Rent control is once again being seriously debated in Boston and across Massachusetts. There are two separate efforts underway: a Boston-specific rent stabilization proposal, and a broader statewide rent control ballot initiative that could appear in front of voters in the next couple of years. While both are framed as tenant protections, any version of rent control in Massachusetts would almost certainly ripple into neighboring markets — including New Hampshire.
WHAT’S BEING PROPOSED
Boston’s proposal is best described as “rent stabilization,” not traditional rent control. Under the plan:
- Rent increases on renewing tenants would be capped at inflation (CPI) plus up to 6%, with a hard cap of 10% in high-inflation years.
- Owner-occupied buildings with six or fewer units would be exempt.
- New construction would be exempt for 15 years.
- “Just cause” eviction rules would limit when landlords can terminate tenancies
Separately, a statewide rent control ballot initiative is being pushed by tenant advocacy groups. That proposal would:
- Cap rent increases statewide at inflation, with a hard cap of 5%.
- Apply even when units turn over, meaning rents couldn’t simply reset to market between tenants.
- Exempt owner-occupied buildings with four or fewer units and new construction for 10 years.
The key difference: Boston’s plan would apply only to Boston, while the statewide proposal would apply everywhere in Massachusetts.
WHAT HAS TO HAPPEN FOR THIS TO PASS?
Boston can’t enact rent control on its own — it needs approval from the Massachusetts Legislature because rent control was banned statewide in 1994. While Boston’s City Council approved the proposal, it has effectively stalled at the state level so far.
The statewide initiative is taking a different path by aiming for the ballot. If it clears signature requirements and legislative review, it could appear on the 2026 ballot. That said, it faces meaningful headwinds:
- Governor Healey (who’s running platform was solving the housing crisis) has publicly opposed statewide rent control.
- Mayor Wu (who historically is a strong advocate for rent control) has not endorsed the statewide version, calling the 5% cap overly restrictive.
- Well-funded opposition from real estate and business groups is already forming.
Bottom line: Boston-only rent control is a long shot. The statewide ballot has a better chance of reaching voters, but passing statewide would be an uphill battle.
WHAT WOULD THIS MEAN FOR NEW HAMPSHIRE
If Massachusetts does adopt any form of rent control, the most immediate impacts are likely to show up north of the border.
1. More investor demand flowing into New Hampshire
Rent caps change the math on value-add deals. When upside is limited, investors don’t stop investing — they look for nearby markets where pricing still reflects growth potential. Southern New Hampshire is the natural alternative. That likely means more competition, higher prices, and tighter cap rates for NH multifamily assets, especially stabilized properties.
2. Will NH renters move back to Boston?
Unlikely in any meaningful way. Most people living in NH are there for lifestyle, taxes, schools, or space — not just rent levels. A rent cap doesn’t suddenly make Boston affordable, and it doesn’t eliminate the broader cost-of-living gap.
3. A subtle but real shift in migration patterns
One potential effect is fewer renters leaving Boston because of rapid rent increases. If rent growth becomes more predictable, there may be slightly less pressure pushing people north. That said, housing shortages, zoning constraints, and job concentration in Greater Boston aren’t going away — so this would likely be a marginal effect, not a reversal.
4. The biggest impact: pricing, not rents
For New Hampshire owners, the real impact wouldn’t be rent spikes — it would be higher acquisition prices and more competition from well-capitalized, Boston-based buyers. That makes operational discipline, building condition, and long-term planning even more important.
If you already own multifamily in New Hampshire, this environment likely benefits you. If you’re buying, expect a more competitive landscape.