Landlords in Boston have been experiencing high vacancies as the number of apartment rentals increase across the city, even in higher-end neighborhoods.

Based on MLS records, the number of apartment rentals has nearly doubled to 535 units in Boston and has almost tripled to 149 units in Back Bay, an upscale commercial and residential neighborhood of Boston.

The city has been trying to encourage college students to get into rentals, but according to observers, the effort has not been successful in helping landlords.

Two of the major reasons for the glut in vacant rentals in Boston are the rising number of unsold condo units being converted into rental apartments and the rising number of the unemployed. The Harbor View and the Carruth condo complexes are just two of the condo projects that became rental complexes.

According to observers, another phenomenon is contributing to the increased vacancy – homeowners accepting boarders to earn additional income for their monthly loan payments.

Their number may not be easy to track, but these homeowners are taking renters from the conventional rental market, according to analysts.

The rising number of foreclosed condo units is also expected to increase further the number of rental units, especially in Dorchester, East Boston, Mattapan and Roxbury.

In addition to current difficulties, several landlords are also concerned about legislation being discussed by city officials.
They are planning to enforce zoning restrictions for rentals for undergraduate students and they are planning to impose a penalty of $300 to any landlord violating the law. Brokers and real estate agents will also be fined if they are involved in the transaction.

According to analysts in the area, there are a lot of houses and condo units not getting sold because of their high price levels. Despite news items about decline in home prices, many prospective buyers are still not able to afford houses in the Boston area.

Many houses in neighborhoods where prices should be in the range of $375,000 to $400,000 are still being sold at $425,000 to $475,000. Besides, as the risk of unemployment increases, prospective buyers are becoming wary of getting tied to making monthly loan payments for years. They realize that renting becomes a more flexible option.

Condo sales have also been declining because of the news about complexes getting turned into rental units. Some buyers also prefer houses over condo units, saying condos are just glorified apartments.

Renters may relate to the exhaustion, frustration and disappointment over houses for rent that are very poor in quality. Renters should be able to live in a house that would give them a good quality of life, and not just some space to sleep in. One renter could spend a year in looking for the best rental home, and still find nothing.

The key in looking and choosing among lots of houses for rent is to know first what you want. With this, you have to place balance by thinking about how much you can afford. If you do not have budget constraints, then you would not have any problem in renting good units. However, that would be one in a million. A lot of renters are limited by budget. With this, you should learn to focus on what you really need. You should also be willing to compromise on some things. Make sure that you think through before you sign a lease.

Think about how often you are in the kitchen. If you spend a lot of time cooking and preparing meals, and if you do it with your family, then look for a rental home that has a spacious kitchen. It is also important that you find a functional kitchen. Make sure that there are counters that are well-sealed. Also, check if the floors are protected well. If there are tiles in the kitchen floor, check if they are properly sealed. If they are not sealed with grout, you would have a very difficult time cleaning.

If you find a rental home that has a very attractive view and beats all the other houses for rent that you have seen, you should think about how much time and energy you are willing to give to cleaning your windows. Direct sunlight can also damage your furniture inside the house. If you can, purchase sun control shades, as they would keep 95 percent of sunlight away from the interiors of your house.

If you find houses for rent which may suit your lifestyle but have minor problems, try to get the landlord or the owner to install the things you need and to repair some items. As a renter, it would be your responsibility to take care of the house that you would live in. Armed with the right perspective, you can find the best place for you among all the houses for rent available in your area.

The economic recession has been continually hurting the country. Particularly, the housing industry has been experiencing the effects of the recession. Homeowners are not able to pay their home mortgages. This has extended to renters and landlords, who are also suffering the bad effects of the economy. The homes for rent market continued to crawl amid the tough economic times.

Around 50 percent of property managers around the country are having a hard time getting renters who are fit to occupy their homes for rent. According to a survey conducted by TransUnion, eight out of ten landlords are worried as to how they would be able to survive for the rest of the year.

Even as the homes for rent market is expected to improve from the homeowners who had their homes lost to foreclosure, there still seems to be very minimal growth in the number of renters. In fact, only 50 percent of landlords reported that they had applicants from people with foreclosed properties. This seems to root from the alternative of moving in with family members and relatives to save more.

In Los Angeles, landlords are turning into different strategies for them to be able to keep renters and attract more. The increased number of vacancies in homes for rent has pushed landlords to give discounts on leases.

This has made Los Angeles a renters’ haven. According to industry experts, the renting market in the area has turned to be in favor of renters who are looking for places that are highly affordable. According to Vickie Callahan, a landlord in the area, this is probably the most saturated market that she had ever experienced.

During the first quarter, Los Angeles saw its homes for rent vacancy rates rise to 5.3 percent. This was an increase from 3.8 percent in the year before. As homes for rent become more affordable, people who need affordable places would find a lot of choices and options in Los Angeles. Landlords are very much willing to go into negotiations about giving discounts to their leases. There are even other property managers who offer add-ons and perks to attract more renters to occupy their properties.

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