Boston Multifamily Market Report

Improved demand aids fundamentals. The metro absorbed a net of over 3,200 units during the first half of 2024, nearly matching the total for all of 2023. Demand varied across submarkets, with closer-in areas like Cambridge Somerville and East Middlesex County, along with southern suburbs like Quincy and Plymouth County, both noting elevated absorption. In contrast, other infill neighborhoods, including Fenway-Brookline-Brighton and the northern suburbs of Lowell and North Essex County, reported relatively weaker demand. Nevertheless, strengthened absorption — driven by renewed appeal for urban living and stable interest in lower-cost suburbs — resulted in fewer new vacancies compared with last year, as the metrowide rate rose by just 50 basis points to 4.7 percent over the past 12 months ended in June. Moving forward, a stable delivery pipeline and softening inflation should reinforce the market’s resilience.