The following are 10 things that renters look for in an apartment in the Boston.
UNDERSTAND THE COST OF LIVING IN BOSTONIt's important for the buyer to be realistic about their budget. Boston is known to be one of the most expensive cities in the US in which to rent. Few people can afford the prime real estate in Boston's "T" zone which can run about $3,000 for a one-bedroom apartment. Living more on the outskirts or outside of this area will be much more affordable for most renters. On average Boston is about 30% more expensive than the average US city. Ensuring your rental units are priced reasonably yet competitively ensures you can make a profit while ensuring that tenants can afford to rent your properties.
LOWER COST PER SQUARE FOOTIn a city such as Boston where the average unit is small (around 815 square feet) and the average square foot of space rent is high, offering more space at a reasonable rent rate is often sought after. Extra space will be appreciated without the rent rising to unreasonable rates, which will make tenants interested in your units as space is at quite a premium in such a large, crowded city.
INCLUDING UTILITIES IN YOUR RENT RATESIncluding the basics far as utilities go in your rent can help potential tenants view the entire cost of living more easily. Even offering basics like electric, water, and trash removal can help a tenant understand that there are less "add-on" expenses for utilities that are not included in their rent.
A CONVENIENT LOCATION NEAR IDEAL NEIGHBORHOODSTenants may not be able to afford a house in the "T" zone, however, being located conveniently to local amenities and basic resources and entertainment sources (i.e. grocery stores, banks, jobs, doctor's offices, shopping, restaurants, bars, sports complexes, etc.) is vital to upping the value of your rentals.
Large landmark neighborhoods in Boston are often places that tenants will want to live near. These include units near the shops at Brookline and Cambridge. Trendier neighborhoods like Jamaica Plain are also highly sought after.
CLOSE TO RELIABLE TRANSPORTATIONMany people living in the most expensive parts of Boston afford their $3000+ rent on a single-bedroom apartment by foregoing the expenses of having a car. Tenants will want easy access to buses and sub trains. Being located close to reliable transportation or multiple options of transportation can help someone who is looking to forego a car do so without sacrificing their lifestyle to do it. Offering access to this transportation will make your rental more appealing to more renters.
The average transportation in Boston is quite affordable (compared to other living costs) including a $75 unlimited monthly pass that allows residents to use "The T" buses and subway trains. This is much cheaper than the average monthly car payment, insurance, and the cost of gas for many city-dwellers.
WALKING SCORE OF THE AREAOverall, Boston is generally a pretty easy walking city, which, along with city transportation can make it even easier to forego your car when living in the city. Tenants want someplace they can walk easily, especially if they choose to not the expense of a car. This alone helps someone in saving several hundred or more each month by not having to pay for transportation costs as many people walk to work.
ALLOWING PETSWhether people choose to keep caged animals like hamsters, rabbits, guinea pigs, or ferret or non-caged animals like cats or dogs, offering pet-friendly facilities will welcome residents with pets (most Americans do have at least one pet) to your rentals. While it's understandable there are pet limits and breed restrictions that keep all tenants safe and living in harmony, welcoming animals is a huge MUST for many people. Typical policies allows for 2 cats or dogs per unit. In rare situations, 3 pets are allowed in some units.
Moreover, being upfront about pet deposits and additional monthly costs will help the potential tenant understand the costs of keeping their furry friend with them in their new home.
UPDATED APPLIANCES & HIGHER-END FINISHESPaying premium prices for a unit means tenants will expect top-of-the-line living conditions. This includes stainless steel or high-end appliances in a fully-stocked kitchen that generally includes a microwave, stove top, oven, fridge, and dishwasher. Providing washers and dryers in each unit for laundry is a plus for many residents who don't have the time to go to common facilities every time they need to do laundry.
High-end finishes can include high-quality furniture, wood floors, granite counter tops, and remodeled bathrooms that make the unit look upscale and updated.
PROVIDING QUALITY AMENITIESProviding potential tenants with quality amenities included in their rent will help attract them to renting from your unit. The most sought-after amenities will include things like a fitness center, hot tub, sauna (in some facilities), pool, and even green space to walk pets (if pet-friendly).
Clean, friendly common areas that allow residents to gather and socialize are also often nice to have, especially for business people who meet and gather for work.
RESPONSIVE & ACCESSIBLE MANAGEMENTFinally, providing responsive management who tends to the needs of tenants (such in-unit repairs and keeping the property in good condition) will ultimately make the tenant's experience at your rental more positive. Tenants will pay good money and expect their needs to be met within a reasonable amount of time. This includes returning phone calls and emails as well as rendering services.
There you have it - a list of 10 things that tenants will expect when living in a large city. Offering these perks will make tenants living in a city like Boston more likely to be interested in your property. These perks make many tenant's lives easier and more enjoyable, which will make them choose your units over others that are available.
For more information on things people moving into the Boston area are looking for please feel free to contact us.