In Boston, MA multifamily rental properties are overtaking the demand for single family rentals. This is great news for local commercial real estate investors. The reasons for the attraction to Boston, MA multifamily rental properties are numerous, but there are some major ones which are in line with national trends.
Boston, MA Multifamily Rental Properties Make Economic Sense
Just a few years ago, the single family rental market was still strong. Since then, then demand has declined, as most people who want single family residences are more likely to purchase homes. Boston, MA multifamily rental properties offer more in the way of proximity to schools, shopping, work, and healthcare than single family rentals. Also, maintenance is usually on-hand in case something breaks, rather than having to schedule visits which can take days.
Boston, MA Multifamily Rental Properties Offer A Financial Buffer
With single family rentals, there is a built-in drawback with tenants. If a tenant leaves, the time it takes to screen new occupants and fill the vacancy can take time. For independent commercial property investors in the Boston area, one month without revenue can put a big strain on cash flow. Boston, MA multifamily rental properties offer a financial buffer. By owning a building with multiple units, if a tenant leaves, the other units are still generating revenue. A vacant unit does not impact cash flow as much as having an entire property without tenants.
Tax Breaks For Boston Commercial Real Estate Investors
The city of Boston, as well as the state of Massachusetts both have incentives for commercial real estate investors looking to purchase and renovate multifamily rental properties. These tax incentives exist because Boston, MA multifamily rental properties have a big draw to residents. With the convenience to the venues mentioned above, the local and state governments know that tenants will be spending money in the Boston area, which translates to tax revenue to both the city and state.
Financing Multifamily Rental Properties
Clipper Commercial Capital provides a wide range of financing programs for multifamily rental properties in the Boston area. Whether you are purchasing a duplex, renovating an apartment building, building a large complex form the ground up, or anything in between, we have you covered. Clipper Commercial Capital can also help with refinancing multifamily rental properties in Boston, MA. Contact our team today to learn more.