Boston’s apartment market looks tight on paper, but the story changes fast once you head north of downtown.
Fresh data from CoStar pegs the city’s overall multifamily vacancy rate at 6.6% in the first quarter of 2026, keeping Boston roughly 200 basis points below the national average. That citywide number, though, hides a sharp split: vacancy rates above 10% are clustering in neighborhoods along the I-93 corridor north of downtown, where a wave of new buildings is testing just how much supply renters can absorb.
Why the north is seeing more empty apartments
Recent construction has zeroed in on inner northern submarkets such as Everett, Malden, Medford and Somerville, creating a pocket of short-term oversupply along I-93, according to regional research. Northmarq reports that nearly 40% of units currently underway are packed into a handful of submarkets north of the city. A brief from Matthews adds that roughly one-third of all active construction is on the north and south sides of downtown, which helps explain how certain areas are tipping into double-digit vacancy while the broader metro still looks relatively tight.
What it means for renters and owners
For renters, this split market can translate into more choices and sweeter concessions in brand-new, amenity-heavy properties, even as older, more moderately priced apartments remain hard to snag. Bisnow reports that asking rents in Greater Boston average about $3,170, and that roughly 8,000 units were delivered in 2025, pushing leasing into a fragile equilibrium.
On the development side, there are early signs of a cooldown in future supply. Marcus & Millichap and other local market briefs indicate that developers may slow new project starts this year, a shift that would ease pressure if renters keep filling the units already on the way, according to Boston Agent magazine…