Fort Hill Apartment Rental Market Forecast 2023
The apartment rental market in Fort Hill will face conflicting market forces in 2023. On one hand, a critical apartment shortage will continue to put upward pressure on prices as apartment supply just can’t keep pace with demand. This issue is not unique to Fort Hill, but an ominous market trend affecting the entire metro Boston rental market.
On the other hand, many economists are forecasting a recession this year due to inflation, incoherent energy policies and rising interest rates. If it leads to corporate layoffs and widespread unemployment, we could see apartment demand throttled which could lead to apartment prices coming back down. So far that has not been the case in Boston where the unemployment rate is at its lowest point since February 2020.
Ultimately, the only long-term solution to rising rent prices is to address the supply issue. Creating additional housing in neighborhoods like Fort Hill will be necessary to accommodate the growing number of enrolled students and business professionals moving to Boston. Quite frankly, last year’s number of new housing units reported by the BDPA just won’t cut it. We’ll continue to follow these trends as they develop on Boston Pads.