Seriously - I've been at this for close to 10 years now, and I've never seen a strong rental market like this. Few people are moving, and only for job relocation reasons. Units are renting within 3 days of being vacated. And when vacated, units are left trully in excellent condition, which tells me something about the class of tenants, which is driven by the up-swing in the economy - if I am not careful, I might start believing that the economy really is improving, in spite of an 11% U6 index...
And I am eating away at my LTL at break-neck speed. Units I bough in 2006 with rents of $550 are now renting for $700 - $750. It took from 2006 to 2012 to get them to $625. In the last year and a half all of this blew up!
Makes you wonder how long it lasts and what'll happen to "investors" buying today at prices reflecting current NOI...
WOW - Crazy times y'all. Be careful out there!
People want to buy a good product. Thats what is selling the most. Leading up 9-10 years ago people bought anything and everything at the top then it all crashed down on them. In MA rents are up in the best areas and no shortage of good tenants. Properties in the good area needing work are selling but at a big discount but I think whats happening is that the rents are still good in these properties so when the buyer rehabs after buying he cant increase his income accordingly. I think the best deals are in the outskirt areas with rehab projects and upside on increasing rental rates once the work is done.
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