Cautious optimism as Boston remains among country ’ s top multifamily markets
From Michael Coyne and Travis D ’ Amato
Boston continues to benefit from an unprecedented demographic wave and the strongest multifamily fundamentals we have seen in over a decade . With just under 5,000 units a year on average scheduled to deliver in Metro Boston through 2019 and over 8,200 households being created annually over that same time period , we are still not building enough units to meet this wave of demand .
Boston is still the place to be
The Boston multifamily market remains ones of the best performing markets in the country . As a result , institutional investors view Boston as one of the top three most desirable markets , alongside New York and San Francisco . Our diversified economy continues to grow and attract young talent , with the city boasting the highest percentage of young professionals in the country .
growth in our local economy . In fact , by September 2012 , Boston had regained all of the 103,000 jobs lost during the recession . This economic resilience , combined with a lack of new multifamily deliveries from 2009-2012 , caused metro-wide rents to grow by almost 23 % from the last peak . Some especially strong urban submarkets have experienced growth of over 40 %.
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Solid economic fundamentals drive a positive outlook
Relative to most other cities , Boston ’ s employment remained insulated through the downturn thanks in large part to a heavy concentration of jobs in healthcare , high-tech and life sciences . These sectors weathered the recession fairly well and have surpassed financial and legal services as the primary drivers of
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Boston MSA Jobs ( thousands )
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1a . Boston employment at historic peaks
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