Boston Apartment Vacancies Down 43% Since March
#Boston #vacancies down 43% since Mid March. With the busiest leasing season ahead, the #market looks poised for a comeback!
Boston’s apartment rental market seems to have begun its recovery after a year marked by shifting demand and soaring vacancies. The vacancy rate for Boston apartments has dropped by 43% since mid-March of 2021 after soaring to unprecedented 9.13% in September of 2020. That figure now sits at 3.02%, and it’s not unreasonable to believe that figure could drop close to 1% as it nears its cyclical low in late August.
The inventory issues Boston experienced in 2020 were directly caused by the pandemic, and in particular remote learning. Boston’s apartment supply is highly seasonal due to the large percentage of student population. It’s estimated by Boston Pads that 60% of leases across all of Metro Boston begin and end on September 1 as it coincides with the beginning of the fall semester.