There’s a saying: “For every action there is an equal and opposite reaction.” While first-time homebuyer’s are taking advantage of the $8,000.00 tax credit, some Boston landlords claim they’re paying the price. As more and more renters are purchasing $200,000 to $400,000 properties it appears it’s leaving a void in the rental market. Check these stats out:
Back Bay – 139 avail apartments and some are priced to rent. For example a studio for $1,250 on the market for 132 days
Beacon Hill – 64 apartments avail. One example 59 Hancock Street, one bedroom $1,450.00 days on the market 130.
Is the $8,000 tax credit hurting Boston landlords or is the economy and new built college dorms the reason for high the apartment vacancy?
File Under: Next bailout apartment owners