The rental supply glut in Downtown Boston has received quite a bit of attention in the past 12 months. The pandemic caused a shift in demand for housing in Boston, and many Downtown neighborhoods went from being the hardest areas to find an apartment to the easiest seemingly overnight.
Boston has noted some dramatic shifts in apartment supply in 2020. The year has been marked by massive increases in vacancies, which has precipitated price drops throughout the 3rd and 4th quarter. While the overall impact has been significant, a closer look at the data shows that there are a few areas that are being hit the hardest, particularly those nearest to the city’s largest universities.
The challenges faced by the Boston housing market have been well documented in 2020. The pandemic has caused massive shifts in urban population distribution in metropolitan areas all across the country, and Boston is no exception. It effectively took one of the nation’s hottest real estate markets and caused it to come to a grinding halt as apartment vacancies soar all over the city.
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