Milford, MA · Member since 2016 · 15 posts · 5 votes
All,
I'll be closing on a duplex (4 beds/2.5 baths and 2beds/1bath) in Malden, MA within the next 2 weeks. My wife and I will be living in the 2 bedroom so we can get more rents from the 4 bedroom. Looking at rents for the 4 bedroom from different sources, we can get between 2800-3000. The property is 10 minutes from the subway/commuter rail station and 20 minutes into Boston from the station.
My question is what kind of renters will apply for a 4 bedroom in that price range? I'm guessing it might be more single professionals working in the city looking to share bedrooms than families especially with that price range. So I'm looking for answers from landlords or anybody who has experience in that area renting out a 3/4 bedroom in that price range.
Rental Property Investor · Boston, MA · Member since 2017 · 15 posts · 5 votes
9y
I'm also looking at a similar target area for rentals surrounding Boston. I think your right. There will be a lot of young professionals. They might work outside of the city but tend to go into the city for the nightlife and weekends.
Since your getting potentially 4 separate people paying individual rent I think you will see a higher rental target price then you would with family. I have friends that pay 1000+ each in rent around Boston. Anything in the 800s is considered cheap.
I have a three family in Malden and my tenants are young professionals that commute into the city via either the bus or the orange line. There are definitely a bunch of families that rent in the area as well, it just depends on what block you're on in Malden really.
I'm not sure where the house is located, but those rents feel a little high to me. It sounds like you're getting them from a few sources so I could definitely be wrong, but I saw inflated rents using a few tools versus what I could actually get during my close. Rentometer was the biggest culprit mainly because there are a lot of high end luxury buildings charging overpriced rents driving up averages that it pulls in. I've found Craigslist has been the most accurate. Just my two cents.
Milford, MA · Member since 2016 · 15 posts · 5 votes
9y
The rents are on the higher end but the whole property has been completely remodeled with new systems, roof, granite countertops, brand new appliances etc. I've look at few different sites with pictures of the units and price, and I also looked at rentometer.
There's a 3 bedroom right down the street from my property and is listed for 2600 and he's getting a lot of interest.
Do you mind sharing how many bedrooms you have in the triplex, rents and how many live in each unit?
My triplex has 2 2beds and 1 1bed. Both are small. I have a roommate in my unit, it is rehabbed with rental grade finishes (nothing fancy :) ) and could, if I moved out probably get around $1700 or so. My other 2 bed has below market rent, but the unit needs a lot of work, new kitchen, new bath, etc. My tenants are great, pay on time, help out with cleaning up around the yard and such so I have not raised the rents yet. I'm currently building rehab funds and will probably go after renovating that unit, as well as the first unit in a bit.
One thing that I have definitely found is that Craigslist has the most accurate rents from what I've seen. I'd triple check there to make sure but it sounds like you're doing your research.
Developer · Boston, MA · Member since 2016 · 175 posts · 155 votes
9y
You are correct! 4 beds at that price will most likely attract 3-4 young professionals! My 4 bed in Medford MA is going to be rented to 4 young professionals at $3,800. Move in date is May 1st.