NAI Hunneman’s Research Department is pleased to present its new multifamily market report for the Greater Boston area. The report provides information on both market-rate as well as affordable product, and covers the Greater Boston, Providence and Springfield/Worcester Metropolitan areas. Some of the report’s highlights for Q1 include:
- Demand drivers impress as both population and employment trends remain positive throughout New England’s largest metro areas.
- On the supply-side market rate construction has been concentrated in Greater Boston, with more than 5,300 units delivering in 2016.
- The recent proposal of tax cuts under the new administration has created some uncertainty around federal low-income housing tax credits. This uncertainty in the marketplace has led to a devaluing of the credits; which have gone down by as much as 15 percent.
- At a macro level, the new year brought falling transaction volume in the commercial real estate markets with multifamily and development sites faring the worst according to Real Capital Analytics. The Greater Boston multifamily market is no exception with transacted dollar volumes reaching their lowest point since the first quarter of 2012.
To access a copy of the full report please click here.