Housing permits in Massachusetts double

Housing permits in Massachusetts double

The number of multi-family housing permits in the Bay State nearly doubled in 2012 in comparison to 2011. 2,752 multi-family permits were issued in Massachusetts in 2011 while in 5,019 were issued in 2012. The increase in permits reflects an increased demand for rental housing the Bay State. This year marked the most permits issues since before the collapse in 2007.

The increased demand for rental housing can be attributed to three factors. The primary reason being that buyers are still nervous about owning after the housing bubble collapsed in 2008. In addition, families who lost their homes to bank foreclosures are now looking to rent for various reasons (i.e. credit score). Finally, due to low inventory there is an increase for housing in general. This is one of the methods the market is using to meet demand.

Construction on multi-family housing units has begun around the Bay State. In fact, ABG Commercial wrote about the Quincy Corridor development last year. This mixed-use development will help meet demand of low-cost multi-family housing in the area. In addition, Somerville’s Assembly Row, a mixed-use development with multi-family housing units, broke ground recently.

For more information check out the Boston Business Journal.

 

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