Residential Development

More than 800 new market rate units have been completed in Downtown Lowell since 2000, while nearly another 800 such units are currently in various stages of planning or construction. A 2003 Urban Land Institute study correctly projected a strong market for the urban living market in Lowell that has continued to grow and proper.

Condominium sale prices ranging from $160 to $475 per square foot (averaging approximately $225) and nearly all units in every project have sold at or above original pricing prior to the completion of construction.  Rents range from $1000 to $1600 per month for one and two-bedroom units. 

Regional and local demographic trends remain strong for downtown urban housing.  29% of households in Massachusetts are single people living alone, while another 39% are couples without children, either empty-nest couples or young couples who have not yet had children.  These categories have been and will continue to be among the strongest growth segments of the Eastern Massachusetts housing market.  Many of these people are seeking the type of urban environment that can be offered downtown in Lowell that would not be available in many other locations. In a recent Division of Planning & Development survey it was found that the majority of new downtown residents have relocated from suburban areas near Downtown Lowell.