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All posts tagged Renting

What Does It Cost To Buy A Duplex Or Triple Decker In Roslindale?

Roslindale Multifamily & Rental Market Data

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents?

Here are Roslindale’s multifamily sales and rental market statistics for the month of September.  

Total Multi-Family Listings SOLD: 16

Average Living Area by Square Feet: 2,600.00   

Average Listing Price: $618,352  

Average DOM (Days on Market): 37.87 Days 

Average Sales Price: $628,680

Average Rent for 1 Bedroom Units: $1,753

Average Rent for 2 Bedroom Units: $1,858

Average Rent for 3 Bedroom Units: $2,334

Average Rent for 4 Bedroom Units: $2,675

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!  

Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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West Roxbury Multifamily Sales & Rental Market Data

Are you a current or aspiring landlord in Massachusetts? No matter how many years you have in the rental business, fully understanding your local market is one the most important thing you can do to ensure your long-term success.  Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your apartments rent for in comparison to your neighbors. Should you be increasing rents? Is now a good time to sell?

Here are West Roxbury’s multifamily sales and rental market statistics for the last 6 months.

Total Multi-Family Listings SOLD: 9

Average Living Area by Square Feet: 2,910.00

Average Listing Price: $675,735

Average DOM (Days on Market): 68.11 Days

Average Sales Price: $677,778

Average Rent for 1 Bedroom Units: $1,577

Average Rent for 2 Bedroom Units: $2,004

Average Rent for 3 Bedroom Units: $2,356

Average Rent for 4 Bedroom Units: $2,957

I Want To Know My Home’s Value!

Want to get a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!

Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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A lot of my friends comb through craigslist for apartments that do not have realtor fees. I completely understand as I used it as my primary search engine a few years ago as well. The problem with craigslist is that there are few checks and balances which therefore leads to rental scams posted. A new report from New York University explores just how common these scams are. Spoiler alert: they are everywhere.

How the Scam Works:

You are looking for a new place to live on the very popular Craigslist apartment listings. You know that scams are common on the site, but just how prevalent are they? Very! Craigslist fails to identify more than half of rental scam listings, and suspicious posts linger for as long as 20 hours before being taken down.

Researchers reviewed more than 2 million for-rent posts and found 29,000 fake listings in 20 major cities. Yes, Boston was on the list for researchers and I have discovered a few myself within 10minutes on the site. Of those, there were three key types of scams. In the first, a fake post instructs a would-be tenant to purchase a credit report. The scammer gets a commission from the credit reporting site, even though there is no property for rent.

In another scheme, con artists duplicate rental listings from other sites and post on Craigslist at a lower price. Prospective renters pay a deposit via wire transfer. Another pervasive scam is “realtor service” companies. Targets are asked to pay fees to access listings of pre-foreclosure rentals or rent-to-own properties. In the majority of cases, the companies leading the scams have no connection to the properties listed. Realtors do not ask for fees up front nor should you pay, especially when the information is public knowledge. There is NO SECRET PRE-FORECLOSURE LIST… ITS PUBLIC INFORMATION! You find them in your newspaper, local search engines, Zillow, RealtyTrac, your city’s public records database. If someone is asking for money before they prove themselves… RUN!

How to Spot a Rental Scam:

Don’t wire money or use a prepaid debit card: You should never pay a security deposit or first month’s rent by prepaid debit card or wire transfer. These payments are the same as sending cash – once you send it, you have no way to get it back. Real Estate professionals ask for checks which are held in escrow and you receive a deposit receipt. Realtors are held to a code of Ethics and you know who they are, you can track them, report them, not so with online tricksters.

Watch out for deals that sound too good: Scammers lure in targets by promising low rents, great amenities and other perks. If the price seems much better than offered elsewhere, it may be a scam. Many people search for rent-to-own opportunities… while these do exist, they are usually MORE EXPENSIVE than market rent and not thousands cheaper. You will never find a 3 bedroom for rent at $900 in Boston. We all know that is unrealistic..why would you fall for that scam on craigslist? Even if it was rent-to-own…where is their profit? Think like a business and you won’t get got!

See the property in person: Don’t send money to someone you’ve never met for an apartment you haven’t seen. If you can’t visit an apartment or house yourself, ask someone you trust to go and confirm that it is what was advertised. Call their bluff… You will show up with check in hand if you like the property…scammers generally never have access to the property so they will find an excuse as to why they can’t get you in on a specific date or ever.

Search for the same ad in other cities: Search for the listing online. If you find the same ad listed in other cities, that’s a huge red flag.

 

The moral of the story is…. feel free to use craigslist for finding apartments and homes but understand there are ALOT of scammers out there. Do your due diligence (research) before handing over your hard earned cash. Sometimes paying a realtor fee is worth it not to have the stress or risk losing your money. For assistance in finding an apartment in the greater boston area…be sure to connect with one of our agents

Source: PR Newswire
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South Boston Rental Prices Quickly On The Rise

Are you a current or aspiring landlord in South Boston? No matter your years in the rental business, fully understanding your local market is one the most important things you can do to ensure your long-term success. Receiving regular market updates will help you determine when’s it time to buy and when it’s time to sell. It will also allow you to see what your units rent for in comparison to your neighbors. Should you be increasing your rents?

 
Here are South Boston’s rental market statistics for the last 6 months.

 
Total South Boston 1 Bedroom Listings Rented: 125
Average Rent for 1 Bedroom Units: $2,107

Total South Boston 2 Bedroom Listings Rented: 252
Average Rent for 2 Bedroom Units: $2,735

Total South Boston 3 Bedroom Listings Rented: 98
Average Rent for 3 Bedroom Units: $3,391

Total South Boston 4 Bedroom Listings Rented: 23
Average Rent for 4 Bedroom Units: $4,070

 
Would you like a FREE Sales and Rental Market Report for your specific area(s)? Just send a quick email (or complete the contact form below) to Contact@MandrellCo.com to receive your monthly report. In the title put the words “FREE Boston Sales Statistics” and in the body, add the up to 3 areas you’d like to receive data for. Your name and email will be added to the next monthly reporting cycle. It’s that simple to stay up to date and ahead of the curve!
Please call us directly at 617-297-8641, for custom reports or questions above the data provided.

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Boston real estate is a terrific investment for a variety of reasons and the focus for many real estate investors around the world.  Boston is one of the most popular cities in the United States. It’s a financial and cultural center and its influence in politics, education, entertainment, media, fashion and the arts all contribute to its status as one of the major global cities. The city boasts a high quality of life, high household incomes, and vast opportunities for cultural and entertainment activities.  Boston has one of the world’s most highly-developed and integrated economies and is a  hub of international business and commerce. The city is a major center for finance, insurance, real estate, media and the arts in the United States.

The Universities of Boston:

Boston is always going to be a great market for real estate investors simply because of our student base. Boston has some of the most prestigious universities in the country including Harvard, MIT, BC & BU. With the constant influx of students and young professionals, there is a virtually never ending demand for rental units. The Boston rental market is very dynamic and a few blocks closer to the university can mean a few hundred dollars a month more in rent.

“Students aren’t going to stop coming to school here, so there will always be a great demand for housing.”

Boston is a great city and our colleges aren’t going anywhere. If you’re looking for a great buy and hold investment, purchasing a multifamily building or a condo rental is a wise choice. The closer your rentals are to campus the higher the monthly rental rate but you don’t necessarily need to be next door to one of the school to grab a terrific investment. Boston has a terrific public transportation system and you can be almost anywhere in the city within 30 minutes.

The Mandrell Company always suggest an investors approach these investments with a long-term timeline. Potential buyers also need to have their financing lined up and be ready to make moves quickly. These properties don’t become available on a regular basis, so to catch a deal you have to do your homework, work with a good Realtor and be ready to make a move when an opportunity presents itself.

Realtor.com contacted TMC awhile back and asked if we could contribute to a couple articles the site was writing about investing in neighborhoods with big college crowds. They were looking for Realtors in a few different cities to write about their experience dealing with investors of college apartments. Below the link to the article they published. Check it out.

http://www.realtytoday.com/articles/2741/20120823/top-10-college-towns-investors-condo-boston.htm

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Let’s assume you have two identical multifamily buildings on the same street, in the exact same condition and built in the same year. The tenant quality for both properties is similar and both properties have the same monthly expenses.  The only difference between these two properties is the amount of rental income being generated. Both properties started out with rental income of $3000 ten years ago. The owner of property number one has consistently increased rents to match the rate of inflation and is now achieving $5000 in monthly income.  The owner of property number two has only raised rents a few time during the years and is currently collecting $4000 monthly. He’s always felt as if he didn’t need the extra funds to cover expenses then why be greedy and bother his tenants.

 Both property owners are now looking to retire soon and considering selling their investments. Both owners speak with the same real estate agent and try to determine an appropriate selling price for the buildings. The owner of property number one was given a likely sales price of $500,000 based the numbers he provided the agent. Owner number two was provide a potential selling price of $400,000 based on the numbers he provide the agent.

There is a 20% different between the $500,000 that owner two received and the $400,000 that owner two received. There is also this exact same 20% difference in the rental income they are achieving!

Nothing affects the value of rental real estate more than its rental income. It sounds obvious but not everyone fully understand how underachieving on your rentals can affect your investment long-term. In the above (very close to real life) scenario, both owners ended up selling their investments for very close to what their agent quoted them. From her consistent attention to local rental rates and steady trend upward in what she charged, the owner of property number one was able to achieve close to $75,000 more than property owner number two. Owner number two was able to achieve a better than expected sales price ($426) partially because the buyers saw potential to increase rents after purchase and get the property back to achieving at its highest point.    

 Note: not only did the first owner retire $75,000 richer…she also achieved roughly $20,000 in additional rental over the 10 year span they both owned their properties.  

$3000 Initial Rental Income * Annual Inflation Rate: 5.5%  

Year 1 : 3169.22

 Year 2 : 3347.99

 Year 3 : 3536.84

Year  4 : 3736.35

 Year 5 : 3947.11

 Year 6 : 4169.75

 Year 7 : 4404.96

 Year 8 : 4653.44

 Year 9 : 4915.93

Year 10 : 5193.22

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Whether you are a life-long resident of the Greater Boston area or new to the city, here are some helpful hints to assist you with your apartment search:

  • Good apartments rent quickly!  Largely because of its enormous student population, the greater Boston rental market explodes beginning mid-January and continues until August 31st.   Unless a real estate office has exclusive rights to rent a particular apartment, showings for the units are shared by MANY Real Estate offices.  Competition, therefore, can be fierce and apartment availability is an ever-changing process, often hour to hour.  The best strategy is to look at as many apartments as possible during a short period of time and be prepared to put down applications and a check for one month’s rent to take the best off the market.  
  • Many landlords require 24 hours notice to show an apartment so try to call your agent at least a day or two before you want to see places and plan around your work/school schedule, accordingly.
  • Narrow your search to 2 or 3 areas at most.  It’s helpful to physically explore, and speak with others about the neighborhoods you intend to rent prior to viewing apartments there, especially if you’re from outside of Boston.  This will help your agent to do a more detailed search of only the apartments in your top areas.  The following is a link to an informative Boston Neighborhoods descriptive site:  www.bosarchitecture.com/neighborhoods.html
  • Learn the price range you should expect to spend in the areas you are considering.   If you are considering areas outside of Boston you will always get a better deal there, so eliminate those areas first before looking in the city.  See the Boston area rental chart below as a good guideline to what you should expect to spend.  If you are on the lower end of the price range you probably aren’t going to see newly renovated places, so if you need a really nice place it’s important to know that you will need to spend a bit more. 
  • Pets:  Almost all landlords will permit cats.  Your rental options, however, will be dramatically reduced if you have, or plan to get, a dog.  About 85% of landlords do not allow dogs.  Some buildings are “Pet Friendly” and may require an extra monthly or annual fee, while others may exclude certain breeds (e.g., Pit Bull) or dogs over a certain size (e.g., 40 lbs).  
  • Communication and staying connected with your agent is paramount in helping your agent to serve you best.  Phone responders, especially early in the process, will have a better chance of getting updated information on apartments, communicating your changing needs, and being served in real time amid a long queue of apartment seekers with whom the agent may be working.  
  • Financials:  If you are a student you will be required to get a co-signer/guarantor.  If you are professional you will have to show good credit and the rent cannot exceed 40% of your income for most apartments.  Boston area landlords generally require 2-3 months rent (first, last, and security deposit) prior to moving into the apartment. Occasionally, a small key deposit and/or lock change fee may apply.  The first month’s rent, applications, credit reports, copy of ID’s, Fee Disclosure, and co-signer forms might be required to take an apartment off the market.  Once you are approved, the lease and any required paperwork are submitted along with the remaining funds
  • Broker’s FeeSome landlords will pay a full months brokers fee, some will pay a portion (½ paid by landlord ½ by tenant), but most won’t pay any especially during the busy season from mid-January – end of August.  In other cases, a landlord may be willing to negotiate.  Always ask your agent what the fee arrangement is for each apartment you see. 

Finally, as a courtesy, let your agent know if you’ve suspended your search for any reason (found an apartment on your own, via another real estate office, or have postponed your move/search plans).

Best of luck!  We look forward to helping you find a great place!

Still have questions? Want to know what rental listings are available in your area? Contact Carol Parker at CParker@MandrellCo.com

City Of Boston Market Rents – 2013

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Are you attending a University here in Boston? Will you need off campus housing? If so, give us a call us. Our company assists many undergraduate and graduate students in finding apartments while they are studying here in the city. We have a ton of resources at our disposal and are contacted by landlords all over the city looking for good tenants for their apartments.

Here are the top 5 things every student should know about renting here in Boston:

  1. Plan to start your search as early as possible. Boston rentals do not stay vacant very long so to land a great apartment you need to be proactive! Try to get ahead of the student rush and line something up a couple months in advance. This will be your best possible opportunity to get something close to your campus.
  2. Make sure you fully understand the cost of the apartment your plan to rent. When you move into an apartment, a landlord can charge you the first month’s rent, the last month’s rent, and a security deposit. In addition to what the landlord charges, you may also be charged a Realtor fee if you enlist the services of this professional. This fee can be up to a maximum of the equivalent of one month’s rent. For example, if you rented an apartment for $1000, you could be charged a maximum of $4000 to move in. 1st, last & security from the landlord and a full month’s rent from the real estate agent you hired.
  3. Make sure your roommates know the rules and plan to stay as long as you do. If one of your roommates moves out, you may still be responsible for paying his portion of the rent until you find a new one. When you sign a lease with a roommate, you are both committing to the term of that lease. If one individual does not hold up to this agreement you are both liable.
  4. You have probably invested more in personal property than you realize. Renter’s insurance is a good idea and can be surprisingly affordable. Don’t assume that your landlord’s or your parents’ insurance will cover your belongings.
  5. Before entering into a rental agreement, check out the condition of the apartment. If you can’t, have a friend do it for you. You do not want to be charged for damages that existed when you moved in! In most cases the landlord will do an “initial walkthrough” with you so you both can determine if there are items that need to be addressed prior to move in.

Still have questions? Need help starting your apartment search? Call us at 617-297-8641 or email Lloyd@MandrellCo.com.

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Is your tenant’s lease is expiring soon? Do you have a current vacancy ? Let us help get you back to collecting rents!

Dear Boston Area Landlords,

My name is Lloyd Mandrell and I’m a Licensed Realtor, and fellow Landlord, in the Greater Boston area.  My firm would love to assist you in finding and placing an ideal tenant in your residential rental unit! 

As a Realtor, specializing in the Boston rental market,  I work directly with only best and highest qualified tenants. I currently have several  such tenants looking for rentals in almost every area of the city and would like to talk to you about your available rental unit. It would be great to see your apartment, take some pictures to begin showing it to my very interested client base, as soon as possible. 

When you place your rental with me and The Mandrell Company, we will handle your tenant’s application, credit checks, employment verification, criminal background checks, lease agreements and more. The best part about listing your rental with us is that our tenants pay our fee and there is absolutely no charge to you for our services!

Our company also offers a terrific property management service if you need assistance beyond filling you vacancy.

Please contact me if interested or if you have any questions. I can be reached at 617-297-8641 or at Lloyd@MandrellCo.com.

We want to help you get back to full occupancy and collecting rents…

I look forward to hearing from you!

 

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