As we begin to wind down 2014, a new phenomenon is taking place. Landlords are beginning to be forced to negotiate after enjoying a few years of commanding whatever they wanted in terms of pricing. This fall we’ve been watching as a number of small landlords are getting stuck with empty units as they failed to adjust to the changing market conditions. Many simply tried to hold on to the high prices that they’ve been enjoying for a few a years now and that has begun to come back and haunt them.
Large apartment complexes throughout the city are now more willing to negotiate than they have been in years. Some buildings are now back to paying broker fees and others are taking the added step of giving a certain amount of free rent. This trend is likely to continue for the foreseeable future as more and more apartments are being built every day.
Agents around town have seen this trend coming for a few months now, but despite their best efforts some landlords are just starting to get the picture. For some landlords now might be the best time to make updates to vacant units. If you haven’t touched your property in more than a decade it might be time to reinvest some of that income to help ensure that it continues to produce for you in the future. If you’re interested in learning which upgrades give you the most bang for your buck, contact our office at 617-449-3642 or send us an email.