BOSTON–Despite a 5% decrease compared to last year’s deliveries, Boston metro is set to complete 8,500 new apartment units by the end of the year, according to a report by RENTCafe.
Here are some more interesting data points from the report:
- Among the metros with the most apartments to be completed this year, Boston comes 11th despite a small decline from last year.
- Looking at deliveries in the past 5 years, 8,500 is actually the second highest number for Boston metro. Only in 2020 did the area reach almost 9,000 units, while in 2017 it had the lowest number of completed units, 6,600.
- The city to deliver the most apartments in the metro is Cambridge with 1,184, while Boston proper is set to complete 739. Lynn also expects 590 new units by the end of the year.
The report said that apartment construction remains strong this year: More than 330,000 new rental units are expected to be delivered nationwide, which is comparable to the previous four years of construction boom. And, despite challenges brought forth by the pandemic, eight metros are expected to hit five-year highs of new apartments.
More precisely, 334,000 units are projected to be opened in the U.S. by the end of this year, according to Yardi Matrix estimates. These figures reflect the striking difference between the aftermath of the pandemic crisis and that of the housing crisis of 2008: In 2021, there were nearly three times more apartments under construction than there were in 2011.
To read the full RENTCafe report, please click here.