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.