Multifamily Development Activity Remains Elevated in Boston but Trending Lower

The multifamily pipeline has continued to trend lower in Boston, declining 20% from where it stood one year ago. However, with the pipeline at 14,160 units, that still represents a sizable number, and equates to 5.3% of the region's total inventory, in line with the national average. About 57% of the new apartment units underway in the Boston region are expected to be completed by the end of 2024, which is likely to outpace demand and send the vacancy rate higher.