Rental property ownership can be one of the most secure and profitable investments for building a retirement portfolio, as well as an excellent secondary source of income. Buying right and keeping a handle on costs can generate a steady monthly cash flow — plus, the home should appreciate in value over time.
Given the healthy rental market, there’s a lot of interest in rental investing, and many investors are looking to move money from the stock market to rental properties. Those new to real estate frequently buy one or two homes and self-manage to avoid the cost of professional management, but before taking the leap, check out this behind-the-scenes information.
Know the law
Massachusetts is very tenant friendly when it comes
Trying to get a good deal in Boston? Usually that is impossible, as Boston is one of the most expensive cities in the US for renters. But, there is a loophole, signing your lease in either January or February. According to reports from RentHop, the best time to rent an apartment in Boston is during the wintertime. January and February are the slowest months for new leases. February was considered the best month to move into a one bedroom, with rents generally dipping during that time. Almost no surprise to anyone, September 1 is the highest point to rent all year. That is also due to the influx of students in Boston that arrive every school year (Hello Allston Christmas). So, if you are in the market start looking now! Contact us if you would like to set
Boston ended the 2017 year with rents up slightly for one and two bedroom units. According to the real estate research site Zumper, Boston is now the 6th most expensive city to rent behind New York, Washington, San Jose, San Francisco and Los Angeles. The median one-bedroom Boston rent was $2,270 a month, up 0.9 percent annually. The median two-bedroom rent was $2,700, up 3.8 percent from the same period 12 months ago. What could this mean for the market? Stay tuned and find out as we enter this year in real estate.
George Khoury, operator of Bell's Market, has proposed a construction plan of a five-story residential building at 236-256 Dorchester Street. This would include over 7,000 sq. ft. of ground floor space for his market and possible diner or cafe. 32 residential units would be included in the apartment building as well as 23 parking spaces in an underground garage. The new building would run from East Eighth Street to West Eighth Street. The development needs some zoning relief since it is mostly in a non-residential district. Khoury hopes to begin this project next summer with completion in Fall of 2019.
The Boston Planning and Development Agency has granted approval for two new mixed-use projects in South Boston and Dorchester.
The South Boston plan was approved for 87-93 West Broadway, which currently houses the Gulf Station. The approved plans are for a 98,000 sq. ft. building which will contain 65 residential condominiums, and 9,000 sq. ft. of retail and lobby space.
The Dorchester project will be at 233 Hancock Street, and will contain 36 residential rental units and 1,120 sq. ft. of retail or gallery space. This project has the same architect as DotBlock which will be across the street.
If you live in Boston, chances are you’ve seen the skyline, Seaport, Somerville and surrounding urban communities transform over the last few years. The housing supply is finally starting to catch up with the demands of the city of Boston. In the last quarter of 2016, the average monthly rent for an apartment fell 1.7% according to recent reports. The high-end apartment market saw the biggest changes according to the report, but lower rents will make their way down eventually as well. This is the first time this has happened since 2010. With the expansion of sites like Zillow, and the city’s growing population, access to new properties, especially new construction, is now easier than ever. We have a lot of great rentals right now, so contact us if you
A new project has been proposed by developer Brian Crowley, to transform the Broadway Theater between F Street and Dorchester Ave. He is proposing a 42 unit residential development for the 44,000 square foot building. This would feature an underground parking garage, roof deck, and side balconies for various units. Based on the history of the 1920 building, he is planning to handle this project with great care and restore the original facades. The history of this section of West Broadway is important to consider. The two-story brick portion of the existing building that faces West Broadway, which originally housed the theater’s lobby, would be retained and restored for the residential lobby and 1,350 square feet of commercial space. The project is