East Boston Vacancies Up 207% YOY - But Trending In A Good Direction?
By Zachary Parker, Real Estate Journalist
The vacancy rate in East Boston shot up a whopping 207% in the past 12 months. Now at face value that sounds pretty shocking and could be the story in and of itself, until you peel back the layers a bit more. So while it’s true that the current East Boston vacancy rate of 3.78% is more than triple the record low vacancy rate of 1.19% from February 2020, it doesn’t seem so shocking when you compare that to the 349% increase in the City-wide vacancy rate or the 2600% increase we’re seeing in Downtown Boston. Even prior to the pandemic, the apartment rental market in East Boston had undergone some dramatic changes over the past decade. Bolstered by steady regional economic growth and increasing enrollment numbers at local Universities, the Greater Boston housing market emerged as one ...