Posts Tagged ‘Tenants’

Did I Miss The Boat By Not Moving On September 1st?

Saturday, December 10th, 2011

After many years of renting apartments, this is the question I am hearing more than ever before from potential renters this time of year.  You can rest assured that the answer to this inquiry is “No”.  I’m not going to deny that inventory has been scarce, making the search process a bit frustrating-to say the least, for all involved.

My advice to those seeking apartments is simple. First, focus on the quality of what’s available, rather than the quantity.  During the summer months when apartments are more plentiful, it’s easier to compare/contrast properties as well as gauge whether the places you are seeing are the better ones in the area.  Don’t let the lack of physical comparison de-rail your search.  Enlist the help of a trusted professional who can provide you with valuable insight regarding price, quality and realistic possibilities.

Second, try to arrange showings for times when all parties involved in the decision making are available to look. It is easy to get discouraged when the place you love is rented before your roommates can come back and see it.

Lastly, set aside times to look that are outside the norm (if at all possible).  Most people rush in on nights and weekends. If you can get away during a morning/afternoon off or even a lunch break, you may just see that apartment before someone else does which affords you the opportunity to snatch it up.

I realize this is advice you never thought you’d need to hear in the so called “off-season” for apartment rentals.  However, it only takes one great place, and just when you think you are destined to live at home, on your friend’s couch, or in corporate housing indefinitely, you’ll find the right place at the right time with the right agent- even if you’re thinking it’s the wrong season.

With a 9% Unemployment Rate and an Economy Slowly Recovering from Recession, Why are there no Apartments Available and Why are the Rents Actually Going Up?

Wednesday, December 7th, 2011

It seems counterintuitive that with all of the doom and gloom we hear about regarding the economy in the media, and a high unemployment rate, that vacancy rates would be lower now than any time in over ten years.   You can’t rent an apartment if you do not have a job or the ability to pay for it, right?  The current market conditions in the Boston Area are reminiscent to me of when I started in the rental business in the late 1990’s.  The competition for apartments was fierce; there was little availability, apartments rented very quickly, and the tenants would invariably pay the full broker fee.   These conditions appear to be returning- with rents closing in on all-time highs.

A variety of factors could be behind the tight rental market and rising rents, including a resilient Boston area economy, a reluctance or inability of people to purchase homes, and an unfavorable supply/demand situation for those looking to rent.  Boston is home to world renowned Education and Medical Institutions which are highly resistant to economic downturn.  According to Governor Patrick,  Massachusetts has a lower unemployment rate than 44 of 50 states.  People are renting now in greater numbers by choice and some, out of necessity.  With home values continuing to decrease, people have an incentive to rent and wait for even lower prices still, and despite record low mortgage rates, people are having difficulty coming up with down payments, and/or qualifying for mortgages due to more stringent loan standards.  

These factors, in addition to an insufficient supply of new rental units coming on the market due to the availability and cost of land for building and a large influx of graduate students in the last ten years has resulted in the tight rental market that is showing no signs of letting up.

 

Tenants Take Notice -6 Steps to Help Your Apartment Get Rented

Thursday, November 10th, 2011

We’ve all been there before… Your apartment is on the market and your phone is ringing constantly with brokers calling to show your apartment. So why hasn’t it rented? In some cases, it’s just not the right place for the person, but in other cases, the apartment appears less than desirable. So if you want to end the constant calls, knocks at your door and strangers in your apartment, here are a few simple steps that will make your apartment more desirable to apartment hunters.

 

1) Make your apartment available to be seen at convenient times. An apartment that can only be shown M-F 9-5 is going to take longer to rent than one with a flexible showing schedule. Most people work ‘regular’ business hours and apartment shop evenings and weekends. Allowing showings in the evenings and on weekends will help assure a faster rental. Remember your experience as an apartment hunter, were you fortunate enough to be able to take off a few hours from work or did you have to go after work and on the weekends?

 

2) Clean your apartment – This may seem like an obvious suggestion, but you’d be surprised at how many apartments we see that are not clean. Wash the dishes in the sink, pick the clothes up off the floor, vacuum or sweep your floors and clean the bathroom sink, shower and toilet. I once went into an apartment with a year’s worth of shaving remains in the sink – gross! Not everyone has the vision to see past a messy apartment. Do yourself a favor and spend a little time cleaning.

 

3) Make your bed – A well-made bed does a lot for a bedroom or studio. It makes the whole apartment appear cleaner and makes a room look larger.

 

4) Fresh Air – Opening windows a little bit or getting a nice air-freshener to make your apartment smell fresh is huge! No one wants to rent an apartment that smells like feet, garbage, smoke, stale beer or cooking smells – unless, of course, you’re talking about the smell of home-baked cookies!

 

5) Open the blinds/Make the place bright – Most prospective tenants appreciate an apartment with abundant natural light. If your apartment is naturally dark or shady, replace low output or burnt-out light bulbs with new brighter bulbs, so when we turn lights on, the place shines.

 

6) If you’re a little handy, fix things – Is a cabinet loose or door falling off the track? Has the towel bar has come loose? Give your landlord a call and let them know what needs work. Ask them to do a quick fix if you don’t have time or the tools to do it yourself. Again, the more an apartment appears to be taken care of, the faster it will rent.

 

Think about the things that would make you want to rent an apartment and apply those to your place. I hope this help and if you think of more ideas, please leave your comments!