Fenway Apartment Occupancy Sits At 99.92%

https://bussinessplan.org/fenway-apartment-occupancy-sits-at-99-86/ Just three months into 2022, there are barely any vacant apartments in Fenway. That is especially astounding considering that just 18 months ago, Fenway’s rental market was flipped upside down when the vacancy rate climbed to an unprecedented 17.59% as a result of remote learning policies that took effect at local Universities. In the year that followed, we saw a market recovery unlike anything we’d ever seen. From September 2020 to September 2021, the vacancy rate plummeted from 17.59% to 3.02%, an unprecedented 82.83% drop. The free-fall was far from over, as the vacancy rate continued to fall throughout Q4 2021 and into Q1 of this year. Now the vacancy rate for Fenway apartments sits at 0.14%, the lowest recorded level by far. Vacancy rate is not the only apartment supply metric in Fenway that has hit all-time lows. The availability rate for apartments in Fenway dropped 47% below its previous all-time low in November of 2021. Fenway apartment availability bottomed out at a paltry 0.72% in December of 2021 before trending back upward at the beginning of the year. Now the availability rate of 6.61% is significantly lower than its pre-pandemic level of 10.69% in March of 2019.

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