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22Q3 Boston Multifamily Market Report

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Takeaways:

  • Occupancies are healthy.
  • Rising mortgage rates will keep renters in the apartment market.
  • Rent growth is softening. 
  • The apartment construction pipeline is large. 

In contrast to situations for most other property types, macroeconomic conditions have mostly created a favorable demand story for apartment investors. The Boston market has absorbed more than 6,000 units over the past year, occupancies (about 95%) are healthy, and after expanding by more than 6% year-over-year, asking rents are at a peak level. Third quarter total multifamily investment sales volume and price per unit both reached among their highest levels ever in the Boston market. But the large construction pipeline and increasingly cloudy economic outlook could dampen near-term prospects.


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22Q3 Boston Multifamily Market Report

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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.

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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.

Kendin graduated from University of North Carolina at Chapel Hill with a Bachelor of Arts Degree in Economics and holds a real estate broker's license in Massachusetts.

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