Bristol & Plymouth, MA Multifamily Market Report Q2 2026
The Bristol & Plymouth County multifamily market continued to demonstrate resilience in Q2 2026 as renter demand remained healthy despite a more cautious economic backdrop and elevated financing costs. Leasing activity was supported by the region’s persistent housing shortage and high barriers to homeownership, allowing demand to keep pace with new supply. The market recorded 345 units of positive absorption, exceeding the 279 units delivered during the quarter, while the vacancy rate held at a healthy 4.1%. Rent growth continued at a measured pace, with asking rents increasing 1.7% year over year to $2,170 per unit, reflecting a shift toward a more balanced market after several years of rapid appreciation.
Developers remained selective, with 1,246 units under construction, as higher construction and borrowing costs continued to temper new project starts. Investment activity also remained subdued, totaling $38.3 million in sales volume, as buyers and sellers continued to navigate pricing expectations in a higher-rate environment. Assets traded at an average price of $50,300 per unit with an average cap rate of 9.7%, signaling that investors remain active but disciplined as capital markets continue to normalize.
By the Numbers
Q2 2026 | Source: CoStar Group, Inc.
- Sales Volume: $38.3M
- Price Per Unit: $50.3K
- Cap Rate: 9.7%
- Vacancy Rate: 4.1%
- Rent Growth: 1.7%
- Asking Rent Per Unit: $2,170
- Units Under Construction: 1,246
- Units Delivered: 279
- Units Absorbed: 345
Market Overview
- Bristol County continued to stand out as one of the region’s strongest multifamily markets, supported by robust rent demand, healthy rent growth, and an active development pipeline.
- Multifamily fundamentals in Plymouth County reflect market stability, with limited new supply helping occupancy and long-term investor confidence despite slower rent growth.
- Boston’s multifamily market maintained resilience, benefiting from sustained renter demand, constrained housing supply, and robust, long-term economic fundamentals.
Bristol & Plymouth Multifamily Supply & Demand Dynamics
Source: CoStar Group, Inc.
Boston Population Growth by Market
Source: Oxford Economics
Boston’s economy continued to provide a solid foundation for apartment demand during the second quarter, supported by its diverse employment base anchored by healthcare, higher education, technology, and life sciences. While elevated borrowing costs and ongoing uncertainty surrounding research funding and office utilization tempered business expansion, the region continued to benefit from a highly educated workforce and strong long-term demographic drivers. Economic activity expanded modestly during the quarter, with consumer spending and manufacturing showing slight improvement, although employers remained cautious amid persistent inflationary pressures and higher operating costs. These stable economic fundamentals, combined with the high cost of homeownership, continue to support renter demand and reinforce Boston’s position as one of the nation’s most resilient multifamily markets.
Bristol Multifamily Pipeline Expands While Vacancy Holds Near 3%
Demand
Bristol County’s multifamily market maintained healthy demand through Q2 2026, with vacancy at 3.3% despite gradually increasing from the exceptionally tight levels recorded earlier in the decade. Asking rents reached $1,954 per unit, representing 2.4% rent growth, as renter demand continued to support pricing while rent gains moderated from recent peaks. The combination of positive rent growth and relatively low vacancy suggests that the market continues to absorb available units at a healthy pace.
Rent Per SF vs Rent Growth
Source: CoStar Group, Inc.
Supply
Development activity remains an important factor to watch, with 961 units currently under construction representing a meaningful pipeline for Bristol County. Near-term deliveries have remained relatively measured, helping preserve the market’s 3.3% vacancy rate, though the expanding pipeline could place some upward pressure on vacancy as projects deliver and enter lease-up. The pace at which this new inventory is absorbed will be a key driver of occupancy and rent performance over the coming quarters.
Completions vs Vacancy Rate
Source: CoStar Group, Inc.
Investing
Investment activity remained selective in Q2 2026, totaling $35.4 million in sales volume as elevated borrowing costs continued to influence transaction activity and pricing. The average cap rate reached 9.9%, while assets traded at approximately $47,300 per unit, reflecting ongoing repricing and potentially more attractive entry yields for investors. Current valuations may create opportunities for buyers seeking higher going-in yields, particularly as pricing adjusts to the prevailing capital markets environment.
PPSF vs Cap Rate
Source: CoStar Group, Inc.
Investment Highlights
Volume
- $35.4M in Q2 multifamily sales volume
- Investment activity remains selective amid elevated borrowing costs
Pricing
- 9.9% average cap rate offers attractive yields for investors
- $47.3K/unit average sale price reflects value-oriented pricing and ongoing market recalibration
Plymouth Multifamily Rent Growth Moderates to 1.1%
Demand
Plymouth County’s multifamily market maintained stable demand through Q2 2026, with vacancy at 5.2% and asking rents reaching $2,395 per unit. Rent growth remained positive at 1.1%, although the pace has moderated considerably from the stronger gains recorded earlier in the decade. The longer-term trend shows rents continuing to climb each year, suggesting that renter demand remains durable despite slower pricing momentum and somewhat softer occupancy conditions.
Rent Per SF vs Rent Growth
Source: CoStar Group, Inc.
Supply
Development activity remains measured, with 285 units currently under construction, limiting the amount of additional inventory expected to enter the market in the near term. The supply chart shows that annual completions have normalized following a significant delivery spike in 2023, while vacancy has gradually increased from its recent low. With a relatively modest construction pipeline, the market should have greater capacity to absorb existing availability before facing another substantial wave of new supply.
Completions vs Vacancy Rate
Source: CoStar Group, Inc.
Investing
Investment activity was limited in Q2 2026, with just $2.9 million in multifamily sales volume, reflecting a selective transaction environment. Assets traded at approximately $193,300 per unit, while the average cap rate reached 9.0%, offering higher going-in yields as investors continue to adjust to elevated financing costs. Historical sales trends indicate that cap rates have expanded meaningfully from their 2023 low, while per-unit pricing has remained volatile due to shifts in transaction composition and limited deal volume.
PPSF vs Cap Rate
Source: CoStar Group, Inc.
Investment Highlights
Volume
- $2.9M in Q2 multifamily sales volume
- Limited transaction activity reflects a selective buyer and lender environment
Pricing
- 9.0% average cap rate offers attractive going-in yields for investors
- $193.3K/unit average sale price reflects Plymouth County’s comparatively higher asset values
