Multifamily demand drivers remain firm. The number of occupied units has increased by more than 5,000 (2.3%) over the past year. Positive labor market conditions (job growth, low unemployment rates, and rising wages), alongside higher barriers to homeownership (elevated prices and borrowing costs), are both helping sustain apartment demand. Given the large construction pipeline, if the economy dips and absorption stalls, vacancies could quickly rise.
Multifamily demand drivers remain firm. The number of occupied units has increased by more than 5,000 (2.3%) over the past year. Positive labor market conditions (job growth, low unemployment rates, and rising wages), alongside higher barriers to homeownership (elevated prices and borrowing costs), are both helping sustain apartment demand. Given the large construction pipeline, if the economy dips and absorption stalls, vacancies could quickly rise.Download Here → 23Q2 Colliers Boston Multifamily Viewpoint
