Tag Archives: bostonpads

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 5.1% as of August 15th, 2014

With less than fifteen days until the massive migration of apartment renters on the September 1st move in date, the real time apartment vacancy rate in the Greater Boston Massachusetts area is 5.1% according to BostonPads which is New England’s largest real time real estate database. There are a total of over 3,653 available apartment units in the BostonPads.com database, versus the 2,840 available apartment units last year at approximately this time. Last year, the real time apartment vacancy rate in the Greater Boston area was only 3.4%!

The BostonPads database continuously gathers and refreshes data through its network of sites and is the most accurate real time apartment database in New England. The 5.1% is based on analyzing the data of over 122,000 apartment listings. This number includes apartments that are currently on the market and available for rent.

There is a surprising amount of units on the market for rent. For the past couple of years, the Greater Boston apartment market has been tightening and driving down the vacancy rate. More recently, there is a large amount of apartments that have not rented and stayed on the market for a longer period of time. The 5.1% apartment vacancy rate is much higher than the projected 3.0% at this time, that was projected to occur when looking at data roughly two months ago. In previous years, the apartment vacancy rate has been closer to the 2.5-3.0% range towards the end of August! When BostonPads did its most recent study, it found that the availability rate at the beginning of August 2014 was 5.6%.

There are multiple disparate theories for this greater than expected vacancy rate average. It will be interesting to note if this trend continues upwards into the fall. For people who have not found a place to live on 9/1/14 yet, there are still a surprisingly good amount of 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. This time of year is also a great time for bargain seekers, what other time of year do you have this much power when dealing with landlords?

What this means for apartment seekers in Boston is that there is more inventory this year than last year at this time. Finally it is a renter’s market! Boston apartment seekers may have more negotiating power than they normally would going into the fall. After all, a landlord wouldn’t want to go vacant going into the fall or winter. Numerous larger Greater Boston landlords are getting nervous because they do not want to go vacant and thus may be willing to negotiate on price or terms of the lease. Many corporations have started cutting prices, waiving move in costs and offering to pay broker fees! 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. If one is still looking for a Boston apartment, it would be prudent to find a qualified real estate professional that can provide them with the most accurate real time information possible and show them the largest snap shot of apartments in one showing to help facilitate the best decision making process. There are qualified agents on found the largest real time leasing apartment resource in Boston, www.BostonPads.com.

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. If you haven’t dropped your price yet this season, what are you waiting for? It is clearly the time to be realistic and acknowledge that there is a reason a property did not rent. 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. Possibly your hardwood floors need some sanding or that carpet ripped out? Nearly all properties in the area have switched to hardwood floors matching the latest contemporary styles. Hardwood floor colors and kitchen fit and finish work has also changed quite a bit in the last few years. Maybe you’re missing granite countertops? Perhaps speaking with an agent found on Bostonpads.com can give you the leg up on what is going on with the current marketplace. 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. You may also want to consider working with companies that can put roommates together to help filling your vacancy.
It is mid-August. The available pool of people looking to move in Boston dramatically dwindles going into the Fall and Winter. Around this time each year the BostonPads.com web traffic decreases significantly as most people have already found a property. Is a landlord serious about getting his place rented? If so, they should listen to feedback from real estate professionals and potential tenants. If a landlord notices both real estate professionals and groups viewing his place recommend certain improvements, they should take note. Landlords 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 they can compare their product to others in the marketplace. Professional apartment leasing offices should be able to provide you with rental comparative market rates. Bostonpads.com has an industry leading 33,000 galleries of apartments to draw knowledge of what is available and trending, what rents quickly and what doesn’t. Data Matters.

The last thing a landlord wants is to go vacant. Right now, a Boston Area Landlord needs to come to terms with the fact that his property isn’t going to rent at what they may think it’s worth. With less than two weeks left until the largest move-in day of the year, there probably is a variety of reasons why a property hasn’t rented. Maybe the current tenants are messy or make showings difficult for real estate agents, causing many showings but not any results. Whatever the reason is, a landlord needs to adapt quickly and make some moves within the next week if they expect to rent their property. Negotiate. Take offers. Get on the phone with a real estate professional DAILY to see what’s going on. What price range are real estate agent’s clients working with? Next year landlords can list their property on the market sooner to get the maximum rent potential. Learn what time to strategically list your property in order to get the maximum rent potential.

BostonPads is the largest real time apartment database in MA with over 122,000 apartment listings and approximately 14,995 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 Porter/Davis Square in Cambridge/Somerville Real Time Apartment Vacancy Rate is 4.14% as of May 7th, 2014

Spring has sprung in Boston and Boston residents are out in full force enjoying the beautiful weather. What’s not springing up is much in the way of new apartment listings for those looking to make a move. If you’re looking to relocate to the Porter or Davis square area of Cambridge and Somerville, you’ll be interested in knowing that the real time vacancy rate for these areas is currently sitting at 4.14% This figure comes from an analysis provided by BostonPads.com – the largest real time apartment rental database in New England. At the moment, BostonPads.com has over 121,000 apartment listings in the Greater Boston Area. Of these 121,000+ listings, 1,256 of them are in Porter/Davis Square. There are 52 apartments currently listed as available in Porter/Davis. In other words, there are 47 properties that are vacant now or available to be rented between now and September 1st. This gives Porter and Davis Square a vacancy rate of 4.17%. For comparison, the overall vacancy rate of Greater Boston is 6.4%.

Porter square is located north of Boston and occupies both the cities of Cambridge and Somerville. Davis Square is located just above Porter Square and occupies Somerville exclusively. If you follow Mass Ave up through Cambridge you’ll eventually come to intersection of Somerville Ave. This area filled with shops, bars, small businesses, galleries is known at Porter Square. Keep heading north towards Winchester and you’ll find yourself in a major intersection of Holland Street, Dover Street, Day Street, Elm Street, Highland Ave and College Ave. This vibrant space filled with commercial, retail, nightlife and dining options is known as Davis Square. The types of housing you’ll most typically run see here includes privately owned homes, condos and professionally managed buildings.

In 1984, the area got a huge boost when the Red line was extended from Harvard to reach through Porter all the way up to Alewife Station. The Porter Square Station also serves as a stop on the Commuter Rail Fitchburg Line. During a period between 2004-2006 Porter square went under a huge renovation project to make it friendlier for vehicles, pedestrians, cyclists and mass transit commuters alike. It also got a major aesthetic overhaul that added a new circular design layout abutted by concrete paving, stone walls and selectively places boulders. A major portion of Lesley University sits on the southern portion of Porter Square, providing the neighborhood with a modest college population.

Davis Square is also served by its own stop on the MBTA Red line. The surrounding areas include Porter Square, Powder House Square, Magoun Square, Spring Hill and Tufts University. With its 10,000+ students, Tufts definitely fuels the Somerville area population and gives it a University town feel. In 1982, The MBTA developed a central plaza linking station entrance buildings or the Boston and Maine Railroads. The plaza was designed to serve as the center of Davis Square, a gathering place and center for activities and entertainment. The plaza and the station were both eligible for state percent-for-art moneys. This meant that one percent of the cost of constructing the new station entrances was used to commission several figurative sculptures, including the Davis Square statues. This new development marked a major shift for the Somerville neighborhood. Somerville has now moved away from its affordable working-class roots and now contains some of the priciest homes in eastern Massachusetts.

Porter Square is full of shopping and dining options for those looking to explore what the neighborhood has to offer. The Porter Square shopping center is a hub consisting of two large buildings connected by an ample parking lot. The main building houses shopping staples including a Shaw’s, Ace Hardware, multiple cafes, Dunkin Donuts and Panera Bread. The Mega CVS building has an Emack and Bolios Ice Cream, Healthworks gym, and several art galleries. Adjacent to the Porter Square shopping center is the Porter Square Galleria, which offers patrons an Anna’s Taqueria, Pizza Pie-er and a Walgreens. Porter Square also has a number of delicious independent dining options such as Rod Dee, Bluefin, Masa’s Sushi Bar, and the Tavern in the Square. Head over to the Newtowne Grille for the best deal in Porter – a pitcher of beer and a large pizza for $11

Not to be outdone by their neighbor to the South, Davis square also boasts its fair share of arts, culture, dining and shopping options encompassing over 200 businesses. Some of the must-visits include the Somerville Theatre, The Rosebud diner, McKinnon’s Meat Market, and the Somerville candlepin bowling alley. The Somerville theatre offers its guests an array of entertainment including movies, live performances and a gallery of bad art. You read that right – a gallery of bad art whose mission statement is “to celebrate the labor of artists whose work would be displayed and appreciated in no other forum”. Davis square also plays host to several festivals during the year, including HONK! which showcases a number of traveling brass bands.

Having a knowledgeable local real estate agent on your side with exclusive listings in the Davis/Porter Square region can do wonders for making your making your apartment search successful. With databases controlling massive amounts of listings and abundant landlord relationships at their disposal, realtors have the ability to find you the perfect mix of quality, value and location in your new home. To find a qualified Real Estate Professional in Cambridge or Somerville consider visiting www.cambridgepads.com or www.somervillepads.com – these are the leading local real estate websites containing thousands of beautiful apartments. Also you can check out the Cambridge and Somerville Facebook pages at http://www.facebook.com/somerville.boston.apartments and http://www.facebook.com/cambridge.apartment