With just over 5,000 units slated for delivery in 2026, supply continues to restrain Boston’s competitive multifamily market.

Boston will experience the slowest multifamily inventory growth since 2013 this year, according to Marcus & Millichap’s 2026 Boston Multifamily Investment Forecast.

Meanwhile, demand will continue to swell. Boston is also slated to add 6,000 jobs in 2026 — the largest annual increase since 2023, fueling population growth.

“Despite a slower pace of rent growth, Boston’s fundamentals remain strong, with housing demand supported by affordability constraints and historically limited new supply,” Marcus & Millichap New England Managing Director Thomas Shihadeh said in the report.

Renter interest may concentrate in transit-adjacent markets, Shihadeh explained.

“Commuter rail submarkets like Lynn and Salem continue to draw attention, fueled by infrastructure access and competitive pricing,” said Shihadeh. “Policy changes like the MBTA Communities Act are also opening up new development channels in select first-ring suburbs.”

The report projects that Boston’s vacancy rate will stay 20 basis points below its 20-year average, with renters paying top dollar as Boston’s average effective rent hits $3,170 per month. That would be among the highest levels nationally.