2010 rental market

I'm not a huge fan of repeating blog messages but sometimes it is necessary and I'm one of the most efficient re-bloggers I know. So here's some updated data on the rental market and also a repeat of my September 2008 blog.

The statistics for the last quarter of 2009 rental market are below- Highest vacancy rate and a much needed decrease in rent for the first time in almost a decade. So what's that mean for landlords in 2010?





Heed the advice below, work with a good neighborhood agent, do everything by the books and things will go fine around here. Boston is still a great place to live and work as far as I'm concerned.

1) Hire a local professional real estate agent to rent out your property. Ask him how he screens his tenants, what type of lease he uses or recommends based on the landlords needs and wants, does he properly get filled out all the necessary forms, where does he market the unit, what does he think the unit should rent for and how long should it take, etc.

2) If he or she checks out and demonstrates some knowledge of the process, offer to pay a full one month fee to that agent. Make sure he is willing to spilt that with co-operating agents bringing qualified tenants.

3) Try to underprice the market (if you can). If tenants sense a deal, they will jump on it and you'll have a pool of tenants to choose from. Most likely, they will be willing to provide what you have requested (first, last and security). If you over price a unit all you get is pie-in-the-sky tenants who can't cover the rent anyways or you burn out yourself or the agent working with you.

4) Be a GOOD landlord and realize that you are providing a service to your tenant(s), and henceforth they are PAYING part or hopefully all of your mortgage, taxes, and insurance. Breaking even (landlord's expense $1200 and rent being paid $1200) is a good business deal and you are getting richer by providing a service. With that said, this is a business transaction and you should uphold your end of the bargain if you expect the tenant to do the same. Provide the best at the right price and you will always do well with your unit(s). I believe in exchange in abundance and if you are landlord who supplies a sub-par product you will get sub-par tenants. Don't cheat yourself.

5) Make sure the real estate agent you hire works the local market with fliers, letters to local businesses, and other creative ways to get the job done. (check out www.walkscore.com as a fun site that rates the workability of your location)

6) There are TONS of websites to market on and you will get leads from these. Screen professionally and be respectful.

Happy renting in 2010!

Open for business...

Well, its official- Jessie Cuddy (www.jessiecuddy.com/) and I opened up our own real estate office. Its right across the street from our old RE/MAX office. Personally, I couldn't imagine leaving Lower Mills and though it took some work to convince Jessie the space would work, we are now Boston Bayside Properties:

Its exciting to be a business owner and we've been rolling since February 1st, 2009. Lots of stuff is coming together and hopefully this will be a stellar year.

As always we'll provide some of the best service out there in sales or rentals in the Boston area. With the latest tax credit (www.federalhousingtaxcredit.com); hopefully I'll be able to get some of the first time home buyers sitting on the sidelines to move out there and find something that's right for them. There is still a lot of junk out there but I'm starting to see more and more deals in both single-families and condos.

Below are some photos I took on my Blackberry of the mild renovations we did and of some other stuff.

That's the front of our commercial space, Jessie putting up the sign on the door, the finished sign on the door with our reflection and my contractor John Carvalho figuring out some layout stuff for the office.

Boston Globe reports area rents increase 4.2%

Today, the Boston Globe reported that area's rents up 4.2% in one year. See article here: http://www.boston.com/business/articles/2008/10/29/areas_rents_up_42_in_one_year?s_campaign=8315

They cite a particular statistic of 3rd quarter 2007 metropolitan area rents being $1592 and the 3rd quarter 2008 rent is $1659. This is specifically tracking buildings with 40 or more units.

I'm not sure if owners of two-families or three-families are seeing this increase from my latest rental work but it definitely seems things are busy and people are always looking for a good place to rent.

Maybe this is another good reason to become a landlord? Call me (617 784 8635) and lets talk about buying up some of these foreclosures or working our way through some short-sales. They can test your patience and persistence, but finding a great deal always feels good.

Or rent this below proeprty if you aren't quite in the buying mood yet:

Adams Village location, third floor apartment looking for quiet tenant to enjoy this 2-bedroom, 1 bath, recently renovated, great light, granite/stainless kitchen, washer/dryer in unit. Asking $1350 with First, Last, and some Security.

Call today, won't last.

Don't forgot about this great rental building....

Schoolhouse at Lower Mills

Don't forgot about this great rental building, definitely a nice addition to the Lower Mills community. A great combination of:

One Bedrooms
One Bedroom Plus
Two Bedrooms

All residences offer high-end finishes and amenities through inspired design. Washer/dryer in unit, community room with flat screen tv and fireplace, and work-out facility. Garaged parking available and storage units.

Rental rates starting at $1,550 per month. Call James - 617 784 8635 to negotiate 1-month free on rent.

Newer buildings going rental...

Either good or bad..... it's happening....The Carruth and The Schoolhouse at Lower Mills will be rental buildings for the coming years.

My take on it is that Dorchester, especially Lower Dorchester or Lower Dot as some call it (http://www.lowerdot.com/) , will get approximately 150 high-end renters that will fall in love with Dorchester and set up for life here. All the interested downtown renters, graduate students, and relocating professionals coming from all over Boston and beyond that visit Ashmont Hill, Lower Mills or Savin Hill continue to provide great comments on the many great Dorchester neighborhoods.

Besides The Carruth and The Schoolhouse at Lower Mills as rental buildings, the Lofts at Lower Mills started off as a rental building and will be so for somthing like the next 6 years and from the looks of it will be open early October 2008. The units are amazing units (www.loftsatlowermills.com) and Cindy Erwin of Winn Residential gives the best tours. They are almost completely rented out. Here are some pictures of the construction that I took a few weeks back:

I can't wait to promote homeownership to the 150 or so new residents to Lower Dorchester who will soon be happily living here. Call me at 617 784 8635 or email me at james@bostonbayside.com with any questions about renting, buying or selling.