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Apartment Vacancies Surge In North End Boston
Posted 04-20-2021 at 12:02 PM by zachparker7
The North End has long been one of Boston’s premier apartment rental markets. Known as Boston’s Little Italy, the North End offers residents one of the best culinary scenes in the city within walking distance to Downtown Boston. Unfortunately, it is this proximity to Downtown that’s left the North End apartment rental market reeling.
The pandemic has caused a supply glut of apartments in Boston we haven’t seen in decades. The excess inventory has been concentrated to a few specific areas in Boston, namely the areas close to Downtown and those neighborhoods close to local Universities.
The vacancy rate for North End apartments currently sits at 7.85%, the 3rd highest vacancy rate out of all 25 neighborhoods that make up Boston. That marks a +$485.82% increase in vacancy rate compared to April 2020. While that is a shocking number, it pails in comparison to #1 Downtown and #2 Seaport, where the current vacancy rate sits at 22.22% and 21.10% respectively.
As many corporate offices closed in Boston, many professional renters Downtown moved to the ‘Burbs for more spacious digs to work remotely. As a result, vacancies in the areas Downtown have ballooned. And unlike the neighborhoods close to Universities that are looking forward to an end to remote learning in Fall 2021, the remote work trend will not go away as quickly.
Because of this, look for North End rental market to make a sluggish recovery over the next 12-24 months.
The pandemic has caused a supply glut of apartments in Boston we haven’t seen in decades. The excess inventory has been concentrated to a few specific areas in Boston, namely the areas close to Downtown and those neighborhoods close to local Universities.
The vacancy rate for North End apartments currently sits at 7.85%, the 3rd highest vacancy rate out of all 25 neighborhoods that make up Boston. That marks a +$485.82% increase in vacancy rate compared to April 2020. While that is a shocking number, it pails in comparison to #1 Downtown and #2 Seaport, where the current vacancy rate sits at 22.22% and 21.10% respectively.
As many corporate offices closed in Boston, many professional renters Downtown moved to the ‘Burbs for more spacious digs to work remotely. As a result, vacancies in the areas Downtown have ballooned. And unlike the neighborhoods close to Universities that are looking forward to an end to remote learning in Fall 2021, the remote work trend will not go away as quickly.
Because of this, look for North End rental market to make a sluggish recovery over the next 12-24 months.
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