Metro Boston's apartment industry has been a boon to the local economy, emerging as one of the strongest sectors to come out of the Great Recession, according to a new study.
"In the darkest depths of the downturn in 2007-08, a lot of developers knew Boston is still a desirable place to live," said Greg Vasil, CEO of the Greater Boston Real Estate Board. "It's smaller than New York, but becoming more cosmopolitan. It's not far from the beach and from great shopping. And it's easy to get around without a car."
Apartment construction and operations as well as renter spending contributed $17.7 billion locally and supported more than 147,000 jobs in the metro area in 2013, the most recent year for which statistics were available, according to research commissioned by the National Multifamily Housing Council and the National Apartment Association.
"It's the volume of what it means to the economy in terms of jobs and money that comes back into the community," Vasil said.
At $12.2 billion, renter spending accounted for the vast majority of the contribution to the local economy, followed by apartment operations at $2.8 billion and apartment construction at $2.7 billion, the study found.
Vasil summed up the driving force behind the rental boom in one word: demand. The city's positive features contributed to an influx of Millennials into the rental market, many of whom went to college here and decided to stay, he said.
And the rental boom has not been confined to the city.
Statewide, the apartment industry and renters contributed $21.4 billion to the economy and supported 189,500 jobs, the study found, while nationally, they contributed $1.3 trillion and supported 12.3 million jobs.
But in Boston, which a Federal Reserve Bank of Cleveland study called the fastest-gentrifying city in the nation, many of the apartments being built are beyond the grasp of low- and middle-income people, said Kathy Brown, coordinator of the Boston Tenant Coalition.
"The overwhelming majority of apartments being built has been on the luxury side," Brown said. "So it's not low- and middle-income people who are benefiting from this boom. Instead, they're being pushed out of the communities they grew up in."
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