Boston Pads

Full post: https://bostonpads.com/blog/real-estate-investing/should-your-first-boston-real-estate-purchase-be-a-multifamily-home/ If you’re a first-time home buyer fortunate enough to have some capital to put down, purchasing a multi-family home in Boston could open all kinds of doors for you! A multifamily property (or multi-dwelling unit) is defined as a residential building with two or more units under one roof or several buildings in one complex. Duplexes, townhouses, apartment complexes, and some types of condominiums are all examples of multifamily properties. The Boston real estate market, overall, continues to be robust- with renters in various multi-dwelling units staying put longer and renewing their leases at higher rates than in the past few years. With a ready down payment and the right mortgage, you can potentially purchase a multifamily property as easily as if you were buying a single-family home. Investing in a multifamily property in Boston can provide you and your...

Full post: https://bostonpads.com/blog/buyer/multi-family-homes-in-boston-for-first-time-buyers/ As rents continue to rise, more Bostonians are making concrete plans to buy their first Boston home and build equity. A condo or a single-family home in Boston may be the first options that come to mind- and there’s nothing wrong with that! However, if you want to invest and build more wealth in the long run, consider if your first Boston Real Estate purchase should be a multi-family home. While this path isn’t for everyone, it comes with significant benefits. As a multi-family property investor, you could deduct maintenance, insurance premiums, management fees, and other costs. Of course, the primary benefit is that your rental unit(s) will cover most, if not all, of your mortgage payment if you play your cards right. You’ll need to work with an experienced real estate agent as well as an experienced mortgage broker to find the right fit for you and your financial situation. Working with...

Full post: https://bostonpads.com/blog/moving/what-should-you-know-before-moving-to-boston/ Are you thinking about moving to Boston? If so, you’re certainly not alone. Boston is an amazing city. That’s why millions of people from across the world consider moving to Boston on a yearly basis. Many visitors remark that Boston reminds them of Europe. Perhaps this is due to the fact that the city features landmarks wherever you turn. Maybe it’s due to all of the old red brick buildings. It could also be based on the cramped and winding streets. However, there’s certainly more to Boston than the history and old-world charm. Boston is also referred to as The Hub; although some people used to refer to Boston as Beantown that is now considered to be out of style. Boston is the biggest/leading city in New England. This is based on population, jobs, sports teams, universities, hospitals, and of course historical significance. Many consider Boston a sports powerhouse. This is based on the recen...

Full post: https://bostonpads.com/?p=16462&preview=true Without a doubt, 2022 will go down in history as one of the worst years for inflation in modern U.S. history. With the Consumer Price Index above 8% since March, we’re seeing the highest inflation levels in 40 years. Thanks to poor fiscal responsibility and highly questionable energy policies, rampant inflation and supply chain bottlenecks are starting to cripple our future supply of new products introduced into the Boston housing market. The cost of building materials is increasing by a much larger margin than CPI. The current PPI for New Nonresidential Building Construction is up by 24% over the past year. That triples the price increase for consumer products (CPI). Housing supply in Boston is already at a critical shortage, and now developers are faced with even more fiscal barriers in creating new housing inventory for Boston’s growing population. We could be entering a new age of unprecedented scarcity of new housing o...

Full post: https://bostonpads.com/blog/landlords/what-to-do-if-your-boston-apartment-for-rent-is-still-on-the-market-for-9-1/ If you’re a landlord, a vacant Boston apartment for rent is not making you any money. It’s costing you money each day that the unit sits empty. Mathematically speaking, it is extremely difficult to catch up financially within an 18-month period if your apartment stays vacant for one month. In fact, the only real way to catch up is to start looking at value add strategies to create a better long-term outcome. Having a Greater Boston apartment that is vacant can cause a tremendous amount of stress, to say the least. Quickly filling those vacancies is essential for any successful real estate rental portfolio or business. Finding some tactics that will make a real impact can often be unsettling; especially in a tight labor market with rising inflation. Nobody ever said the real estate game is easy. If it was, everyone would be investing in Boston apartments for r...

Full post: https://bostonpads.com/blog/boston-rental-market/inventory-is-low-but-many-boston-apartments-are-still-available/ September 1 is quickly approaching and many renters are still searching for a Boston apartment in an extremely tight market. The real- time vacancy rate (RTVR) is now at 0.25% for the city of Boston and the real- time availability rate is 0.84%. Real estate agents all over the city are running out of properties to show, if they haven’t already. Low Inventory Syndrome (LIS) is affecting renters’ ability to find their next home. LIS is also affecting some real estate agents’ livelihoods. Thankfully, Boston Pads partner offices have access to the largest real- time rental database in the region and still have plenty of listings to show- although it is considerably less than previous years. This is primarily due to housing supply not being able to keep up with demand. Currently, there are 746 non- luxury listings available. This time last year, there were 2,613 av...

Full post: https://bostonpads.com/blog/moving/chicago-vs-boston-cost-of-living-comparison/ Chicago and Boston are both iconic American cities that enjoy international acclaim. Boston is a relatively small city, but with a lot of history and plenty of opportunities. It is known around the world for being the cradle of American history, home to the Boston Common, and where you’ll find hardcore football fans cheering for the Patriots. By contrast, Chicago is a much larger city; it is the third most heavily populated city in the U.S. after New York City and Los Angeles. Chicago residents can enjoy Millenium Park, a modern public park spanning 24.5 acres, and cheering for the Bears. While some football fans may be loyal enough to pick a city based on their favorite team, we recommend comparing the cost of living and salaries in each city for a more complete picture.

Full post: https://bostonpads.com/blog/buyer/multi-family-homes-in-boston-for-first-time-buyers/ As rents continue to rise, more Bostonians are making concrete plans to buy their first Boston home and build equity. A condo or a single-family home in Boston may be the first options that come to mind- and there’s nothing wrong with that! However, if you want to invest and build more wealth in the long run, consider if your first Boston Real Estate purchase should be a multi-family home. While this path isn’t for everyone, it comes with significant benefits. As a multi-family property investor, you could deduct maintenance, insurance premiums, management fees, and other costs. Of course, the primary benefit is that your rental unit(s) will cover most, if not all, of your mortgage payment if you play your cards right. You’ll need to work with an experienced real estate agent as well as an experienced mortgage broker to find the right fit for you and your financial situation. Working with...

Full post: https://bostonpads.com/blog/boston-rental-market/2022-somerville-apartment-rental-market-report/ We’re now two weeks removed from the peak of the 2022 apartment rental market and something remarkable is happening in Somerville. Historically, the real-time vacancy rate (RTVR) spikes on 9/1 on account of the large number of apartment leases expiring on 8/31. Over the past 3 years, Somerville’s September RTVR increased by +175.85% (2021), +293.10% (2020), and +272.73% (2019) compared to August. Now in September 2022, Somerville’s RTVR is up just +64.71% compared to August when RTVR was at an all time low in Somerville (0.34%). In fact, both RTVR and real-time availability rate (RTAR) hit new record lows last month in Somerville. In mid August, apartment availability sank to a new historic low of 1.16%. RTVR bottomed out at an all-time low of 0.34% at the beginning of last month. Despite the unprecedented shortage of apartments in Somerville, MA, rent prices have yet to...

Full post: https://bostonpads.com/blog/boston-rental-market/2022-medford-ma-apartment-rental-market-report/ Based on the most recent rental supply figures, demand for Medford MA apartments has never been stronger. Thus far in 2022, both apartment availability and vacancy rates in Medford have remained 20-30% below their pre-pandemic levels from 2019. During COVID, rental supply levels and average rent prices remained stable in Medford compared to most Greater Boston neighborhoods. Now as a result of the tight inventory, Medford’s average rent price is up +4.63% year-over-year and has surpassed its previous all-time high from July 2020 ($2,159) by $57. Let’s have a look at the trends moving Medford’s apartment rental market in 2022.

Full post: https://bostonpads.com/blog/boston-rental-market/2022-malden-apartment-rental-market-report/ As rent prices are soaring to record levels all over the metro Boston region, Malden’s apartment rental market is looking stronger than ever. Both real-time vacancy rate (RTVR) and real-time availability rate (RTAR) in Malden MA have both reached record lows in the past 12 months. Because of the tight supply, average rent prices for Malden apartments have never been higher. Let’s take a look at the main trends driving the apartment rental market in Malden MA. Record-Low Apartment Supply in Malden The current apartment vacancy rate (RTVR) in Malden is 0.79%. That figure is down -72.76% from mid-August last year when the market was still recovering from COVID. In late July, Malden’s RTVR hit 0.55% which marked a record low. This has been the prevailing trend in Boston over the past few months.

Full post: https://ajkoch.expressions.syr.edu/2022/07/28/the-most-expensive-rental-markets-in-the-us/ Despite the less-than-optimistic economic outlook, rent prices have been on the rise across much of the country this year. It appears like inflation is pushing prices up for renters, as the average rent in the US has risen by +14.75% since June 2021. Rents have surged even higher than the national average in several of the nation’s most expensive rental markets, namely in Miami (+28.35%), New York (+20.50%), and San Diego (+19.26%). Here are the top 6 most expensive rental markets in the US.

Full post: https://ownbusinessnews.com/bostons-average-rent-price-continues-to-climb-to-record-highs/ With just 5 week remaining until September 1, Boston’s average rent price is still climbing to new record highs weekly. The current average rent price of $2,710 for non-luxury Boston apartments is up +7.6% year-over-year and up +0.57% since last month. Price growth has shown signs of slowing down through July, but they will likely continue to rise until the pivotal 9/1 leasing date. Why are Boston rents going up? Boston’s rent prices are going up because of a record-low supply of available apartments in Boston. The current real-time availability rate of Boston apartments 2.04%. That is less than half of the previous all-time low July availability rate of 4.25%, which was recorded in 2019. That means apartment hunters in Boston are seeing half of the rental inventory they were seeing prior to the pandemic. With supply so low and demand for housing greater than ever, prices have...