What to Do if Your Boston Apartment for Rent is Still on the Market for 9/1?

https://bostonpads.com/blog/landlords/what-to-do-if-your-boston-apartment-for-rent-is-still-on-the-market-for-9-1/ If you’re a landlord, a vacant Boston apartment for rent is not making you any money. It’s costing you money each day that the unit sits empty. Mathematically speaking, it is extremely difficult to catch up financially within an 18-month period if your apartment stays vacant for one month. In fact, the only real way to catch up is to start looking at value add strategies to create a better long-term outcome. Having a Greater Boston apartment that is vacant can cause a tremendous amount of stress, to say the least. Quickly filling those vacancies is essential for any successful real estate rental portfolio or business. Finding some tactics that will make a real impact can often be unsettling; especially in a tight labor market with rising inflation. Nobody ever said the real estate game is easy. If it was, everyone would be investing in Boston apartments for rent. You need to have the ability and mindset to think outside of the average real estate box to succeed. Otherwise, your units may very well sit empty for several months, not just the September 1st rental market. Deploying rapid action and care to your vacant apartments is crucial for your overall success. The good news is demand is extremely strong at the moment, and inventory is lower than it’s ever been. The real- time availability rate in the city of Boston is 0.76%, and only 0.24% of Boston apartments are vacant. This means with just a few strategic moves your apartment for rent will soon be leased. In fact, if you reposition the asset with careful and thoughtful improvements, you could very well see the highest rent roll your property has ever delivered. So, what can you do if your Boston apartment for rent is still available a couple of days before 9/1? First, don’t despair. Here are some actionable steps you can take…

Comments

Post a Comment

Popular posts from this blog

Boston Apartment Availability Drops 87% In Six Months In Rapid Recovery

Image
Boston’s apartment availability percentage has been on a wild ride over the past 24 months.   In October of 2019, apartment availability was near an all-time low at 1.74% following a decade of growing demand for rental units in Greater Boston.   In 2020, it rapidly climbed to its highest level in more than a decade and peaked at 13.43% in March, more than double its cyclical high in March of 2019 (5.56%).   Since then, apartment availability has been in a free fall, and is beginning to flatten at 1.97%, very close to its level in October 2019.   That marks an 87.04% drop in availability rate in just 7 months for Boston apartments . To state the obvious, the pandemic was the main contributing factor in all of this volatility.   But why such a huge swing in both directions?   Boston is no stranger to high apartment turnover. Historically, the availability percentage has fluctuated between 2% and 8% every year, with its peak occurring in March/April and its low in October/November.   This
Read more

Most Affordable Neighborhoods To Rent an Apartment In Boston

https://www.thepostcity.com/most-affordable-neighborhoods-to-rent-an-apartment-in-boston/ Boston’s average rent price has been rapidly rising in 2022 after 2 years of stagnation during COVID. The current average rent price for Boston apartments ($2,722) is up +8.23% year-over-year and as of April, that figure has surpassed its previous all-time high of $2,646 set in June 2020. Now the city of Boston is among the most expensive places to rent an apartment in the US. If you’re a renter on a budget in Boston, these numbers can be intimidating. Luckily, we combed through tons of apartment data to find the most affordable neighborhoods to rent an apartment near Boston. Here’s the list!
Read more

Somerville MA Median Home Sales Prices

Image
  Like most of Metro Boston, real estate prices have been fast on the rise in Somerville.  The median price for single family homes for sale in Somerville MA is $992,652 over the past year.  Even more astonishing is that is has increased by 50% since 2016 when the median sales price was around $600K.  Now Somerville, once a modest blue collar suburb of Boston, is rapidly ascending to be one of Boston’s premier suburban real estate markets. Somerville’s median single family price of $992K ranks 14th highest out of the 33 neighborhoods in Metro Boston.  That rank may not sound impressive, but it is when you consider that only 3 other suburbs rank higher than Somerville on that list:  Brookline ($2.2M), Cambridge ($1.8M), and Newton ($1.59M).  You might think that COVID-19 would have hit these expensive real estate markets the hardest, but it did little to slow down the housing market in Somerville, MA.  Rental data shows that the apartment vacancy rate in Somerville stayed well below th
Read more