Apartment vacancies rose to their highest levels in three years as developers delivered 8,700 units in eastern Massachusetts during the past year.
Only 6,900 apartments that delivered in 2023 were absorbed, Colliers reported, as the vacancy rate rose to 4.9 percent. Asking rents were essentially flat at $3.04 per square foot, while landlord concessions reached their highest level in 10 quarters.
“As fundamentals have weakened, rent growth has stalled,” Colliers researchers wrote in the fourth-quarter multifamily report.
Source: New Supply Cools Off Boston Rent Increases – Banker & Tradesman
