Apartment rents shattered another barrier in Greater Boston, reflecting the steep downturn in construction of new developments since 2022.
Average asking rents hit $3.23 per square foot in the first quarter, brokerage Colliers reported, up from $3.16 at the end of 2024. The vacancy rate declined 0.1 percent to 5.8 percent.
Construction activity is hovering at a decade-low long, with just over 11,000 units under construction at the end of the first quarter. That’s 36 percent below the post-COVID era peak in mid-2022, Colliers reported. As a percentage of the region’s overall inventory, new construction comprises
Source: Greater Boston Apartment Rents Set New High – Banker & Tradesman
