Job growth levels have been consistently solid in Boston. And apartment construction levels haven’t further accelerated. And yet, over the past year, rent growth levels have dropped off notably as apartment demand has come in below expectations.
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The Boston apartment market had a solid performance during calendar year 2012, slightly surpassing the pace of upturn seen across the nation as a whole. However, the performance represented a meaningful slowing of momentum for what had been one of the country’s rent growth leaders.
Which individual apartment metro topped the list for rent growth in year-ending second quarter of 2012? MPF Research reveals the top ten performers.
Vacancies are few in Beantown, and rent growth is plentiful. After not recording year-over-year rent growth above 3% at any point from 2002 to 2010, Boston is now showing a hike of 8.1% — third-highest in the country.
Boston’s apartment market made the leap from very good to outstanding in the final months of 2011. Boston ranked third nationally for year-over-year revenue growth.
Boston has consistently been one of the nation’s better-performing apartment markets since 2010. But a big surge in the past two quarters has Beantown among the nation’s elite.
Revenue growth has slowed down for Boston’s apartment sector, but the outlook remains bright.
In Boston, rent growth could reach a decade high in 2010 thanks to strong apartment demand and tightening occupancy rates.