MARKET SNAPSHOT

Boston q1 2025

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AVERAGE RENT

$2,897 Q1 2025

OCCUPANCY RATE

95.7% Q1 2025

QUARTERLY NET ABSORPTION

1,237 Q1 2025

ANNUAL RENT CHANGE

2.1% Q1 2025

ANNUAL OCCUPANCY CHANGE

-10 BPS Q1 2025

QUARTERLY COMPLETIONS

1,165 Q1 2025

KEY TAKEAWAYS

Average effective rent rose by 2.1% year over year, outpacing the national average by 90 basis points, even as rent growth has moderated compared to previous years.

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Occupancy remains strong at 95.7%, just below the 10-year average of 96.0%, and has shown minimal fluctuation over the past two years—despite persistently high levels of new supply.

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Supply pressures are easing, with only 1,165 units delivered in Q1 2025—the lowest quarterly total since early 2022. Construction starts also fell to just 26 units, the lowest since 2010, signaling a potential further decline in future deliveries.

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