Anyone having trouble renting out properties?

Question

Given what's going on right now with covid, is anyone having vacancy issues right now? Has it been much more difficult to get units rented in the Boston area?

James G. · Answer

@Ethan McRae Yes, Covid is certainly having an affect on vacancy rates. The key is going to be finding out how you can stand out during these times. Consider doing virtual tours, online applications, lower rental amounts, move in specials, etc. The worst thing you can do is sit around and hope that this all ends soon!

DJ Richmond · Answer

@Ethan McRae

We just filled one of our units for May 1. We did some light renovations on the unit to pretty it up as best we could, marketed it in as many ways I knew how, and listed pretty close to market, maybe slightly below. We got only three groups through to look at it, but two quality tenants gave applications and we accepted one with the dates we wanted and background we required.

Demand was definitely low due to covid-19, but we got the right people through. The units location and amenities certainly helped stand out in a time like this.

Ethan McRae · Answer

@Nick Riccio Gotcha. Best of luck to ya

Ethan McRae · Answer

@Michael Belmore I have yet to close on my first deal but I will keep that in mind. Thanks!

Nick Riccio · Answer

@Ethan McRae I have had mixed success. Had a 1 bedroom in East Boston that got secured within a few days, and I currently have a 5 bed in South Boston that’s not getting a ton of traction. It’s under construction but still would expect higher interest for the 9/1 rush.

Michael Belmore · Answer

@Ethan McRae

Not sure what your tenant criteria is but theirs usually always good demand with voucher tenants. With proper screening you can find some great folks and government money is key especially during uncertain times.

- Mike

Ethan McRae · Answer

@dj

@DJ Richmond Thats great to hear. Sounds like its just slightly more difficult to fill units- understandably so

Andrea Weule · Answer

We shall see we have two units coming up for May 1 and another property I'm hoping to rehab and sell this summer.  Hoping for good news and we'll do what we can to make it attractive to renters/buyers with lots of pictures, information and flexible tour times.  We shall see.

Ethan McRae · Answer

@James Gleeson love the positivity. Right now I am looking for a duplex to purchase in the boston area but with everything going on, my fear is that when I do purchase a property I wont be able to rent it out quickly.

Anyone having trouble renting out properties?

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