What to Do if Your Boston Apartment for Rent is Still on the Market for 9/1?
If you’re a landlord, a vacant Boston apartment for rent is not making you any money. In fact, it’s costing you money each day that the unit sits empty. That situation can cause a tremendous amount of stress, to say the least. Filling those vacancies is essential for any successful real estate rental portfolio or business. However, finding some tactics that will make a real impact can be a bit difficult. Nobody ever said the real estate game is easy. If it was, everyone would be investing in Boston apartments for rent.
You need to have the ability and mindset to think outside of the box to succeed. Otherwise, your units may very well sit empty for the long haul, not just the September 1st rental market. Filling vacant apartments is crucial for your overall success. Being proactive can make the difference of filling your Boston apartment for rent or having it sit even longer on market. On that note, Boston Pads is here to help. We’ve been in your shoes and feel your pain. So, here is what to do if your Boston apartment for rent is still on the market for 9/1.
As you know, the typical lease start date for most rental properties in Boston is September 1st. So, what can you do if your Boston apartment for rent is still available a week before that? The good news is there are several options to consider, as well as actionable steps you can take…
1: Consider a Price Reduction
A price reduction is often the quickest way to get your apartment rented- ask any experienced leasing agent. Many property owners view it as a bad business decision. However, you may need to do whatever it takes to get your Boston apartment for rent leased by 9/1. A significant price reduction will absolutely attract potential tenants. This holds particularly true for renters who are waiting for 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.
An empty unit is costing you money every day that it’s not rented. On the other hand, a paying tenant is bringing in much needed cash each month. If you have a mortgage on the property, your renter is also helping you build equity. In essence, you are using part or all their monthly rent to pay off the loan.
Keep in mind, you can reduce the price of your rental unit without reducing the monthly rent. A price reduction can also mean reducing the upfront costs in order to attract tenants. Instead of asking for first month’s rent, last, and security, you could ask for only 2 months up-front. If the tenants have good credit, some landlords only ask for the security deposit. It will go a long way in closing the deal. You should even consider paying the broker fee. No Fee apartments are extremely attractive to tenants.
PS: all price reduced apartments are featured in their own section on the Boston Pads site!
2: Conduct A Thorough Walk Through
Is your Boston apartment for rent still on the market? If you don’t have a tenant lined up for September 1st it’s important to conduct a detailed walk through of your unit. You will most likely notice that the apartment could use some much-needed changes and/ or updates. The improvements don’t necessarily need to be large, involved, and expensive projects. For example, upgrading the handles and knobs on the kitchen cabinets can completely transform and modernize the space. Changing the lightbulbs can go a long way in providing better light in the apartment.
Sometimes it’s the little things that make a tremendous difference. However, 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. Keep in mind that not all apartment hunters in Boston are looking for a September 1st lease. 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.
3: Consider Selling
If your Boston apartment for rent has not leased for 9/1 than maybe it’s time to sell the place. Deciding when to unload an investment property certainly is a big decision. You want to cash out at the right time and walk away with a great return on your investment. That time could be right now. We’re currently experiencing an unprecedented Seller’s Market in Boston and surrounding areas. Buyers are getting into bidding wars with each other. That, of course, is driving up the sales prices. Many properties are selling for well over the original asking price. It may be time for you to take advantage of this incredible Seller’s Market. If you think that it may make sense to sell, you can get a FREE CMA here https://bostonpads.com/comparative-market-analysis/.
4: Check Out the Boston Pads Property Owner Portal
Have you been attempting to lease your Boston apartment for rent with no luck? If so, it’s always a smart idea to compare your unit to others that are still available. That way you can ensure that your unit is competitive. Simply go to the Boston Pads Property Owner Portal. You’ll also be able to make any necessary changes to your rental property’s listing. Those changes and updates will immediately syndicate into our systems and websites. Please click on the following link for more details. https://bostonpads.com/property-owner-portal-signup/.
5: Call Our Landlord Hotline ASAP
If you’re Boston apartment for rent simply hasn’t leased for the 9/1 timeframe, don’t panic. All you need to do is call our Landlord Hotline at 617-208-2197. Each and every one of the licensed professionals at the Landlord Listings Desk are fully equipped to help you. They will provide you with the best advice possible for getting your apartment rented without delay. That’s why so many landlords turn to Boston Pads.
In conclusion, there are things you can do if your Boston apartment for rent hasn’t been filled for the 9/1 lease term yet. 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 at www.BostonPads.com is far more than a Boston apartments for rent search tool. You will also find a plethora of tips, tools, and valuable information. Boston Pads is your number #1 resource for everything related to Boston real estate and the real estate scene 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 than your search is over. Welcome to Boston Pads!