Anyone who has been following the musing on this site is no stranger to the fact that for about a year I have been beating the drum of the tightening rental market in Boston. Now, boston.com is joining me in spreading the word. I knew they would come around.

The fact is that because the overall sales are down it drives up demand in a rental market that is pushed to the brink often because Boston has an influx of collegiate renters that generally grows each year. Period. So if you are thinking the possibility exists to beat up the property owner on them paying a rental fee, taking a discounted rate . . . I am being honest with you: good luck.

I fundamentally disagree with what Ishay Grinberg of Rental Beast says in the article. Renters that rent far in advance have equally a slim chance of a good deal as those that rent later on. In fact I’d argue that as one gets closer to September 1st a property owner is far more likely to make a deal as time is ticking to secure a qualified tenant. However, to clarify, those that receive discounts are generally signing leases within 2 weeks or less of the September 1st deadline . . . anything before that and you shouldn’t expect a break. I do caution my clients to consider not waiting, especially if they find an apartment they could see themselves living in. The last thing you want to do is see the top 3-5 choices you have get rented because you are holding out for a deal. In fact if you have 3-5 choices you should be hugging your real estate agent.

If you are looking to work with a knowledgeable real estate professional who can show you the broadest range of apartments within your budget requirements don’t hesitate to give me a call or email. 617-840-9304 – patrickb@nextgenrealty.com

Filed under: Boston Landlord Tips and Advice, Boston real estate bubble, Boston Real Estate Editorial, Boston Real Estate Trends and Statistics, Boston Relocation, Boston Rental Resources | 1 Comment »

If all goes according to plan 2012 appears to be the year that Boston’s Seaport District will truly be engaged in some big developments. As boston.com reports developers are purposing to begin construction of more than 1,700 apartments within the coming months.

I think that if this goes through (and with the onslaught of BRA approvals recently one would think this is a show in) it is a stellar leap forward to what already has become a vibrant aspect to the city. If all holds true some of the apartments will be relatively affordable at between $1200 – $1500 a pop.

What is exciting about the potential in the Seaport District is that unlike other neighborhoods that add or improve already existing build outs – this is akin to gaining an entirely new neighborhood for people to live in and enjoy.

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According to the BBJ at a recent Boston Multifamily Housing Summit famed real estate developer and CEO of The Hamilton Company, Mr. Harold Brown, fears a potential return to the nightmare of rent control.

Brown notes that in his opinion there is a limit on how many “rich people” are around and can afford to live with the rising cost of renting apartments in Boston. Coupled with the construction that is occurring across the city Brown thinks that there is a good chance these apartments sit vacant as potential tenants move back home or double up in cheaper housing options.

Mr. Brown also realize that there is not strong support on Beacon Hill behind rent control as it would stifle the semi-boom of development that is occurring at the moment.

Taking a step back to analyze this: Brown’s fears are troublesome. Few people have been through more in the real estate development world in and around Boston than Harold. Thus, if he is fearing a return to rent control landlords better pay attention. How awful would it be if these giant new apartment complexes sit half empty with low vacancy rates for a few years and then the developers try to turn them into condos . . . . would it help as there is a dearth of inventory for sale throughout the city or add to mediocre sales figures by flooding the market and driving down prices?

I’m a firm believer that many younger professionals who would have been first time home buyers a decade or even 6 years ago are scared to purchase a property with the overall media analysis that the housing market is in a terrible slump. The voices of real estate professionals such as myself that scream about incredible interest rates and the importance of building equity for ones future seem to land on deaf ears. Because of this I am very bullish on the rental market for the foreseeable future.

However, is there enough renters to fill a gluttony of “luxury” style mid to high rise developments that charge $1200, $1300, even $1400 per bedroom? My gut tells me no – despite that collegiate rentals for new construction and new renovations move very quickly. The majority of the renting clientele who are past their academic days and supporting themselves on their own wallet tend to be looking for “deals” with in the smaller landlords who own and manage their own portfolios.

In short, it is of my opinion that you need to have a balanced approach to development and housing – never weighted in a single direction. Especially in a city as diverse and transitory as Boston is. As mentioned before I wouldn’t want to be the last developer in the ground on some of these new constructions projects . . . you never want to be last to the party. Better to be first in business.

So could we be headed back to an environment where rent control tries to resurface? Let me know what your thoughts are.

Filed under: Boston Developments, Boston Landlord Tips and Advice, Boston real estate bubble, Boston Real Estate Editorial, Boston Rental Resources, Landlord Tips, Luxury apartments | No Comments »

If you are one of the many college students throughout the greater Boston area and are looking to move off campus NOW is the rush for next September 1st. I tell this to almost every client I work with but here are a few tips to keep in mind. These are directly from the trenches of working the leasing market in and around Boston over the last 5 years

1 – When you meet with a LICENSED real estate agent they have to give you a fee disclosure form to sign. This is required by the license they have. It just states that there is a fee for RENTING and apartment – no matter whether the owner or the tenant is paying it. There is not a fee to look at apartments. If you are not presented with this form at the beginning of the showing I would be very suspicious of the agent. Ask them about the disclosure – it is there job to present this form

2 – Be prepared with the number of people you are going to live with. If you are going to live with 3 other roommates, and try to procure a 4 bedroom apartment, make sure everyone is on the same page with price point, location, and that all parents/co-signers know you are looking at places. The last thing you want to occur is find out after seeing 30 apartments over a week is that one member of the group can’t commit because his or her potential cosigner won’t let them live off campus

3 – Be prepared with a deposit. You don’t go to the mall without your wallet (although this might be a good practice) so don’t go shopping for an apartment without a check book. The fact is apartments in areas such as Symphony, Mission Hill, Allston, the North End, and Beacon Hill are being viewed by multiple groups everyday. Being able to place a deposit (on the spot) for your favorite apartment after you are done previewing a few places can be the difference between getting the apartment and not. Three hours later another group of potential tenants may have already placed a deposit with a different agency and you don’t even know it. I’ve seen this first hand MANY times.

4 – Be realistic. There is no such thing as the perfect apartment. Seriously consider if you could live in the apartment you are looking at and don’t dismiss a certain place based on carpet vs. hardwood floor or being a block or so further than your desired location. Trust me, everyone wants the spacious, fully renovated, multi-level property located 3 minutes from campus. Apartments such as that are gaudy in price point and rent within 24 hours of them being on the market . . . however, if you can think rationally about some apartments that you see that meet a few criteria of your mental list of desired features you may realize that the apartment you want to throw out automatically may indeed make a lot of sense.

5 – Don’t judge the apartment based on how the current tenants keep it. Look at the size and space of the apartment. Don’t get discouraged because certain tenants like to live with dishes piled high, uncleaned bathrooms, and clothes all over the floor. Try to imagine how you would keep the place, and what you would do with the apartment. This can be very difficult but if you can master this a lot of options will open up to you.

6 – Trust your real estate agent. If you don’t feel that they can be trusted then I’d suggest you find another one . . . fast. You can always call me at 617-840-9304

7 – Don’t keep searching for the needle in the haystack. If you want to live on a certain 1 square block section of a neighborhood and have a list of “must have” items that is 10 or more lines long AND you have seen 8 apartments on that block BUT don’t see what you are looking for then I will tell you it doesn’t exist. This is like praying for the genie to come out of the bottle. Time to expand your horizons or shrink the list. While you’ve been search for the perfect apartment ALL the other suitable places have been rented by groups that were more realistic and moved faster.

8 – Have fun. Remember you are only signing a 1 year lease (90% of the time in Boston this is the case). Cell phone contracts and car leases run far longer than 12 months. You are never trapped in a place and if for some reason you found an apartment late in the game one year realize that you can begin looking EARLY next time around and find a place that exceeds your expectations.

9 – Don’t be afraid to make an offer. Most of the time a low ball offer will not work. However, make it the right way and you may have a chance. Write out a deposit check and give it to your agent. Fill out applications and give it to your agent. Get cosigner forms to your real estate agent. Tell them to present it to the owner. Yes, you may get shot down but if presented in the correct format you may indeed have a chance to have the offer accepted. Verbal offers NEVER work.

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Happy New Year!!! The long silence of the Holidays is over and we are facing down the belly of the beast for another rental rush throughout the city that begins NOW and will end by mid-September. Many of Boston’s finest higher education establishments have classes that begin tomorrow and my office is already swimming in clients looking to secure housing for 9/1/2012.

From Mission Hill, to the Symphony neighborhood, Allston, Beacon Hill, the North End, and over into Central Square renters are already aggressively putting down deposits and signing leases. We are seeing an uptick in rental prices due to the tight market across the board thanks to sluggish sales figures (yes, this trickles down to student rentals).

If you are a landlord in the city of Boston or Cambridge and are looking for an analysis of what your property should fetch on the market – or if it has been years since you had an idea of what the market value is do not hesitate to reach out to me. I’d love to hear from you.

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