Greater Boston, MA Multifamily Market Report | Colliers | Q4 2025

Market Overview

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Greater Boston's multifamily market closed Q4 2025 performing below peak levels, with the overall vacancy rate rising 30 basis points to 7%, more than one percentage point above the market's historical average of 5.9%. Rents held relatively flat year-over-year at $3.19 per square foot, and several submarkets including Route 128 Northwest and Downtown Boston saw negative rent growth since early 2025. On the supply side, units under construction fell to an estimated 10,300, a nearly 9% decline from Q4 2024, signaling a moderating pipeline. Despite softer near-term conditions, Greater Boston still ranks among the top five U.S. markets for asking rent per unit, and its smaller supply imbalance relative to Sun Belt markets positions it for a faster rebalancing.

‍About Colliers

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Colliers is a global real estate advisory and investment management firm serving owners, operators, and investors across major U.S. markets. Their Q4 2025 Greater Boston multifamily report tracks vacancy, rents, absorption, deliveries, and construction activity to help owners, developers, and investors assess market conditions and timing. To read the full report, click here.