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How Much Rent Can I Charge For My Cambridge Apartment?
For Cambridge rental property owners, whenever tenants turn over the question comes up – How much can I get for my Cambridge rental? What rent should I charge for a new lease?
Factors Impacting Rents For Your Cambridge Apartment
- Size and number of bedrooms
- Condition
- Neighborhood desirability
- Distance from the nearest Red Line or Green Line subway stop
- Level of renovations – kitchens and baths are most important
- Amenities such as parking, laundry access, hardwood floors
The rent you received from the previous tenants is a good starting point for determining the right rent to charge. But the market may have changed since you last sought new tenants. Consulting a rental agent – or several – is often the best way to determine market rent for your apartment.
You also might want to check websites such as Zilpy or Rentometer for average rents in your Cambridge neighborhood. These sites are great places for landlords and tenants to check local rents.
Harvard Sets Rents for 2009-2010
Harvard recently surveyed and studied Cambridge rents to set rates for next year’s leases. These rates give some idea of potential rents in Cambridge but keep in mind that Harvard’s rental rates include all utilities and the units are often more updated than many Cambridge apartments. Harvard’s market rents effective July 1, 2009:
- Studios: $1,285 to $1,630
- One-bedrooms: $1,475 to $2,050
- Two-bedrooms: $$1,855 to $2,663
- Three-bedrooms: $2,280 to $3,158
- Four-bedrooms: $2,700 to $3,200
The Value of Good Tenants
In the end, after gathering as much information as you can, you will be the judge when deciding what rent you should charge. As a landlord you will want to ask yourself what peace of mind is worth to you. Ultimately getting a good tenant is as important – even more important – than getting the highest possible rent. Most landlords will opt for fewer problems rather than a few more dollars.
Cambridge Real Estate – Weekly New Listings – Cambridge and Somerville Condos
Every Wednesday Cambridge Coldwell Banker agents tour the new real estate listings. It’s a great opportunity for agents to see the new inventory and for sellers to have plenty of agents through their property at one time.
It was a beautiful day for a tour today – sunny and relatively warm. It felt like spring!
We saw a variety of Somerville and Cambridge condos on today’s tour. There are some wonderful condominiums coming on the market this week: Read the rest of this entry »
Medford MA Real Estate Market Statistics – January 2009
The Medford Real Estate Numbers for January 2009:
154 properties were on the market in Medford, Mass. on January 31, 2009. The lowest priced property was listed for $138,000, the most expensive for $995,000. Average days on market was 156.
18 properties sold (closed) in Medford during January with an average sales price of $344,952. The median sales price was $380,650. Average days on market was 62. Properties sold for an average of 98% of asking price. Medford single family sales were particularly strong. Read the rest of this entry »
Belmont Real Estate Market Statistics – January 2009
The Belmont Real Estate Numbers for January 2009:
78 properties were on the market in Belmont on January 31, 2009. The lowest priced property was listed for $250,000, the most expensive for $2,995,000. Average days on market was 166.
It was a quiet month in the Belmont real estate market as only 5 properties sold (closed) during January with an average sales price of $725,400. Average days on market was 123. These closed sales reflect real estate activity in November and December or before. In Massachusetts it typically takes six to eight weeks from the time an offer is accepted for the transaction to close. Read the rest of this entry »
Watertown Real Estate Market Statistics – January 2009
The Watertown Real Estate Numbers for January 2009:
82 properties were on the market in Watertown on January 31, 2009. The lowest priced property was listed for $192,000, the most expensive for $1,395,000. Average days on market was 180.
14 properties sold (closed) in Watertown during January with an average sales price of $405,821. The median sales price was $372,500. Average days on market was 87. These sales reflect real estate activity in November and December or before since in Massachusetts a real estate transaction typically closes six to eight weeks after an offer is accepted. Read the rest of this entry »
Arlington Real Estate Market Statistics – January 2009
The Arlington Real Estate Numbers for January 2009:
There were 68 properties on the market in Arlington, MA on January 31, 2009. The lowest priced property was listed for $138,500, the most expensive for $1,229,000. Average days on market was 132.
25 properties sold (closed) in Arlington during January with an average sales price of $485,720. The median sales price was $455,000. Average days on market was 101. Read the rest of this entry »
Somerville Real Estate Market Statistics – January 2009
The Somerville Real Estate Numbers for January 2009
178 properties were on the market in Somerville on January 31, 2009. The lowest priced property was listed for $149,900, the most expensive for $2,875,000. Average days on market was 161.
Real estate transactions in Massachusetts typically close about six to eight weeks after a seller accepts an offer. Most of the January sales reflect real estate activity in November and December. 24 properties sold (closed) in Somerville during January with an average sales price of $487,181. The median sales price was $414,000. Average days on market was 66. Read the rest of this entry »
Cambridge Real Estate – Weekly New Listings Tour – Cambridge – Arlington – Somerville
Our office tours new listings every Wednesday morning. This morning it was hard to be enthusiastic – 18 degrees, more snow, fewer parking spaces, and the prospect of putting boots on and off at every property was enough to make me want to stay at home where it was warm.
But I love touring new listings and I was happy to see we had 15 properties on the tour. The actual breakdown was 11 condos, 3 single families, and 1 multi-family. Since we’ve been in a period of low inventory and it’s been difficult for buyers to find what they want I was delighted to see plenty of new listings on this tour. Read the rest of this entry »
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