What to Do if Your Boston Apartment is Still on the Market after September 1st

If you’re a landlord in Boston and you missed the September 1st rental market, it can be a serious cause for concern on several levels. The largest volume of apartment rentals occurs on September 1, and web searches and customer leads plummet considerably afterward. It might be time to rethink your strategies for managing your properties. Each day that a unit sits empty, you are losing money.

Mathematically speaking, it is extremely difficult to catch up financially within 18 months if your Boston apartment for rent stays vacant for one month. The only real way to recover is by exploring value-added strategies to create a better long-term outcome. This is where we should begin considering value-added solutions to put you back in the driver’s seat. The best way to prevent future vacancies is to start now on a new path of landlord strategy.

Quickly filling any vacant apartment is essential for a successful real estate rental portfolio or business. You need the mindset and ability to think outside the typical real estate box to succeed. Otherwise, your units may remain vacant for several months, not just after the September 1st rental market. Taking rapid and attentive action with your vacant apartments is crucial for overall success. In fact, if you reposition the asset with thoughtful improvements, you may see the highest rent roll your property has ever delivered.

So, what can you do if your Boston apartment is still available after September 1? First, don’t despair. Here are several proven strategies for getting your place rented during the "off-season."

1: Conduct A Thorough Walk Through

Is your Boston apartment for rent still on the market? It’s important to conduct a detailed walk-through of your unit. You need to go to your Boston apartment immediately and start assessing things. You may have to visit it several times over a few days to clean it up and make it show-ready. Sometimes, the unit is simply not showing well. Let’s be honest, some tenants can be extremely rough on a unit and cause excessive wear and tear. If potential renters come in and see piles of trash everywhere, especially if it’s causing the unit to smell bad, they are not going to want to live there. The unit may be in great structural condition, but it needs to be organized or deep cleaned.

Make sure you either start cleaning immediately or hire professionals as soon as possible.

However, it’s also quite possible that it is time for some innovative upgrades for your Boston apartment. Let’s be honest; a lot of landlords seem to think their unit looks good after 15-20 years, yet most of the appliances and fixtures look incredibly outdated. The world moves along with improvements, and we move with it. Very few people drive 20-year-old cars because most new ones are far superior. By the same token, there have been a lot of advancements in layout, styles, and features that can help get a place rented quickly.

The walk-through is a good time to note any changes that are needed and get in contact with professionals who can deliver a quick turnaround. Wear and tear is normal, and regular TLC over the years will help keep your apartment in great shape. Studies have shown that landlords who invest money and updates into their properties each year have a much better overall rental income and happier tenants. You may need to ask yourself: Am I my own worst enemy in getting this apartment rented? What mindset do I need to change as a landlord so I never have a future vacancy?

2: Make Needed Small Repairs and Updates

Of course, noticing what updates are needed isn’t enough—you need to make the changes. The improvements don’t necessarily need to be large, involved, or expensive projects. For example, changing the light bulbs can go a long way in providing better lighting in the apartment. Changing your light fixtures often isn’t very expensive, but it can have a dramatic impact on how the property looks and how quickly it rents. If your property has outdated ceiling fans, upgrading those can also make it look far more modern.

These types of small improvements do not necessarily break the bank and can increase the rental income by over $100 per month. You can often recoup your investment within 6 to 24 months, depending on how many upgrades you perform. What about considering mini-splits and adding AC to your apartment? We are now in 2024, and every year we see more and more landlords adding either central AC or mini-splits. Let’s be honest—when you see those window AC units, it often signals to a tenant that this is an outdated apartment.

Sometimes it’s the little things that make a tremendous difference.

You may need to make bigger changes to attract potential tenants. If the kitchen appliances are old and outdated, you should consider replacing them with new ones. If you can budget for stainless-steel equipment, it will attract even more potential tenants. We always tell our landlords in Boston to spend a little bit more on better appliances, and you will make it up in rent.

Keep in mind that there are still apartment hunters in Boston looking beyond 9/1 due to work or life changes. You can relist your unit for 9/15 or even 10/1 instead. That way, you’ll have time to spruce it up a bit. During the brief time your unit is vacant, consider re-sanding the hardwood floors and giving them a fresh coat of polyurethane. Most renters really appreciate a very shiny and clean-looking floor. You should also look at this as an opportunity that may not come around again for many years, so overall, it is a good investment if you have the window of time to get it done right now.

Remember to always enlist the help of a professional for any repairs you may not be qualified to do, such as electrical or plumbing repairs. You might also ask a real estate agent who knows how to rent apartments and has seen hundreds of units to give you ideas on the latest and greatest trends.

3: Consider a Price Reduction

A price reduction is often the quickest way to get your apartment rented—just ask any experienced leasing agent. Many property owners view it as a bad business decision, but you may need to do whatever it takes to get your Boston apartment leased by 9/1. A significant price reduction will definitely attract potential tenants, especially those waiting until the last minute, hoping to get a great deal. This is the time to do a risk assessment and determine if you should cut your losses for a good, paying tenant. You might also want to visit leading real estate websites to get real-time data that can help you make decisions on pricing and paying fees.

Leading real estate websites should provide you with real-time apartment leasing conditions, including the average days on the market for an apartment in your neighborhood. Days on the market can vary dramatically by neighborhood and bedroom count. You will want to work with an apartment leasing professional who can give you advice on a variety of price-positioning matters. The median days on the market for a Boston apartment is currently 24 days. If your apartment has been on the market longer than that, chances are your asking price is too high.

Keep in mind, you can reduce the price of your rental unit without reducing the monthly rent. A price reduction can also mean lowering the upfront costs to attract tenants. Instead of asking for the first month’s rent, last month’s rent, and security deposit, you could ask for only two months up front. If the tenants have good credit, some landlords only ask for the security deposit. This can go a long way in closing the deal.

PS: All price-reduced apartments are featured in their own section on the Boston Pads site! We get thousands of unique visitors to our site every week, and this will give your apartment for rent some much-needed fresh exposure. Boston Pads can also syndicate your listings to the most locations on the internet, including social media platforms.

4: Pay the Broker's Commission

No-fee apartments are extremely attractive to apartment seekers, but only about 30 percent of landlords are paying the broker's commission at this time. Perhaps it is a good idea to pay the broker's commission and keep your rent at the same price, instead of reducing it, to see if that stimulates more interest and showings in your property. It’s important to try different strategies each week and talk with real estate agents in Boston who are experts in apartment leasing.

You don’t want to spend a lot of time talking to a residential real estate agent who focuses on sales. They are not really equipped to know the rental market. You should also be wary of sales agents who focus on selling apartment buildings. These agents often spend nearly all their time listing properties but are not showing other properties, so they don’t have a good handle on current market rents. Find agents who can provide you with real-time information on the best pricing strategies for your apartment rental.

5: Consider Selling

If your Boston apartment for rent has not been leased for 9/1, maybe it’s time to consider selling the place. We understand—being a landlord can often be a huge time drain and stressful. Or perhaps you’ve simply outgrown it; after years of dealing with tenants, it can sometimes get tiresome. Deciding when to unload an investment property is certainly a big decision. You want to cash out at the right time and walk away with a great return on your investment, and that time could be now. We have tons of buyers looking for investment properties, which could give you a huge advantage in selling for top dollar. It may be time for you to take advantage of the power of our immense marketing platform and reach. If you think selling might make sense, you can get a FREE CMA (Comparative Market Analysis).

Click here for the full Property Owner Portal video.

6: Check Out the Boston Pads Property Owner Portal

Have you been trying to lease your Boston apartment with no luck? If so, it’s always a smart idea to compare your unit to others that are still available. This way, you can ensure your unit is competitive. Simply go to the Boston Pads Property Owner Portal, where you’ll also be able to make any necessary changes to your rental property’s listing. We guarantee to syndicate your apartment listing to the most locations on the internet and social media, providing you with the widest possible exposure for your real estate investment.

7: Call Our Landlord Hotline ASAP

If your Boston apartment for rent hasn’t leased for the 9/1 timeframe, don’t panic. Simply call our Landlord Hotline at 617-208-2197. Every licensed professional at the Landlord Listings Desk is fully equipped to help you. They will provide you with the best advice possible to get your apartment rented without delay. That’s why so many landlords turn to Boston Pads.

In conclusion, there are steps you can take if your Boston apartment for rent hasn’t been filled for the 9/1 lease term yet. Remember, the overall inventory is extremely tight at the moment, and renters are still actively looking throughout the city. That being said, it’s always a smart idea to utilize Boston Pads to help you fill your residential investment property. The Boston Pads real estate portal is far mo
re than just a Boston apartment search tool. You’ll also find a plethora of tips, tools, and valuable information. Boston Pads is your #1 resource for everything related to Boston real estate and the real estate market across the city. It’s the perfect resource for renters, buyers, sellers, property owners, property managers, and real estate agents. If you’ve been looking for a one-stop real estate source, your search is over. Welcome to Boston Pads!