We don't have to tell you things are bad, everyone knows things are bad. It's a landlord's market. Everybody's out looking for apartments or scared of losing the one they have. Well, that reality and those notions are fueling a resurgence in the trading of triple-deckers. Quite simply, with rents going up (way the heck up in some cases) and all that new construction months or years from coming online, owners of triple-deckers are upping their prices—and getting them from investors eager to get in on the torrid rental market. Broker Dave Bates breaks it down: "Recently, my quick survey of Boston 2-4 Family Buildings under agreements for the first five months of 2012, shows prospective transactions are up 23%. Median list prices for those properties are up 3% ($345K)."
Bates cautions, though, that this ain't like 2005, when dozens of triple-deckers might have hit the market in a given month, with half above $500K. Still, the trading's a lot brisker than three years ago and sure to quicken if the coming rental season's as tight and maddening as usual. In fact, we're willing to hazard that, unless there's another recession any time soon and even with all the new construction, this trend will continue. See, the Hub just doesn't build the way other big-time metro areas build.
· Land of the Bean and Cod, Market of the Triple-Decker [Bates]
· Here's a Ritz PH for $30K a Month—It May Already Be Rented [Curbed Boston]
· Where Boston Apartment Rents Are Headed: Way Up [Curbed Boston]
· Boston's 5,000 New Apartments Won't Mean Lower Rents [Curbed Boston]
· Why the Hub Housing Market Could Get Worse, Much Worse [Curbed Boston]