Greater Boston, MA Multifamily Market Report | Colliers | Q1 2026

Market Overview

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Greater Boston's multifamily market shifted in favor of renters in Q1 2026, with overall vacancy rising to 6.9%, up 80 basis points year-over-year, as slowed leasing momentum combined with continued deliveries from the post-pandemic development wave. Year-over-year rent growth flattened to 0.3%, a near five-year low, and concessions as a percent of asking rent reached 2.1%, the highest level since early 2021. Average asking rent held at $2,836 per unit ($3.18/SF) across 253,703 total units, with 1,736 units delivered in the quarter and 10,218 under construction. Boston proper showed relative resilience, with vacancy declining to 5.4%, South Boston/Seaport posting 3.3% year-over-year rent growth, and the highest asking rents in the city at approximately $4,500 per unit. The shrinking construction pipeline is beginning to alleviate competition in select submarkets, with the Inner Suburbs recording a 50-basis-point vacancy decline during the quarter.

‍About Colliers

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Colliers is a global real estate services and investment management firm operating across more than 60 countries. The firm offers comprehensive brokerage, capital markets, valuation, advisory, and research services. Their Q1 2026 Greater Boston multifamily report tracks vacancy, rents, absorption, deliveries, and construction activity across 18 submarkets to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.