Massachusetts vs. National Multifamily Market (Mid-2025)
Rent Growth & Rents
- Boston: Year-over-year rent growth is 1.8%, double the national average of 0.9%. Average asking rent in Boston is approximately $2,924/month, well above the broader U.S. average.Yardi Matrix
- National: Rent growth remains modest—under 1% recently, though expected to rise.Wall Street JournalYardi MatrixABG Realty
Occupancy & Vacancy
- Boston: Occupancy in stabilized properties stands strong at 96.1%, with a vacancy rate of just 5.8%—outperforming the U.S. average of 8%.Yardi MatrixMatthews™ABG Realty
- National: Vacancy rates are creeping up or staying elevated around 8%.Wall Street Journal+1ABG Realty
Supply & Construction
- Boston: Deliveries of new units are decelerating—about 1,480 units delivered through April 2025, with 15,920 units under construction.Yardi MatrixMatthews™ A Q1 report pegged vacancy at 5.5%, with 7,177 units absorbed over the past year—absorption steady but still within supply.charlesgate.com
- National: Supply remains elevated, especially in Sun Belt markets, but easing. Deliveries declined, supporting stabilization.Wall Street Journal+1ABG Realty
Pricing & Investment
- Boston: Investment activity is robust—average price per unit is around $419,792, nearly double the U.S. average of $212,785.Yardi Matrix
- National: Multifamily leads commercial real estate sales, though with more moderate pricing.Cushman & WakefieldABG Realty
Summary: Massachusetts vs. U.S. (Multifamily Snapshot)
| Metric | Massachusetts (Boston Area) | United States (National) |
|---|---|---|
| Rent Growth | ~1.8% YoY (Avg rent ~$2,900/month) | ~0.9% (modest growth) |
| Vacancy Rate | ~5.5%–5.8% | ~8% or higher |
| Occupancy | ~96% stabilized properties | Strong nationally, but variable |
| Supply/Construction | Slowing deliveries; moderate pipeline | Elevated new supply, easing |
| Price per Unit | ~$420K (high-value market) | ~$213K average |
Why Massachusetts Is Outperforming
- High Demand & Limited Supply
Boston’s steady vacancy and elevated rent growth reflect robust demand, even amid constrained job growth.Yardi MatrixABG Realtycharlesgate.com - Investor Interest & Capital Dry Powder
Investors continue to pay a premium in MA—nearly double the national per-unit price.Yardi Matrix - Market Stability & Resilience
Performance remains solid despite sluggish job gains and moderate employment declines.Yardi Matrixcharlesgate.comABG Realty - Policy and Affordability Challenges
- Ridiculously High Home Prices: Massachusetts ranks as the least affordable state for young adults, with a median listing price around $797,000, pushing many into renting.New York Post
- Supply Constraints & Zoning: Laws like Chapter 40B aim to increase affordable housing but struggle against restrictive local zoning.Wikipedia+2Wikipedia+2
Bottom Line
Massachusetts—especially Boston—is outperforming the national multifamily market, with:
- Stronger rent growth
- Lower vacancy and higher occupancy
- Sluggish new deliveries amid steady leasing
- Elevated per-unit prices attracting investor interest
These dynamics reflect tight demand, constrained supply, and structural factors—making Boston a high-performing, high-cost multifamily market in 2025.
Multifamily Market Watch 
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