Boston's multifamily rental market experienced a modest uptick in 2024, with rents rising 2.6 percent compared to 2023. However, the sector showed signs of deceleration in the fourth quarter, as growth fell 30 basis points behind the previous quarter's performance, according to a Colliers report.
Also, the vacancy rate hit 5.9 percent, up 30 basis points from the third quarter and 10 basis points from the city's historical decade average. Vacancies were the highest in the Malden and Everett submarkets, at 6.1 percent and 5.5 percent, respectively.
"Recent deliveries contributing to this trend gave tenants more leverage," Colliers said of the elevated vacancies in the fourth quarter.
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