Essex County, MA Multifamily Market Report Q2 2026

Essex County Multifamily Market — At a Glance

• • Vacancy Rate: 4.2%
  • Average Asking Rent: $2,638/month
  • Annual Rent Growth: 1.5%
  • Units Delivered: 859
  • Units Under Construction: 45
  • Units Absorbed: 417
  • 12-Month Transaction Volume: $4.45 billion across 216 sales
  • Average Cap Rate: 5.05%
  • Average Price Per Unit: $210K–$295K

What Is Happening in the Essex County Multifamily Market Right Now?

Essex County remains one of the tightest multifamily submarkets in the greater Boston area heading into the second quarter of 2026. Vacancy sits at 4.2%, and healthy occupancy has held even as 859 units were delivered and 417 units were absorbed over the past year. Average asking rents reached $2,638 per month, up 1.5% year-over-year. Investment activity stayed active, with 216 transactions totaling approximately $4.45 billion and cap rates averaging 5.05%, the lowest of any Boston-area submarket. Institutional and private-equity buyers accounted for roughly 75% of transaction volume, highlighted by the $81.5 million sale of the 200-unit Lynnfield Commons at $407,500 per unit. A recently blocked statewide rent-control bill also removed a major overhang on investor sentiment, reinforcing Essex County’s position as a landlord-favorable market.

Lawrence & Haverhill: Strongest Fundamentals

Lawrence and Haverhill posted the lowest vacancy rate in Essex County at 2.9% and the highest annual rent growth at 6.4%. Twenty-seven transactions closed for roughly $22.3 million in volume, with pricing concentrated between $190,000 and $225,000 per unit and cap rates ranging from 7.1% to 9.1%. Eleven properties remain actively listed, giving buyers a healthy pipeline heading into the back half of 2026.

Lynn: Buyers Have Options

Lynn recorded the highest vacancy rate among Essex County submarkets at 6.6% and the slowest rent growth at 1.8%, though average asking rent remained the highest of the three at $2,241 per month. Sixteen transactions closed for $22.7 million, with cap rates ranging from 4.5% to 8.0% depending on property condition and location. Seven properties remain on the market, including a 27-unit portfolio at 77 Green St. listed just under $6 million.

Salem & Beverly: Limited Inventory, Strong Pricing

Salem and Beverly combined for the largest transaction volume among the three submarkets at $43.4 million, and the highest average price per unit at $249,000. Vacancy held at 3.3% with 5.2% annual rent growth. Five properties are currently active, with asking prices averaging roughly 26% above recent closed sales — a gap that reflects sellers testing the market for premium, well-positioned assets.

What This Means for Essex County Owners and Investors

• Pricing discipline is paying off across Essex County; well-priced listings continue to move quickly while overpriced product lingers on the market.
• Buyers are underwriting real in-place yield, with cap rates ranging from roughly 4.5% to 9.1% depending on submarket and asset quality.
• With rent-control legislation blocked and vacancy near cycle lows, current conditions make this a strong window for owners to get an updated valuation.