For the first time in a long time, it’s a tenant’s market in Boston.

– News covered by Quincy Quarry News with commentary added.

Beware slumlords!
A renthop.com image

A piece of good news: renters finally have more negotiating power.

After years of landlords holding up prospective tenants for top dollar in Boston, the COViD-19 pandemic has turned the tide.  Big time.

Key driving factors are a dearth of demand from college students given that many colleges planning to continue to rely on mostly remote learning for the duration along with adult urban tenants taking advantage of record low mortgage interest rates to flee to a single family residence in the suburbs.

Traditionally, especially in Boston, by the time August rolls around, only daredevils and deal-seekers are still looking for apartments.

What are local TV stations going to do with no U Hauls getting “storrowed” to report at 5, 6 and 11?
Image via ImageSpark Branding

This year, however, vacant apartments abound, rents are dropping, and landlords are willing to waive fees, allow pets, grant lease flexibility, and do pretty much whatever else it takes to secure a paying tenant.

How desperate are landlords?  John Puma, COO of the Boston-based real estate agency and apartment listing site Places for Less, has seen “… landlords (who) have accepted tenants based on just their unemployment income …”

Prep for success!
A For Dummies Press image

Granted, your mileage may vary, bargain hunters have leverage for the first time in years when looking to rent a place in Boston.

Additionally, when Boston rentals are plentiful, such tends to impact the rest of the Greater Boston Area.

Even so, a Quincy Quarry News tip to the wise who plan to rent for a while: rather than press for the best lease deal for this year, press for locking down rental rates when lease options renewals need to be exercised for as many years going forward as can be negotiated. 

After all, a tenant option to renew a lease is but an option should rents drop even further or the tenant wants to move when the current lease term expires.

Additionally, while as yet less clear, one cannot help but suspect that current tenants facing trouble paying all of their rent these days but are able to throw something their landlords way can probably also cut a deal to stay put until things return to at least less bad times.

Source: One Piece of Good News: Renters Finally Have More Negotiating power

QQ disclaimer