It is a matter of supply and demand. We have a big demand for all types of rentals - students, professionals, relocations etc. Supply is currently low but there are many new construction projects under way with rental units so that should help ease the supply in coming years.
Furnished rentals will suit some people especially if looking at a rental period of less than one year.
Rent or Buy - great question and it comes down to your personal situation. With rents as high as they are the possibility of selling should be considered. Some basic elements include the need for a good credit and employment history, cash reserves for deposit and closing costs, long term plans to stay in the home. This is a great opportunity for the right buyer.
As always, FurChin at RE/MAX Unlimited is Your Real Estate Solution for Greater Boston. Feel free to contact us if we can help you in any way - email@example.com, 617 620 0669.... more
Your deposit on the investment property would depend on the owner occupant ratio of the building as well as your relationship with the lender. Depending on these factors it could range from the low 15% range to the high 30% range. Your ROI and ability to profit on rental income is highly related to the rental market in the local area. If you are looking in Boston, you are in luck, because the rental market here is close to 100% occupancy. The main benefit is that you get an appreciating asset (higher value on resale) while having a steady stream of income. To give you an idea I have a $400k condo in Beacon Hill with a mortgage payment of $1600+ $300 condo fee. The rental value of the property is around $2500. So you are looking at around $600/month profit on a similar property.... more
YES Yes Yes. Overpriced and although not this year wait till after election. Done over. Not a crash but very ugly....where does 27 year olds think there doing bpaying 400K for a condo in a 3 fam that 10 years ago the 3 fam was worth less then they are paying for a renovation job. LOL , and these buyers are making 300K plus assuming there buying 400K I do not think so. it will all even out on the bad side... more