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BOSTON, MA, August 06, 2013 /24-7PressRelease/ -- Today is a landmark day in the Boston Real Estate Market. The real time apartment vacancy rate in the Greater Boston Massachusetts area is 3.8% according to the BostonPads. There are a total over 3,222 available apartment units in the industry leading database that covers Massachusetts and the Greater Boston footprint. The 3.8% is based on analyzing the data of 69,000 apartment listings. This number includes apartments that are currently on the market and available for rent. The real time vacancy rate does not include data gathered from large luxury buildings, as this data were purposely omitted to ensure higher accuracy of data.
The Greater Boston apartment market has been tightening for the past 48 months and driving down the vacancy rate. The 3.8% apartment vacancy rate was slightly higher than a projected 3.5% at this time. Thus, 3.8%, while it is slightly higher than the expected number, it falls in line with projections. August will certainly be a busy month for both apartment seekers and landlords because of the overall high demand. BostonPads continuously gathers data through its network of sites and is the largest real time apartment database in New England.
What does this mean for apartment seekers?
What this means for apartment seekers in Boston is that the market is fairly tight if one is looking for an apartment. Customers should seek 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 possible. Gone are the days of visiting small disparate leasing offices with few listings as it is can be incredibly time consuming as well as frustrating as lag times will often create lost apartments for the end user. If one is still looking for a Boston apartment, it would be prudent to find a qualified real estate professional that can provide him or her with the best information possible and show him or her the most apartments in one large showing to help the 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. Real Estate Agents found on the Bostonpads.com site will be able to provide consumers with the widest range of information and apartments throughout various areas in MA and help them 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 a customer find the best apartment that fits his needs. To find a qualified real estate agent at one of the companies listed above, visit http://www.bostonpads.com, a leading online real estate information resource.
What does this mean for landlords?
If a landlord has an apartment that is still available for Sept 1st, it is time work with real estate professionals to get the best feedback possible on proper pricing! Stay in line with the market trends; many of the bigger landlords are starting to lower prices and offer incentives. Maybe now is a good time to decide last month's rent is not due until Move in? Has he 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. If a landlord is looking to work with experienced professionals on how to refresh the unit to best position it for the highest rent possible, http://www.renovateboston.com offers expertise on upgrading apartments and maximizing return on investment!
It's August so it's time to get real serious about getting places rented. Listen to feedback from real estate professionals and potential tenants. If a landlord notices both real estate professionals and groups viewing his place recommending certain improvements you should take note. Obviously the last thing he wants as a landlord is to go vacant. At some point, he may have to come to terms with the fact that his property isn't going to rent at what you may think it's worth. While his property may actually be worth what he thinks it is, there can be a variety of reasons why it's not showing well. Maybe the current tenants are messy or make showings difficult for real estate agents. Whatever the reason is, he needs to make sure that he adapts 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 he can list his property on the market sooner and get the maximum rent potential. By consulting with a qualified agent, he can learn what time he should strategically list his property in order to get the maximum rent potential.
BostonPads is the largest real time apartment database in MA with over 115,000 apartment listings and more than 14,120 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 http://www.bostonpads.com.
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