|Specialty||# of Agencies|
|Single House or Condo||13|
|Home Owners Association||11|
|Total Local Companies||23|
The average rent for a 3 bedroom house in Boston, MA is $1,970.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Boston, MA Rental Market Overview
Vacancy Rate Levels Off at 3.5% as Construction Increases in Boston
It's a great time to be a rental property owner in Boston right now. Beantown was only one of three East Coast metropolitan cities to place in the top ten rental markets out of 44 featured in the Marcus & Millichap 2013 National Apartment Report (NAR). Boston ranked ninth, falling behind New York City (#1) and Northern New Jersey (#8). With the exception of Minneapolis-St. Paul, all of the other top-ranked rental markets were located on the West Coast. The 2012 NAR ranked Boston fourth in their index, but the five-place slide had more to do with stronger rental market performance in other places than any changes in Boston's economy. The report noted that Boston's rental property owners continue to enjoy some of the tightest rental economy conditions ever recorded. More than 11,000 new apartment units are expected in the area over the next few years, but rents and rental demand around the urban core support the new construction. 4,600 units were completed in 2013, the largest total on the market since 2009. This could be one reason why the metro vacancy rate increased 10 basis points to 3.5%, but the vacancy rate remains below the national average of 4.1%.
Find Your Niche in a Thriving Rental Market
As with most hot markets, Class A luxury units continue to command the most interest among renters and institutional buyers, especially in the Back Bay/ Beacon Hill markets. The 2013 NAR predicts that the hottest properties will remain Class A units in the urban core or well-placed suburban properties situated near commuter rail stations. Anticipated future markets include suburbs in Essex and Middlesex counties, especially as the economy continues to surge forward. Some of these suburban locations may offer attractive entry points for small landlords and individual investors, although anticipating tenant demand can be challenging the further you search beyond the metro core. That's one reason why many independent rental property owners consult with local property managers prior to making significant changes to their rental property portfolios. A significant number of Boston property management companies employ real estate professionals who work firsthand with tenants and landlords throughout the region. These experts can offer insights and observations that surpass institutional executive summaries in detail and thoroughness. Take a moment to review the profiles and services of the Boston property managers listed here and then request your free information today.