- 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.