Bisnow Conference on Boston’s Real Estate and Multifamily Markets
I recently attended a Bisnow conference on multifamily housing in the greater Boston area. The topics that were discussed ranged from Boston’s housing affordability crisis (and it is a crisis), to development, zoning, finance, etc. These topics were discussed in length by some of the leaders in their respective fields as a group discussion. Here are the main points I pulled out of this unbelievably informative conference:
- 2019 Mid-Year Trends
- Interest rates continue to drop since the 2018 YE high
- Supply has caught up to demand – but only for high end living.
- The new wave of buyers are looking for services rather than amenities when buying or renting.
- Boston’ core fundamentals are strong; Jobs, Technology, Education and medical.
- Boston’s Affordability Crisis:
- We have amazingly talented people moving to Boston due to our strong core fundamental’s, however, it is becoming increasingly difficult to keep them due to high housing expenses.
- The need for more affordable housing has never been more prevalent.
- “Affordable housing” is not “low income”, it is merely housing units that are priced to accommodate people that are making 80% of the Area Median Income
- Antiquated zoning laws need to be revisited by Boston and its surrounding towns and cities.
- Especially around Public Transportation.
- More zoning for multifamily units is needed to deal with the population increase.
- The trend and need for housing construction will not be slowing down anytime soon.
- Job creation and population increases in and around Boston are still outweighing the construction of hosing, causing high purchase and rent prices.
- Boston’s housing market is as strong as ever, and if you are looking to wait until it slows down, you could be waiting longer than expected!
If you would like to discuss the information here in greater detail, contact Paul Vittozzi at 617-592-4002. Or email PJV@TrueNorthRealty.net