Owners of Boston high rise condo enjoy some financial advantages in 2018: market conditions are clearly in their favor if they wish to sell or rent their units thanks to continuous socioeconomic development. If you wish to rent out your Boston condo, you can do so with the comfort of knowing demand will be healthy. With median rental rates higher than $2,500 per month for Boston apartments, your Boston high rise condo is bound to rent for a lot more, particularly if it is located in a prime or trendy district.

As with any financial endeavor, renting a Boston condo is not without risk. Many of the risks listed herein present the potential of something going wrong even though the likelihood is negligible.

1. Late Payments

Late payments are the most common risk of renting out a your condo, and they should not affect loft owners who plan ahead and build a cash reserve equivalent to three months’ worth of mortgage, utilities, and association fees.

2. Troublesome Tenants

The scariest risk in renting a Boston condo may be having a bad tenant, especially if you have been able to cultivate a good relationship with your neighbors and members of the homeowners association. A bad tenant is not someone who is late paying rent or utilities. In fact, landlords should assume renters will be late from time to time. A truly bad tenant would be someone who is a nuisance or uses your loft for illegal activities.

3. Subletting

Some tenants may choose to turn your Boston high rise condo into their own Airbnb-like property. To prevent this, your rental contract must be clear on the number of tenants and how long overnight guests can stay. Good news is that Mayor Walsh is cracking down on Airbnb.

5. General Liability

As a landlord, you will be responsible for providing a safe loft structure. For instance, if an overhead fan falls on top of your tenant, he or she will expect you to cover the medical expenses. For this reason, you should look into landlord insurance policies.

 

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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