When evaluating “Boston” office space, some of the most popular locations companies consider are: Back Bay, Seaport, Financial District and Kendall Square (which is actually in Cambridge, not Boston).* How do these areas [...]
September 1st has come and gone. Boston’s prime rental season is over and the number of renters out there has decreased sharply. However, all is not lost. Here are 10 tips to help get that apartment leased:
1. Make Necessary Repairs. If something is clearly broken (e.g. cracked windows, doors that do not close, etc.), many prospective renters will see that as a red flag.
2. Deep Cleaning. Has the apartment been cleaned since the last tenant moved out? Prospective tenants this time of year generally have more options and are more likely to scrutinize unclean apartments. If the apartment windows have not been cleaned (inside and out), that is a must-do to help maximize the natural light.
3. Freshen Up the Paint and Floors. Without furniture, scuff marks become focal points. Not only will a fresh coat of paint help the apartment show better, but now is the best time to get that done since there are no tenants to work around. The same is true with the floors – refinishing hardwood floors and replacing carpet (with new carpet or hardwood flooring) can make a world of difference.
4. Improve Curb Appeal. Depending on the type of rental that you own, there may be limits to what you can do to improve the curb appeal. However, for prospective renters, their evaluation of your apartment begins even before they step into the unit. Put yourself in their shoes and walk-up to the building – how does the landscaping look, is the mail in boxes or scattered in the foyer, are the common areas clean, are the hallway lights working?
5. Take New Pictures. Nearly all renters’ searches begin online, so pictures will make the first impression. If you have been using the same pictures, take new pictures to give a fresh look.
6. Consider Going Pet-Friendly. For renters with pets, they will ONLY look at pet-friendly apartments. If you have been advertising your apartment as not accepting pets, then there is a new audience of tenants that you could reach. However, careful consideration needs to be given here – for instance, some condo associations prohibit pets.
7. Change the Lease End Date. Consider entering a lease until June 1st, rather than doing a lease until September 1st. September 1st has tended to be the biggest turnover date in Boston, but June 1st is a popular lease turnover date too. Additionally, if you miss a tenant for June 1, then you still have several months of “prime” rental season to work with.
8. Maximize Your Listing Exposure. Working with a real estate broker can help maximize your exposure. For instance, here at Cabot & Company we utilize a number of listing and advertising platforms in order to reach tenants. Not only does the tenant typically pay the brokerage fee, but we provide a credit check and manage the lease signing and collection of upfront payments.
9. Offer Incentives. Agreeing to pay all or half of the broker’s fee can help alleviate a renter’s upfront moving costs. If the renter needs to come up with the first month’s rent, last month’s rent, month security deposit and a broker fee, that can work out to a sizable amount. Foregoing the requirement for the last month’s rent and/or accepting a lower security deposit can also help.
10. Consider a Rent Reduction. This is the last tip, but probably the most important. If you have already tried some/all of the tips above, then the market is saying that you are asking too much. It is also important to consider the impact of missing an additional month’s rent as opposed to reducing your asking rent – generally, you find that the numbers work out that you are better off agreeing to a lower rent for a sooner move-in date than missing out on a few months of rent while chasing a higher rent.
In 1992, Shelagh Brennan of Cabot & Company and Paul Gleason of Fairfield Realty sold 4 unrenovated Back Bay buildings located at 47, 49, 51 & 53 Hereford Street for $1,020,000 (equal to $255,000 per building) to The Glynn Companies. The package included a parking area in the rear of the 4 buildings that accomodated 10 cars. That same year, [...]
Boston Home Prices Are Up • Number of Sales is Down • Inventory is Low
Curbed Boston reported transactions in the downtown Boston luxury condo market during the Summer months saw significant prices jumps and average sales prices were up nearly 23% year over year in the Spring. Downtown areas include Back Bay, Beacon Hill, South End, [...]
Now that you have moved into your new apartment, you might be asking yourself “Where do I buy furniture in Boston”? Have no fear, you are surrounded by furniture stores! Some even offer free design service with a [...]
With Labor Day Weekend upon us, retailers are gearing up for the Fall/Holiday season. It is a good time to take a look at the forecast for the retail market. The news highlights trade tensions with China, the low interest rate environment and continued speculation that the U.S. economy is "due" for a recession. But continued job growth is [...]
When moving into your new home you need to establish service with the following Utility companies:
Boston Utilities
National Grid
Gas (800) 732-3400
Eversource
Electricity (800) 592-2000
Verizon
Phone (800) 870-9999
Comcast
Phone, Cable, Internet
(617) 279-1958
Helpful Boston Numbers
Boston City Hall
(617) 635-4000
Boston Police [...]
Rents for retail space in Boston have generally been increasing over the past 10 years, and the amount of vacant space has decreased. However, over the past few months, we have started to see a slight pull-back in retail rents. This has been more evident in some areas than others. The chart below shows the 10 year trends for the Boston [...]
General & President “Ike” Eisenhower Slept Here
It was September 21, 1953, seven weeks after an armistice ended the Korean War. Operation Moolah was in effect. Operation Moolah was a United States Air Force (USAF) effort during the Korean War to obtain (through defection from any Russian, Chinese or North Korean pilot) a fully capable Soviet MiG-15 jet fighter to deliver to America. The US had attempted to obtain a MiG for years because it was considered to be the best fighter aircraft of the 1950’s and Korean War. The performance of the MiG-15 outclassed and amazed its’ Western opponents.
That morning, North Korean fighter pilot No Kum Sok seized his opportunity to escape a dead end future in North Korea and find asylum in America. He climbed into the cockpit of a MiG-15 and flew it to Kimpo, an American air base near Seoul in South Korea.That same morning president Eisenhower flew out of Washington, D.C. to Boston before the reports about the MiG and the North Korean defector reached the White House.
Eisenhower stayed at the Annex to the Algonquin Club at 223 Commonwealth Avenue, Back Bay, Boston and was called by the White House that day and given the news “We got the MiG.” Eisenhower dictated in a personal and confidential letter to his longtime advisor and confidante, Walter Bedell Smith, Undersecretary of State “I am sorry I was not in Washington today to discuss the MiG incident with the entire staff.” He was not sorry, however, that he was staying on America’s grandest avenue at 223 Commonwealth Avenue, Back Bay, Boston.
It’s that time of year again searching for a rental in Boston, however this year with your new addition of a puppy you are finding it more challenging to rent. Don’t despair! There are plenty of pet friendly buildings with all the amenities your precious pet would need. The plethora of luxury buildings that have sprouted up in the past few years welcome wet noses.
Does your French Bull dog need to shed a few pounds or your new puppy has endless energy? The Waterside in the Seaport offers an outdoor dog run. How do you keep up with your Yorkshire Terrier’s haircuts? No need to leave your building while residing at One Canal in the North End that offers a pet spa and dog park. Wondering where your overly friendly Golden Retriever can make fast friends, no problem at 345 Harrison in the South End, they have a Paws Pet Park where your playful pup can find fast playmates. Want to live downtown close to work and come home to check on your pets at lunch? The Kensington conveniently located on Washington Street offers a Pet Spa and lots of other amenities.
Many of these buildings pay the broker fee so you can work with your favorite broker to help you navigate the rental process, but you don’t have to pay the broker fee. Win win situation. Call Cabot & Company and one of our rental experts can set up showings and provide information on Boston apartments at one of the many pet friendly apartments.
For amenity lists, pet friendly apartments and location ideas contact Cabot & Company at (617) 262-6200 or visit our website cabotandcompany.com.