New luxury apartment towers are now sprouting up throughout the city. Approximately 7,800 units of urban, institutional quality rental housing will be delivered through 2016.
This wave of development is not an overzealous rebound. It is a long overdue transformation of Downtown Boston’s rental housing, which is supported by exceptional demographics and the well-documented trend of urbanization.
Boston is not being overbuilt. Demographics are in our favor like never before, and make-up of the development pipeline fits very well with the urbanization trend. There simply isn’t enough quality multifamily product to meet the pent up demand of renters or investors, and capital allocations are driving more and more institutional equity into the top few real estate markets.
Our unrivalled educational institutions will continue to attract the top intellectual capital in the world, but now we will finally have the modern housing and 24-hour lifestyle necessary to retain our graduates for the long run. Boston area multifamily will continue to thrive.
-Michael and Travis
The full story appeared in Banker & Tradesman.