Trammell Crow Residential broke ground on a luxury multifamily project in Peabody, Massachusetts, adding to the development firm’s Boston-area portfolio at a time when rent growth in the metropolitan area is outperforming the rest of the nation.
The Northeast, which largely avoided oversupply, saw stronger rent growth at 2.4% year over year, according to the Apartments.com report. Current asking rents in Boston stand at $2,754 per month, up 2.3% on a yearly basis, while 12-month sales volume decreased by roughly half the national level at 29%, according to CoStar data. CoStar also showed depressed building metrics with a 30% yearly decline in units under construction and starts down more than 75%.
Source: Developer of Two New Boston-Area Apartments Looks To Capitalize on Northeast’s Stable Rent Growth
