Blog :: 08-2020

Finding a Home Where You Can Live, Work and Play

Feeling claustrophobic, lonely, or overcrowded? Many renters coming to Cabot & Company are feeling at least one of these in their current living situation. COVID has made our world feel small and our home even smaller. All of sudden our homes are our workplace, our gyms, and if you are a parent, our daycare and children’s school. 

This year, we have clients looking to accommodate their “stay at home” lifestyles. Common requests are an extra room or alcove to transform into an office, outdoor space and in-unit or on-site laundry. Nearly all clients are looking for more elbow room to feel safe, productive and content. People still want to be close to restaurants, public transportation and coffee shops, as they are hopeful they will return to work sooner rather than later. 

Here are some great rental options offering that live, work and play opportunity: 

Renovated South End 1 bed with private deck, an office alcove, and in-unit laundry. $3,500/month.

Sunny Back Bay studio boasts 500 SF with skylights, dishwasher and laundry on site. $2,195/month. 

Back Bay 2 bed 2 bath duplex in concierge building with common roof deck, City views and parking. $4,995/month.

Modern and bright 2 bed in Beacon Hill with in-unit laundry and central air. $3,595/month.

2,877 SF of luxury living in this 3 bed, 2.5 baths complete with a gas fireplace, 2 garage spaces and private elevator access. $18,500/month

 

 

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Tips for Landlords to Rent Vacant Apartments in the COVID-19 Era

Due to the COVID-19 pandemic, there has been a dramatic influx of apartments on the market for rent in Boston. In the not-too-distant past, inventory was low and it had been a "landlords' market" for several years. However, these days, incoming tenants looking for a deal can certainly find one.  

As a landlord, a recommended strategy right now is to make your apartment as attractive as possible. If it hasn’t been renovated in 10+ years, this is the time to do it. Price is important, but today's discerning renters are looking for "new and shiny", generally preferring nicer apartments over the absolute lowest-priced options that are not well maintained. 

Here are a few improvements to consider, based on the feedback we receive from tenants evaluating apartment options:

  • Kitchen updates are among the most important. Consider installing new cabinets - if that's not in the budget, then consider having the cabinets repainted and replacing the hardware.
  • Stainless steel appliances are becoming a "must have" for many renters.
  • Refinish the hardwood floors and apply a fresh coat of paint to all walls.  
  • Update the bathroom(s).

With the inventory out there, expectations are high. Here are some "before" and "after" pictures of an apartment that was just renovated. It tremendously helps with the marketing - not just now, but for years to come.
 

 
Before


After

 


Before

 
After

 

If you would like to schedule a complimentary consultation, contact us here. We can schedule a visit to your apartment and suggest improvements that prospective tenants would most likely request. During our visit, we can also present a pricing and marketing strategy to help you get your vacancy filled so that your investment property can maintain a positive return!

 

 

COVID-19 Update: Boston's Largest Employers

There is still a lot of economic uncertainty across the country, and the globe, in the midst of the COVID-19 pandemic.  Every day seems to bring new bankruptcy and business closure announcements.  Even if there were a miraculous turn-around in the second half of this year, our economy in Massachusetts has already lost a lot in 2020.

But how do things look in the long-term? 

The chart below was compiled from Boston Business Journal data, identifying the 20 largest employers in Massachusetts.  While this is just a snippet of the overall picture, it shows the diversity of our economy – a mix of health care, higher education, technology and other industries.  


 

To be sure, some of the businesses on this list are facing challenges and others may join them as the pandemic wears on.  

Some of the hardest hit industries nationwide have been the Accommodation and Food Services industry and the Retail Trade industry.  According to a recent report by the Boston Planning & Development Agency, those industries made up only 8.0% and 4.6%, respectively, of the State’s total jobs.  Here, as elsewhere, those industries will continue to face headwinds in the coming months.  However, Boston – and Massachusetts – seem well-positioned to persevere. 

From a real estate perspective, it is important to understand who these large employers are and how they are faring. News from these companies can impact the real estate market positively (growth/expansion means more jobs, commercial space occupied and generally more demand for housing) or negatively (layoffs/closures lead to fewer jobs, commercial space vacancy and negative pressure on the housing market).