Formerly Grand Central Apartments

Exciting news from Grand Central Apartments

We are making your apartment search easier and faster. With recent major improvements to our service, we are launching a new site called RentalBeast.com

Our current clients will continue to login with the same username and password and your information and apartment preferences will remain the same. Service should continue without interruptions.

There is a 20% discount for all our past clients, if you are planning on moving again this year we would love the opportunity to help you.

We are dedicated to continuously making your apartment search easier, faster and cheaper. We hope that you find our new site easier to use and more productive.

If you have any questions, our dedicated customer service team is here to help.

info@rentalbeast.com

Toll-free: 1-888-244-6696

IG

Contact The Beast

Toll Free: 1-888-244-6696

e-mail: info@rentalbeast.com

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I apologize for not adding to the blog in so long but we are working tirelessly on a few exciting things:

1. We hope to launch our new website by the end of this month (fingers crossed).
   The result of which will revolutionize the way people find apartments for rent on the internet by creating a very easy and simple user experience.
   Stay tuned.
2. We have also accelerated our national expansion efforts; hoping that we will be helping renters find great apartments, save time, and money throughout the U.S.
3. There are some exciting partnerships in the works that would add even more value to both our users and to the listing owners/managers.

Back to the rental market:

There are new or at least a much larger group of entrants to the rental market, namely:

• Home owners whose property got foreclosed.
• Tenants in foreclosed multi-family buildings that are getting evicted by the banks.
• First time home buyers or just buyers in general that now can’t get a mortgage because of the much stricter guidelines and full doc’ loans.
• Buyers that are scared about prices going down even lower who are still waiting things out.
• You have more students that require more apartments due to the new law that limits the amount of students in each apartment to 4.

As a result, we are noticing an upwards trend for prices of rentals this Spring/Summer season.

IG

How does it all affect the rental market?

Well, my prediction is that the rental market is going to heat up gradually, not explode immediately. But overall, locally and beyond, rents will go up and inventory will go down.

Usually when the sales market struggles people tend to rent and when more people rent it gives the rental market a boost.

Based solely on that fairly sensible theory, the rental market is bound to explode since the sales market is free-falling to one of the worst slumps in its history.

The reason I think the rental effect will be more gradual is that a lot of real estate investors, large and small, amateur and professional, went into what’s known as “The Flip Craze” (The purchase of property for the purpose of quickly renovating/building and selling for a profit. In many cases it involved converting the legal status of units into condos) That craze overwhelmed the market with a huge inventory of condos.

A lot of those developers are now faced with some difficult decisions:

1. Try and sell anyway for their desired price and wait an indefinite amount of time for that to maybe happen
2. Sell and take a loss, just to try and minimize the damage (short sale)
3. Foreclose
4. Rent the unit. Which in many cases allows them to hold on to the property until the market bounces back.

I see a lot of number 4’s out there.

That said, foreclosure rates are close to or past all-time highs in certain areas, many of those properties are multi-family homes or multi-unit buildings. Mortgage companies and banks that foreclose on those properties usually try and sell them.

Because selling a vacant property is a much easier task, if the property that is foreclosed upon has tenants those tenants will be evicted, forcefully, like by cutting off heat, electricity and water. So many people find themselves in a surprise apartment-hunt situation which makes for some more competition than usual. The result is rents will go up and broker fees will be harder to avoid.

Although I can’t control rents going up I can say that smart renters will use GrandCentralApartments.com and will avoid Broker Fees ; )

IG

There has been some outrage over this from the SPOA (Small Property Owners Association). The only reasoning I was able to find as to why they are changing the zoning rule and almost blatantly discriminate students as a “Problem Tenant” is the need to reduce partying in certain residential areas were students live.

Overall I don’t think it will have much affect on the rental market as a whole but it will certainly cause a spike in lack of availability and lead to higher rents in the student-congested areas in and around the city.

After working with hundreds if not thousands of students to find them housing I can maybe remember a dozen cases were more then 4 people were sharing the same unit.

It’s also worth mentioning that there is always a very low inventory of 4+ bedroom units regardless of who is looking.

Apartments tend to be smaller in the city. Landlords have an easier time renting smaller apartments. At one time there were larger apartments, but property owners broke those larger units into many smaller ones because they could make more money.

Living on top, under and beside students at various periods of my life I find that you don’t have to live somewhere to participate in a party, so the argument of less people living there = less partying is, to me, irrelevant.

Overall I find the argument that led to the zoning change outrageous but I don’t think it will have much affect on the market.

IG

As we all know, in many neighborhoods in and around Boston, people who shovel their parking spot claim it with some sort of a marker.

Some of my favorites from this year:

1. an old TV – Really old
2. A mail box
3. Some twisted version of frosty the Snowman (This marker is for single-use only)

Although the rules of marking a spot require that the marker be removed 48 hours after a storm – the vast majority keep their marker until most of the snow melts and you can find a spot without having to trudge home from Castle Island.

This year I noticed two things that made the situation worse.

1. Snow removal was slow, late and insufficient with more snow and ice makes piled on top to add to the mayhem.
2. The city, without warning, decided to pay its workers to remove some markers at random.

Here is my suggestion:
Reinstate Street Cleaning Rules for one week, after a major snow event, to facilitate snow removal. And I mean removal by wheel loader and dump truck. Why are workers being paid to remove markers instead of snow!?

Preferential Treatment

Unless Boston passed some new “Preferred Traction” law for the Back Bay I don’t see a reason for South Boston’s street corners and crosswalks to be totally iced up two weeks after a storm and in the Back Bay you can pretty much eat off any curb you see because it’s so well cared for.

Thanks,

IG

Photos: John Tlumacki, David L. Ryan, Boston Globe

GrandCentralApartments.com created a rent calculator to make budgeting for your rent simple.

Keep in mind your responsibility for utilities. Obviously the best case scenario is finding an apartment where the rent includes all utilities. If not, be sure to get an idea of what your heating bill, electric, phone, cable and internet expenses will be and factor that into your budget as well. Your landlord should be able to help you estimate your utilities.

A recent article in the Boston Globe reported that the amount of low-income renters that spend upwards of 50% of their income on rent increased dramatically over the last 8 years (almost doubled).

Low income refers to people making no less then the minimum wage and no more then 120% of the median income for an area.

IG