Very slow rental market in Boston area, anyone?

[Steve Dai]

I am a landlord and a broker in Boston.  I think Boston market is probably one of the worst performing rental market due to Covid-19's impact on schools and international students.  For example Regatta building in Cambridge now has 30 units for rent, and the asking price is at least 25% less than usual.  I have a newly renovated 3 B 2 BA in Newton, and normally it should be rented within 2 weeks and now has been sitting on the market for 4 weeks with almost no inquiries.  Do landlords on BP in Boston or other "hot" areas have similar experience?  

[Michael J Quill]

Hi Steve,

My family owns a 4 unit next to Symphony Hall and we had a hell of a time renting 1 of our units for Sept 1st. Our market is always all college students. We had several agents trying to rent it with no luck. We ultimately got it rented for the fall semester (4 months) by advertising the unit ourselves without a broker fee via Zillow and simply putting a “for rent” sign on the front of our building. We’re hoping that the rental market improves come January.

Given the current tenants in this unit moved out early, I’m taking the opportunity to make some improvements to the unit - fresh paint, washer and dryer and buying a new fridge and stove. We’re hoping this will make the unit more attractive in the future.

Mike