Low vacancy rates may encourage prospects to buy instead of rent
When you're considering moving to one of the houses for sale in Boston, you first need to decide if you want to rent or buy. An improving job market in the Greater Boston area along with low inventory levels have sent rents through the roof, in some cases, climbing to pre-recession levels, the Boston Herald reports.
This may be bad news for renters, as landlords are able to ask for higher deposits and impose additional fees on their clients. There has been a great deal of public discussion lately about reforming laws that govern how landlords can treat their tenants. In fact, some real estate experts believe Massachusetts is one of the most unfriendly places to own investment property, says local blogger Richard Vetstein.
The Boston Herald reports that recent figures show vacancy was down to 3.8 percent in the first quarter of 2012, the lowest mark in the past decade. Plus, Boston employers plan to create 46,000 additional jobs in 2012, which would be an uptick of 1.9 percent. This may bring new residents into the area, further clogging up rental properties.
As a result of all the above factors, now may be a better time to buy a home in Boston than rent, and you can find affordable options in every neighborhood of the city. To avoid submitting high monthly rates to landlords, take the first steps toward becoming a homeowner today.