Boston Welcoming New, Affordable Multifamily Rental Projects

In looking at nationwide affordable, multifamily rental construction projects in planning, a few big-name cities lead the way. Boston, Massachusetts, is one of those cities, led by Mayor Michelle Wu. Let’s examine how Wu’s policies might be responsible for the active affordable, multifamily rental market in Boston. Then, as always, we’ll get into some notable projects.

Boston Affordable, Multifamily Rental Construction: At a Glance

For starters, MultiFamilyData from BuildCentral is tracking more than 30 new, affordable multifamily projects in Boston. That figure only includes projects added or updated within the last 90 days, too. Take a look at the below Geospex map, which displays nearly $800 million in planned and ongoing affordable, multifamily rental projects.

In the above Geospex map are planned and ongoing affordable, multifamily rental projects in Boston (Yellow: Planning; Purple: Under Construction).

Now, we should clarify something. Although each of these projects has affordable rental options, each project does not exclusively offer affordable, multifamily rentals. Some have units for sale, others have market-rate availability, and still others feature senior housing.

boston's affordable, multifamily rental construction pipeline

Nationally, Boston is second only to Los Angeles in its number of planned & ongoing affordable, multifamily rental projects. Again, that number is representative of projects that BuildCentral has added or updated within the last 90 days.

Why Boston for Affordable, Multifamily Rentals?

In short, one of the main reasons for Boston’s significant slate of affordable, multifamily rental projects is its mayor, Michelle Wu.

Wu campaigned on and remains committed to the belief that affordable housing is a human right. Not only has she proposed investments in homeownership programs for Boston residents, but she also has plans to expand access to affordable housing with rent stabilization oversight, a higher affordable-unit threshold for new projects, and limiting the number of units that a residential building must have in order to offer affordable housing.

These policies seek obviously to preserve and expand affordable housing access by incentivizing new projects and disincentivizing loopholes.

Another factor to consider is the sheer amount of young people in Boston. The city has 35 colleges and universities. While Boston holds just 10% of Massachusetts’ population, it is home to 34% of its college students. Because of the outsized presence of that demographic, affordable rental options are a must-have.

Top Affordable, Multifamily Rental Projects in Boston

Well, we couldn’t leave you without offering a bit of a peek into some MultiFamilyData project reports. These projects all offer affordable, multifamily rental options, and are listed in order of last-updated date.

1463 Dorchester Avenue

Construction Type: New # of Units: 29
Project Type: For Rent Building Type: Mid-rise (4-11)
Estimated Value: $4 million # of Buildings: 1
Sector: Private Product Type: Affordable
Location: BostonMA 02122. 1463 Dorchester Ave
Details: Plans call for the construction of a five-story mixed-use development with ground floor retail space and 29 apartments above. All of the units will be affordable.
Stage: Planning (Active)

273 Highland Street

Construction Type: New # of Units: 23
Project Type: For Rent Building Type: Mid-rise (4-11)
Estimated Value: $1-$5 million # of Buildings: 1
Sector: Private Product Type: Affordable
Location: BostonMA 02119. 273 Highland Street
Details: Plans call for the construction of a four-story apartment development with 23 units. Three of the units will be 30% AMI and 20 units will be 60% AMI.
Stage: Planning (Active)

37 Wales Street

Construction Type: New # of Units: 20
Project Type: For Rent Building Type: Mid-rise (4-11)
Estimated Value: $12.5 million # of Buildings: 1
Sector: Private Product Type: Affordable
Location: BostonMA 02124. 37 Wales St
Details: Plans call for the construction of a five-story 20-unit apartment building for families trying to get out of homelessness. An existing building on the property will be demolished.
Stage: Planning (Active)

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