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.