Spring Market is here. Every year, when I pay my taxes, work gets busy, and it often does. Media reports suggest buyers are realizing interest rates won’t decrease soon. Sellers are taking action, listing their properties. Currently, for this spring market, there are, 40 properties are on the market. Stay tuned for another listing: 762 Tremont St, Unit 5, in the South End.
762 Tremont Unit 5 Performance
Over the years, I’ve assisted in renting out 762 Tremont Unit 5 often in the spring, ensuring steady returns for the owner. Initially rented at $2150/month, this two-bed, one-bath with a private deck promises good returns for investors. The tenants stayed a while. Subsequent rentals saw rent increases in line with the owner’s kitchen and deck upgrades. Investors need to put money back into the property to retain the rental value but also on the resale side.
2010 $2150.00
2015- $2583.0
2017 $2500.00
2019 $2550.00
2020 $3100
2022 $3300
2023 $3450.00
Other units in the building have also gotten decent rents over the year. The building has six units in the building and commercial space. When this unit was purchased, the owner lived in the unit until his job transferred him to New York. Right now, renters outnumber owners, and the building would love to have fewer renters and more owners. Investors often encounter buildings with solid rent numbers, making them the likely majority buyers for this home.
How have the average rents in the South End performed?
In Q1 2024, the average rent for a two-bedroom was $4,567, compared to $4,476 in Q1 2023.
You might be thinking, well, interest rates are high. No wonder rents have performed well. How did the Sales Market for two bedrooms perform during the first quarters of 2023 and 2024? Well, let’s look at those results.
In Q1 2024, the average two-bedroom was $1,504,241, slightly lower than in Q1 2023, indicating a smaller-than-expected price adjustment. Why did prices not take a nosedive? The reason is clear: akin to the rental market, the sales market lacks ample demand, requiring sellers to be flexible on price or terms. However, unlike 2022, both parties wielded power in the transaction, marking a significant shift from recent trends.
The South End boasts excellent dining, a welcoming neighborhood vibe, and convenient access to Back Bay Shops. 762 Tremont provides effortless access to Amtrak, perfect for those avoiding city driving for New York trips. Pet owners will find ample services and dog parks nearby for furry companions. Ideal for buyers seeking ownership, financing might be challenging as the unit doesn’t qualify for conventional loans, thus making it an appealing choice for investors. The current owner, like many, is selling due to lifestyle changes, providing a chance for someone else to enjoy owning 762 Tremont. If you want more information about 762 Tremont, please contact me.
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