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Introduction

With job growth at its highest rate in five years, the Boston metro area’s rapidly expanding economy continues to attract a disproportionately large millennial population with a high propensity to rent. The resulting apartment demand, felt with particular intensity within the city’s more urban, downtown areas, caused construction activity to accelerate in Boston over the past four years. Still, occupancy rates have not budged from their elevated levels as the market leases up additional supply with relative ease.

LIVING IN APARTMENTS

Renting can be smart choice for a wide range of individuals and families across all income levels. That’s why a diverse array of people call apartments home.

Apartment Residents
602,746
Spending Power
$6,710,963,597
Direct Jobs Supported
44,602
Total Economic Contribution
$12,150,870,689
Total Jobs Supported
110,345
Married couple with no children
11%
Married couple with children
8%
Single Individual living alone or with roommates
68%
Single Parent
13%
1 Person Household
53%
2 Person Household
29%
3 Persons or More in Household
18%
13%

of population lives in apartments

Managing Apartments

Occupied Apartment homes are economic engines, driving dollars and jobs that strengthen local communities.

Total Occupied Apartment Homes
347,856
Operation Dollars Spent
$1,556,139,235
Direct On-site Jobs
7,578
Total Economic Contribution
$2,761,829,689
Total Jobs Supported
18,114
5 to 9 apartment homes per building
26%
10 to 29 apartment homes per building
20%
20 to 49 apartment homes per building
22%
50 apartment homes per building or more
32%

Building Apartments

Apartment construction continues as a bright spot in the economy, helping lead the housing recovery.

Construction Dollars Spent
$1,419,648,038
Direct Jobs
5,807
Total Economic Contribution
$2,742,476,080
Total Jobs Supported
18,629
Apartments Built 1959 or earlier
37%
Apartments Built 1960 to 1979
30%
Apartment Built 1980 - 1999 Apartments
20%
Built 2000 or Later
13%
55%

Multifamily Percentage of Total Building Permits