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Q1 2026 · Part 1 of 2
Greater Boston
Multihousing Market
Institutional Multifamily Research & Transaction Intelligence
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| By Adam Dunn · Managing Director, Berkadia |
March 26, 2026 |
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$3,028
Eff. Rent/Unit
Q4 2025
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95.5%
Occupancy
Rate
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5.0%
Cap Rate
>$25M
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$5.5B
2025 Total
Volume
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Greater Boston's multifamily market enters 2026 in a fundamentally constructive position. Annual deliveries of 8,249 units in 2025 were absorbed by demand of 10,886 units — the first meaningful demand-supply surplus since 2022. Occupancy held at 95.5%, 70 bps above the national average, while effective rents of $3,028/unit rank Boston #8 nationally. The Q4 YOY rent reading of -0.2% reflects seasonal softness; three of four 2025 quarters posted positive rent growth.
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The pipeline contracts to 5,570 units in 2026 (−32%) and 3,634 in 2027. Permits hit their lowest since 2020 at 5,401 units. Against a 2026 demand forecast of 6,774 units, RealPage projects rent growth of +2.1% in 2026 and +2.7% in 2027. Concessions of $207/unit (6.8% of asking) remain the primary near-term headwind.
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All Transactions — 2025 Full Year
| Metric |
2025 |
2024 |
YOY |
| Total MF Sales Volume | $5.53B | $4.90B | +12.9% |
| Transactions | 177 | 177 | Flat |
| Units Sold | 15,420 | 13,519 | +14.1% |
| Avg Price / Unit | $361,331 | — | — |
| Avg Cap Rate | 5.6% | — | — |
Transactions Above $25M — Last 4Q vs. Q1 2026 YTD
| Metric |
Last 4Q |
YOY |
Q4 '25 |
YOY |
Q1'26 |
| Total Volume | $4.74B | +19.2% | $1.55B | +62.3% | $365M |
| Indiv. Property Vol. | $3.86B | +29.5% | $1.55B | +86.1% | $299M |
| Portfolio Volume | $876M | -11.7% | — | — | $66M |
| Properties | 49 | +8.9% | 15 | +25.0% | 5 |
| Units | 12,586 | +24.2% | 3,318 | +47.5% | 682 |
| Avg Price / Unit | $376,373 | -9.3% | $466,471 | +1.8% | $619,048 |
| Avg Cap Rate | 5.0% | -20 bps | 5.0% | -27 bps | 4.7% |
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Boston MSA — Q4 2025 vs. Q4 2024
| Metric |
Q4 2025 |
Q4 2024 |
YoY |
| Effective Rent / Unit | $3,028 | $3,059 | -0.2% |
| Asking Rent / Unit | $3,064 | $3,097 | -0.2% |
| Occupancy Rate | 95.5% | 95.5% | Flat |
| Concessions (Avg $) | $207 | $93 | +123% |
| Concessions (% Asking) | 6.8% | 3.0% | +3.8 pp |
| Annual Net Absorption | 10,886 units | 5,221 units | +108.5% |
Submarket Performance — 2025 Annual
| Submarket |
Avg Rent |
Growth |
Occ. |
| Intown Boston | $4,238 | +2.5% | 96.6% |
| Cambridge / Somerville | $3,781 | +1.0% | 95.7% |
| Fenway / Brookline / Brighton | $3,717 | +1.4% | 94.7% |
| Waltham / Newton / Lexington | $3,233 | +0.4% | 95.8% |
| South Essex County | $2,755 | +2.2% | 96.4% |
| Rockingham / Strafford Ctys. | $2,337 | +3.8% | 96.6% |
| Southwest Boston | $2,829 | -1.1% | 95.7% |
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Supply Pipeline by Submarket — Units
| Submarket |
2025 |
2026F |
2027F |
2028F |
| East Middlesex County | 2,521 | 855 | 591 | 200 |
| Rockingham / Strafford Ctys. | 336 | 760 | 459 | 180 |
| Southwest Boston | 202 | 597 | 158 | — |
| Waltham / Newton / Lexington | 576 | 502 | 411 | — |
| Fenway / Brookline / Brighton | 916 | 583 | 170 | — |
| Chelsea / Revere / Charlestown | 554 | 486 | 170 | — |
| Quincy | 27 | 328 | 779 | — |
| Cambridge / Somerville | 123 | 178 | 352 | — |
| Intown Boston | 59 | 127 | 126 | — |
| North Essex County | 314 | — | — | — |
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Up Next — Part 2 of 2
The next edition covers U.S. National Multifamily — transaction volume, top 10 markets, and the top 10 buyers of 2025.
Adam Dunn · Managing Director, Berkadia · $5B+ placed
© 2026 The Dunn Report. Data: RealPage (Q4 2025) · CoStar (Boston, Q4 2025) · Berkadia Boston MF Report (March 2026) · MSCI Real Capital Analytics (March 25, 2026). For informational purposes only. Not investment advice.
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