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Housing Market To Contend With Large Development Pipeline

GREATER-Rental rates are going down in Greater Boston's housing market, but developers are looking ahead and the area is about to deal with its largest apartment and condo development pipeline in recent years.

By Naomi Grossman | Updated on May 11, 2004

BOSTON-As the area watches its rental rates continue to drop, Greater Boston is about to deal with its largest apartment and condo development pipeline in recent years. According to Thomas Meagher, president and founder of Northeast Apartment Advisors, there are currently 813 apartment and condo projects or phases of projects in Greater Boston’s development pipeline. This translates into 91,692 units, which Meagher tells GlobeSt.com is a “very large pipeline as compared with anything in recent years.”

Meagher notes that the area north of the city is of particular concern as three contiguous markets there have a quarter of all the properties that are currently in the pipeline. Specifically, the near north market has 7,300 units in development. The Cambridge market has the next highest total in development with 5,740 units and the Route 128 north market has the third highest total in development with 4,939 units.

“In the short term, from a tenant’s perspective this is very good,” says Meagher, “but for a property owner this is not so good.”

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