing mortgage rates bode well for apartment demand.
  • The number of units underway is increasing.

Apartment fundamentals in the Boston metro are on solid footing. Vacancies are limited and landlords continue to have pricing power. Rents expanded by almost 10% over the past year and are at a record-high level. The expensive nature and limited pipeline of new for-sale housing in the metro, combined with rising mortgage rates will help sustain an already high concentration of renting households. The number of active construction projects is increasing, and compared to other sizable metros, the number of units underway as a percentage of inventory is one of the largest outside of the Sun Belt.

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22Q2 Boston Multifamily Market Report

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Related Experts

Jeffrey Myers

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As Research Director, Jeff Myers leads the research operation of the Boston office of Colliers. A 20-year industry veteran, Jeff brings an extensive commercial real estate background that includes expertise in city planning, market research, landlord representation and more.

Since joining Colliers in September 2021, he has focused on synthesizing real estate, demographic, and economic variables to support brokers and provide clients with strategic and actionable insights. In addition to tracking and analyzing pertinent trends, Jeff leads the production of quarterly reports highlighting activity in the market.

Prior to joining Colliers, Jeff held the position of Deputy Director of Portfolio & Asset Management at Massport, the port authority in the Commonwealth of Massachusetts. During his time with the organization, he and his team managed 9+ million square feet of commercial real estate across 500 acres. Jeff was heavily involved in lease negotiations, leasing strategies, tenant relations and market research to aid stakeholders by providing critical information needed for their decision-making processes.

Before joining Massport, Jeff spent more than 11 years as a consultant and real estate economist at CoStar Portfolio Strategy. While there he developed extensive knowledge of the commercial real estate business as well as strong skills in client engagement and industry analysis. During his tenure with CoStar, Jeff provided strategic advice to institutional real estate investors across multiple sectors and geographies. Jeff also has municipal city planning experience in Indiana and Georgia.

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Kelly Doonan

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Kendin Carr

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Kendin Carr is an investment sales specialist in the Colliers Boston office, exclusively representing buyers and sellers of multifamily and mixed-use properties throughout the Metro Boston area. Kendin has more than 15 years of experience in the multifamily/mixed-use space and has closed over 50 investment real estate transactions valued over $75 million during his career.

Offering customized research-backed property analysis and gaining a thorough understanding of client objectives, Kendin develops an optimal property level portfolio strategy to maximize value for clients.

Before joining Colliers, Kendin guided investors through the acquisition of multifamily and mixed-use assets at CNVRG Ventures, Marcus & Millichap, and Realm Realty Group, where he was Principal and Broker. Prior to his brokerage roles, Kendin worked in property and project management for Beantown Companies.

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