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22Q4 Boston Multifamily Market Report

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  • Occupancies are better than the 10-year average.
  • Rent growth has lost steam.
  • Fewer units are underway. 
  • Sales volume and pricing may be moderating. 

Apartment market vacancies are healthy, ending 2022 at 5.3%. Although better than the 10-year average, the rate is also about 90 basis points worse than year-ago levels, since new construction outpaced demand last year. With vacancies inching up and a ton of new competition, landlords are no longer pushing rents the way they were in 2021 and early 2022. Increasing mortgage rates are creating higher hurdles to enter the for-sale market, likely bolstering occupancies. Several factors could dampen multifamily demand in 2023, the most important being that if the job market stalls, leasing prospects will dim. 

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22Q4 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.

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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.

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