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The Greater Boston Real Time Apartment Vacancy Rate is 3.9% as of September 3, 2014

September 1, 2014 has come and gone. Unfortunately for them, many landlords still have vacant units. The real time apartment vacancy rate as of September 3, 2014 is 3.9%. Last year around this time, we released a 3.4% vacancy rate on August 25, 2013. The difference is staggering. There are over 2,800 available apartment units in the BostonPads industry leading database, covering MA and Greater Boston. This database continuously grows and gathers data via its network of over 90 websites. The 3.9% is based on an extensive analysis of over 72,193 apartments. This number does not include approximately 50,000 luxury units (grand total of 122,193+ apartments in the BostonPads Database!) for data accuracy purposes.

In 2012 and 2013, we saw the Greater Boston apartment market tighten down and the vacancy rate plummet. Finally we have seen it start to turn around and rise again. What does this mean for the market? Some landlords are worried. While massive management companies may not feel the impact of a couple vacant apartments, a small landlord sure will. This number of 3.9% sure is higher than anyone would have predicted 6 months ago. When BostonPads did its last study, it found that the availability rate at the beginning of August 2014 was 5.1%. 3.9% rises above the expected range and there are multiple conflicting theories for this greater than expected average. It will be interesting to note if this trend continues upwards. For people who have somehow not found a place yet, there are still a surprisingly good amount of viable options. September will most likely be a very strong month for rentals due to the fact that many quality apartments will be available throughout the Greater Boston Area. We are predicting one of the strongest falls the Boston real estate market has ever seen.

Help! I am looking for an apartment still! What does this mean?

There is significantly more inventory in the Greater Boston region than last year at this time. More inventory = more negotiating power to the consumer. Plenty of landlords are nervous that they have gone vacant and will be open to cutting deals. Maybe they drop last month’s rent or pay part of the broker fee. The ball is in your court much more than you have seen recently. Customers should seek reputable real estate companies that provide them with the most possible viewings of different apartments so that the best choices can be made in the shortest period of time possible. Think about it, If you are still looking for a Boston apartment, why would you work with an agency that showed you less than 5 listings right now? With a 3.9% vacancy rate, unless you have unreasonable criteria, you should be seeing plenty of apartments!

Qualified real estate professionals at Boardwalk Properties (located at 1518 Tremont Street and 183 Harvard Ave), NextGen Realty (located at 1243 Commonwealth Avenue) and Jacob Realty (located at 279 Newbury Street Suite 200) specialize in all areas throughout the Greater Boston Area as well as MA. Real Estate Agents found on the Bostonpads.com utilize its industry leading database and are able to provide landlords and customers with the widest range of information on pricing real estate and providing housing options throughout MA. If a customer visits the Bostonpads.com website today, they will notice that prices are significantly lower than they were a few weeks ago. This is primarily because landlords do not want vacancies going into the fall and winter. It is also important to work with licensed real estate agent that will familiarize you with the nuances and subtle differences of surrounding areas of Boston. Qualified licensed agents have a vast understanding of the different areas of Massachusetts and will help guide clients in the right direction to match their needs. To find a qualified real estate agent at one of the companies listed above, visitwww.bostonpads.com

What does this mean for landlords?

For landlords that have an apartment still available for Sept 1st, it is time to work with qualified real estate professionals to get the best feedback and pricing options. Whoever you have worked with (if anyone) so far clearly didn’t get the job done. It may be time to readjust thinking about how strong the rental market has been this year. It might be time to be realistic and acknowledge that there is a reason a property did not rent. If the agency you worked with told you to lower your price and you didn’t, whose fault is that? Qualified agents like those found on www.bostonpads.com know and study the market regularly to best service their clients.

Maybe now is the perfect time for upgrades and renovations. It is important to talk with licensed real estate agents to see what is trending out there in terms of top rents and what other landlords have created in their properties that are getting them rented. Whatever the reason is, it may be a good time to drop last month’s rent until the time comes or start offering other incentives. Many groups are still looking for high quality units, and a new kitchen and bathroom with newly sanded hardwood floors could be very appealing for those looking to live in a more updated apartment.

It is early September, the available pool of people looking to move in Boston dramatically dwindles going into the Fall and Winter. Are you serious about getting your place rented before January? If so, you should listen to feedback from real estate professionals and potential tenants. If you notice both real estate professionals and groups viewing his place recommend certain improvements, you should take note. You should also consider stopping by leading real estate offices that have lots of pictures, videos and virtual tours of apartments in their database so that you can compare their product to others in the marketplace. Professional apartment leasing offices should be able to provide you with rental comparative market rates.

Obviously the last thing you want as a landlord is to go vacant. It is now time to come to terms with the fact that your property may not rent for what it’s worth. There was too much competition this year, and you got undercut. There could be a lot of reasons your apartment rented, but you need to adapt and make moves to cut your losses. Negotiate and take offers. Call your real estate agent daily to see what is going on. What price range are people looking for? What time should you start next year? Maximum rents are a result of maximum strategies. Qualified BostonPads agents can provide you with both.

BostonPads is the largest real time apartment database in MA with over 122,193 apartment listings and more than 15,012 landlords in the Greater Boston Area. BostonPads works with the most number of landlords in the Boston Massachusetts area. To learn more about the Boston real estate market, explore investment opportunities, check available listings, or get in touch with a qualified agent, visit www.bostonpads.com.

The Greater Boston Real Time Apartment Vacancy Rate is 5.6% as of August 1st, 2014

August 1, 2014: a landmark day in the Greater Boston Real Estate Market. The real time apartment vacancy rate in the Greater Boston Massachusetts area is 5.6% according to the industry leading BostonPads database, which recently hit over 121,953 listings (including luxury). There are a total over 4,350 available apartment units in their real time real estate database that covers Massachusetts and the Greater Boston area. Last year at this time, there were a total of 3,222 available apartment units. The 5.6% is based on analyzing the data of over 71,910 apartment listings. This number includes apartments that are currently on the market and available for rent. However, the real time vacancy rate does not include data gathered from large luxury buildings, as they were purposely omitted to ensure the highest level of accurate real time data.

The Greater Boston apartment market has not been tightening as much as it typically does in July. The 5.6% apartment vacancy rate is much higher than previous years; August 1, 2013 the real time apartment vacancy rate was 3.8%! 5.6% is much higher than anyone could have predicted at the start of this rental season. After record-breaking rents and volume from January to June, it seems that the market has slowed considerably and that many landlords have started paying fees and dropping prices to stay competitive with the market. August will certainly be a busy month for both apartment seekers and landlords because there is still high demand but pricing will vary greatly. It looks like August is going to be a wild rent ride from the way it is shaping up. The BostonPads database continuously gathers data through its network of sites and is the largest real time apartment database in New England.

What does this mean for landlords?

Landlords that have apartments available for 9/1/14 need to realize that it is absolutely time to drop their price and/or speak with a real estate professional that has enough data to accurately price their product in real time. Now is the time to get on the phone and get the best feedback possible on their unit in comparison to other available apartments that are remaining on the market. Many of the larger institutional landlords have started to lower prices and offer incentives (such as dropping last month’s rent, paying the full brokerage fee…). Have you been thinking about renovating for a while? Many groups are still looking for high quality units, and a new kitchen can be very appealing to groups looking to live in a more updated apartment. Real estate professionals at www.bostonapartmentnetwork.com can provide quality feedback and help properly price units left on the market still.

Listen to feedback from real estate professionals and potential tenants. If you notice both real estate professionals and groups viewing your place recommending certain improvements you should take note. The last thing you want as a landlord is to go vacant going into September. Web traffic statistics show that internet traffic searching for apartments can go down by as much as 80% in the fall. At some point, you may have to come to terms with the fact that your property isn’t going to rent at what you may think it’s worth. While your property may actually be worth what you think it is, there can be a variety of reasons why it’s not showing well. Maybe your current tenants are messy or make showings difficult for real estate agents. Whatever the reason is, you need to make sure that you adapt and stay competitive with the marketplace. Get on the phone with a real estate professional weekly to go over best pricing practices. Maybe next year you can list your property on the market sooner and get the maximum rent potential. By consulting with a qualified agent, you can learn what time you should strategically list your property in order to get the maximum rent potential.

What does this mean for apartment seekers?

What this means for apartment seekers in Boston is that the market is still great to find an apartment in certain Greater Boston Areas. If you work with a real estate agency that shows you only one listing and claims “this is it,” run away fast! Consult a BostonPads agent who can show you over 4,350 available listings including luxury! Customers should seek real estate companies that provide you with the most possible viewings of different apartments so that the best choices can be made in the shortest period possible. Gone are the antiquated days of visiting numerous small disparate leasing offices with few listings. We know this can be incredibly time consuming as well as frustrating as lag times will often create lost apartments for the end user. If you are still looking for a Boston apartment, it would be prudent to find a qualified real estate professional that can provide you with the best information possible and show you the most apartments in one large showing to help your decision making process.

Agents at Boardwalk Properties (located at 1518 Tremont Street and 183 Harvard Ave), NextGen Realty (located at 1243 Commonwealth Avenue) and Jacob Realty (located at 279 Newbury Street Suite 200) specialize in all areas throughout the Greater Boston Area as well as MA. These agents can also be found on the Bostonpads.com site, and will be able to provide you with the widest range of information and apartments throughout various areas in MA. This can help you determine sizes and styles that match your criteria. It is also important to work with licensed real estate agent that will familiarize you with the nuances and subtle differences of surrounding areas of Boston. This expertise along with viewing the most number of apartments in the shortest time possible will help you find the best apartment that fits your needs. To find a qualified real estate agent at one of the companies listed above, visit www.bostonpads.com; a leading online real estate information resource.

BostonPads is the largest real time apartment database in MA with over 121,953 apartment listings and more than 14,953 landlords in the Greater Boston Area. BostonPads works with the most number of landlords in the Boston Massachusetts area. To learn more about the Boston real estate market, check available listings, explore investment opportunities, or get in touch with a qualified agent, visit www.bostonpads.com.

Jamaica Plain Real-Time Apartment Vacancy Rate at 6.70% as of April 28, 2014

If you’ve been entertaining the idea of relocating to Jamaica Plain this upcoming rental season, the time is now to make a move. According to a study of data done through the industry leading BostonPads database (www.BostonPads.com) The current vacancy rate of Jamaica Plain is hovering right at 6.7% This vacancy rate was determined by utilizing Boston Pad’s massive real time apartment database of over 121,000 listings in the greater Boston area (the most of any database in New England). The Jamaica Plains area of Boston commands 1,265 of the 121,000+ total listings in the database. Out of the 1,265 listings in Jamaica Plain, only 85 listings are currently listed as being available now or available to be rented before September 1st. Luxury buildings with internal leasing departments were purposely omitted from this study to provide the highest level of accuracy. From these numbers we are able to discern Jamaica plain’s real time vacancy rate of 6.7%. For comparison sake, the real time vacancy rate of greater Boston is 6.3%

Jamaica Plain is made up of several areas including the Arboretum, Center, Forest Hills, Hyde Square, Jackson Square, Pondside, and Stony Brook. What makes JP unique is how each neighborhood has its own personality that contributes to the charm of the area as a whole. It’s boarded by Brookline to the North, West Roxbury to the South-West and by Roxbury to the East. A plethora of different housing options exist in JP, including privately owned single and multi-family homes, large apartment complexes, professionally managed buildings, high rise apartments and refurbished condos. There’s a fairly even split between long term home owning residents and shorter term renters.

Jamaica Plain commands an area of approximately 4.4 square miles. It’s often referred to as one of the greenest neighborhoods in Boston due to the high number of Emerald Necklace Parks that boarder space. Olmstead Park stretches from the Riverway south to Perkins Street and houses Leverette Pond, Willow Pond and Ward’s Pond. The lovely Jamaica Pond is a huge draw for residents who wish to utilize the space for its walking trails, fishing, rowing and sailing. Its 60 acres of surface area makes it the largest body of fresh water in Boston. The Arnold Arboretum is a 265 acre park that holds a celebrated collection of plants and is maintained by Harvard University. Franklin Park is the largest park in the city of Boston. It also is the location of the Franklin Park Zoo which is an entertaining attraction for the whole family.

Public transportation options for accessing Jamaica Plain include the Green Line, Orange Line, and Commuter Rail. The E line Green Line train makes its final passenger stop at the Heath Street Station, located just at the cusp on the Pondside section of the neighborhood. The Orange line services the vast majority of JP, with stops at Jackson Square, Stony Brook, Green Street and Forrest Hills. The 39 bus also runs right down Centre Street and offers a reliable alternative to those who don’t live close enough to the train. The Forrest Hills station is a major hub of public transportation. There you can hop on busses that connect JP to Rosendale, West Roxbury, Hyde Park, Dedham, Westwood and Walpole. There are very few parking meters in JP and on street parking is free with a permit. This makes it a very desirable for the driving population. There are also a number of bicycle paths for those who are looking for a greener travel alternative.

A bustling arts and fine dining scene gives resident of JP plenty to do in their down time. The Footlight Club is the oldest community theatre in the US. Offering shows every year since 1877, the club currently resides in Eliot Hall. It currently produces 5 main shows each season including one fund raiser to insure the shows can go on. This year JP will host the first annual Porchfest. During Porchfest, friendly residents will open up their front decks to local bands that will use them as a venue to play music and entertain passersby. There are a plethora of locally owned dining options that stretch up and down Centre Street including Captain Nemo’s, Kennedy Fried Chicken, Blue Nile, Sorellas, The Haven, Canary Square, Grass Fed, The Blue Frog Bakery and Ten Tables. Jamaica Plain also lays claim to the original JP Licks, a delightful coffee and ice cream chain that has spread its way all across Boston

For anyone interested in a vibrant community that’s quickly and easily accessible to Boston’s cosmopolitan center, Jamaica Plain is an excellent option. To find the best apartment in the area, it’s incredibly valuable to contact a real estate agent with a vast network of listings and land lord relationships. A knowledgeable agent from www.jamaicaplainapartments.com can help you find the ideal mix of location, price and amenities in your new home. JamaicaPlainapartments.com is part of the largest real time apartment database in MA (BostonPads) with over 121,000 apartment listings and more than 14,760 landlords in the Greater Boston Area. Also you can check out the Jamaica Plains Pads Facebook page at http://www.facebook.com/jamaica.plain.apartments