When you’re renting a Beacon Hill condo you own, the outcome greatly relies on the tenants you end up selecting. Good tenants can help you make a profit while taking care of your Beacon Hill condo, but bad tenants could end up causing a lot of stress, property damage, lost money, and legal hassle. To find the perfect tenants for your property, you need to take the time to interview them and thoroughly research them. Before you rent to anyone, make sure to ask the following six questions.

1. Why Are You Moving?

There are plenty of valid reasons to move, like desiring a new location or needing more space. However, you should be cautious if the tenant mentions something like not getting along with a neighbor, not liking the previous landlord’s rules, or being evicted, as these answers could be red flags the person is a problem tenant.

2. How Many Occupants Will Be Moving In?

The fewer occupants you have, the less likely the property is to get damaged. Even if you’re not concerned about wear and tear, it’s good to ask this question because there are laws about how many tenants can safely fit in a property. Make sure to bring up pets as well. If you don’t allow pets, let the tenant know. Otherwise, you can discuss additional restrictions and deposits associated with pets.

3. What Kind of Work Do You Do?

Ask about the tenant’s career and income level to help you to determine if he or she will be able to pay the rent. A good rule of thumb is to select a tenant who makes at least three times the cost of your desired rent.

4. Can You Pass a Background and Credit Check?

Let your prospective tenant know he or she will need to pass credit checks and background checks before renting. If desired, you can ask the tenant to pay a fee for these services. Asking this question gives the tenant the opportunity to bring up anything that may be an issue before you even go through the process of a credit check and background check.

5. Are You Able to Pay All Move-In Costs?

Let your potential renter know about move-in costs such as first month’s rent, last month’s rent, and a security deposit, and ask if he or she can pay these amounts as soon as he or she signs the lease. A tenant who tries to pay in installments or delay the payments may have money problems that impair the ability to pay rent on time.

6. When Do You Want to Move In?

You lose money any time a property is empty, so be wary of potential tenants who want a later move-in date. Before you waste time reading applications and showing properties, make sure the tenant is planning on signing a lease within a reasonable time frame.

If you’re looking to purchase a property to rent out to tenants, there are many amazing Beacon Hill condos to choose from. With the help of a trusted Beacon Hill condo agent you can find just the property you’re looking for. Call us today to schedule an appointment.

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John Ford, Broker
realtyford@yahoo.com
Janet Lamb, Vice President
lamb.janet@yahoo.com
Ford Realty
137 Charles Street
Boston, MA 02114
(617) 720-5454 (9:00 – 5:00 EST)
(617) 595-3712 (On Call Broker After Hours)

Beacon Hill Population Demographics

 

Total Population 5,075
Male Population 2,465
Female Population 2,611
Male Population 48.57 %
Female Population 51.45 %
Median Age 33
Citizen US Born 4,022
Citizen not US Born 594
Not Citizen 460
Citizen US Born 79.25 %
Citizen not US Born 11.7 %
Not Citizen 9.06 %
Moved from Abroad 154
Moved from Same Country 626
Moved from Same State 407
Moved from Different State 392
Same House as Last Year 3,472
Moved from Abroad 3.03 %
Moved from Same Country 12.33 %
Moved from Same State 8.02 %
Moved from Different State 7.72 %
Same House as Last Year 68.41 %

Occupational Employment in Beacon Hill

White Collar 3,022
Blue Collar 69
White Collar59.55 %
Blue Collar1.36 %
Self Employees 166
Private Companies 2,137
Governmental Workers 144
Not for Profit Companies 643
Self Employees 3.27 %
Private Companies 42.11 %
Governmental Workers 2.84 %
Not for Profit Companies 12.67 %

Number of Households in Beacon Hill

Total Households 2,532
Average People Per Household 2
Family Households 831
Non-family Households 1,701
Non-family Households 16.37 %
Family Households 33.52 %
Households with Children 304
Households without Children 2,228
Households with Children 5.99 %
Households without Children 43.9 %

Median and Average Income in Beacon Hill

Average Household Income $159,432.38
Median Household Income $107,838.00
People below Poverty Level 581
People above Poverty Level 4,107

Housing in Beacon Hill

Occupied Housing Units 2,532
Owner Occupied 859
Renter Occupied 1,673
Owner Occupied 16.93 %
Renter Occupied 32.97 %
With Mortgage 479
Without Mortgage 380
Median Value with Mortgage $698,850.00
Median Value without Mortgage $916,950.00
Median Housing Costs per Month $2,286.00
With Mortgage 9.44 %
Without Mortgage 7.49 %

Beacon Hill Education Statistics

No High School 37
Some High School 448
Some College 339
Associate Degree 94
Bachelor’s Degree 1,733
Graduate Degree 1,764
Never Married 2,381
Married 1,759
Separated 34
Widowed 101
Divorced 346
Never Married 46.92 %
Married 34.66 %
Separated 0.67 %
Widowed 1.99 %
Divorced 6.82 %

Means of Transport to Work in Beacon Hill

Car 566
Bus or TrolleyBus 148
Railroad 88
Bicycle 73
TaxiCab 22
Walk 1,484

 

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