The Boston metro area made the top 20 list for the highest number of new apartment units slated to hit the market by the end of 2024, with about 8,022 newly constructed apartment units projected. This notable increase is influenced by the accelerated growth in the metro's life science sector, significantly driving the demand for housing as more residents seek accommodations to support this burgeoning industry.
"This surge in new apartments in Boston is largely due to the metro's booming life science sector, which is driving up demand for housing." This indicates a direct correlation between economic growth in specific industries and housing market dynamics, underscoring how local economic developments can reshape residential landscapes and availability.
The apartment search website analyzed new construction data across US metropolitan areas. The data exclusively included buildings containing 50 or more units and was provided by Yardi Matrix. This sets a clear benchmark for understanding market expansion and ensures that predictions are grounded in substantial data collection practices.
The report also analyzed apartment construction projections for the next five years, predicting that by 2028, 2 million apartments are set to come online in the US rental market. In metro Boston, 35,700 new apartments are expected, suggesting a significant long-term trend of growth and increasing housing availability in response to ongoing and future demand.
Collection
[
|
...
]