Posted at 2/7/2013
The rental market of Boston has become the hottest real estate rental market in the entire US. Boston Globe states that being a tenant or renter in Boston is not easy. But, still there is always a possibility that you can find a residential real estate property that will suite your needs.
New developments of large residential real estate properties in Boston like apartments and condo units had been started. These new developed apartments and condominiums will add to the list of inventory of real estate properties in Boston, therefore it is expected that the competition will be lessened. But, the only way the developers see in order to take profit is to charge investors luxury level rents. In order to charge that kind of rent, they are developing luxury and premium units of apartments and condominium units. Through the development of luxury condominiums, these will increase the average rental fee of rents in Boston.
The alternative solution for this problem is instead of renting or being a tenant, people are buying residential real estate properties. Buying had become the cheapest method of real estate investment. The method has no major downturn in the prices of real estate properties in Boston real estate market, since Boston residential real estate prices has moderated the degree of pricing. Boston real estate market is experiencing declining mortgage rates and hovering for below 4% of fixed rates for 30 years. Fed indicates that they will keep short term rates, and the mortgage rate is still expected to remain low for a matter of time.
Although there are more people who can afford to buy a residential real estate property in Boston, the progress of development of condominiums in Boston is very slow. That is because of the lack of reasonable pricing and lack of quality inventory. Choosing the lowest rental price condo units is the easiest and the best way to compete at the tough competition in Boston real estate market.
Boston real estate market needs a proper inventory and complete list of real estate properties that is for sale or for rent. Either Residential, commercial, or industrial real estate properties, the market has to obtain the list of all real estate properties in Boston. As a developer of condominiums in Boston, don’t just rely on the overheating rental competition, it is not enough to drive the sales of your investment. Put your condominium projects online. Luxury condo projects will not obtain high sales if the pricing is not right. People will choose to rent an apartment instead.