Rental Matters

The Rental Corner – Grace Bloodwell, Coldwell Banker

First Quarter 2024

There is a common misperception in the rental market that August is the hottest month for transactions. While it’s true that there are more deals closed in August than in October or January, it’s crucial to note that most tenants operating on a September-cycle have already secured their new rentals well before August 1. We often observe a significant drop in activity during the first week of August, followed by price reductions as landlords scramble to find tenants for a September 1 move-in.

Tenants who look early in the season tend to be more organized than those who wait until the last minute. Those who feel pressured to sign a lease in August often “settle” out of desperation. This may mean they will pay your price, but they might not be thrilled about the decision. This can lead to early turnover or an unhappy tenant. This can cause problems down the line.

We find tenants offering less than the listing price in August. This rarely happens in June and July when the competition is fierce. This can result in a lower price for you, leaving a sour taste in your mouth with your new tenant. Moreover, many landlords tend to relax their standards on who they accept as the clock ticks, which can end poorly.

To avoid these issues and set yourself up to get the best of the bunch, we suggest listing your property no later than June 15. With over 20 years of experience serving landlords in the Boston area, we offer a hands-on, candid, strategic, and analytical approach. Our services include professional photography, excellent copy, market analysis for list price, listing in MLS, Zillow, and other essential sites, social media campaigns, targeted marketing to active tenants, and showing of the property.

What A Renter Wants

According to the latest renter survey from Apartments.com, 54% of renters are considering moving imminently or within the next year in 2024. The majority, 60%, of respondents pay their rent online/electronically, and 75% said they couldn’t live without an in-unit washer and dryer. Moreover, 85% of renters in Boston expect a landlord to respond within 24 hours of receiving their application. For 41% of respondents, pet-friendly policies and features are crucial. While outdoor space and parking are still important to renters, they are less significant than updated kitchens and bathrooms.

Good to Know

As of January 2024, the median rent for all bedroom counts and property types in Boston is $3,500. This is 81% higher than the national average. Boston saw an 8% increase in the average rent in 2023.

Landlord Tips

Here are some tips to consider: hire an electrician to ensure your smoke and carbon monoxide detectors are up to code; learn the difference between a tenant-applicant with a pet and a service animal; require tenants to have contents insurance; have the unit professionally cleaned for the tenant and require the tenant to have the unit professionally cleaned when they leave; paint your apartment one color and do not allow tenants to paint. Your future self will thank you! Install electronic locks, register your rental and do not wait until August to list the apartment! List in in the summer to get the most for your investment.