Magazine article Mortgage Banking

Boston Apartment Market Remains 'Well-Balanced'

Magazine article Mortgage Banking

Boston Apartment Market Remains 'Well-Balanced'

Article excerpt

Boston's apartment market remains well-balanced, and slowing construction will foster additional improvement in fundamentals in 2008, according to Encino, California-based Marcus & Millichap Real Estate Investment Services Inc.

Marcus & Millichap's spotlight on Boston in its 2008 National Apartment Report noted that Boston's employment growth will continue to advance at a steady clip, with payroll additions forecast to be heaviest in the educational and health-services sector, followed by leisure and hospitality, an employment category whose workers tend to rent rather than own.

"Apartment investors are expected to stay active in Boston, attracted to the market's steady pace of job growth and low housing affordability," said Gary R. Lucas, regional manager of the Boston office of Marcus & Millichap.

Among the most noteworthy aspects of the Marcus & Millichap Boston apartment research report were:

* Local employers are expected to increase payrolls 1.1 percent in 2008 with the addition of 26,000 positions.

* Builders are forecast to deliver 3,000 units this year, down from 5,100 units in 2007. …

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