Massachusetts was one of the original 13 colonies and played an extremely important part in the history of our country. Today, Boston and the surrounding area still retain its old world charm, but it is also a leader in modern technology, medical care, professional sports and higher education. The area is home to more than 50 colleges, universities and other institutions of higher learning. The need to house students as well as a significant portion of the rest of the local population has created a great need for rental housing.
While the Eastern portion of the State has a larger and more concentrated population, out in Western Massachusetts, in cities like Springfield, there are plenty of people who also choose to rent. Given a large population that wants to rent and a large number of property owners who are willing to rent out their properties, the rental market works very well in Massachusetts.
BENEFITS FOR THE RENTER
Students are looking for an affordable place to stay during the school year. While some want to stay year round, most students leave for the summer and return when the New Year starts around September. By either renting a small 1 bedroom or studio apartment or perhaps sharing a house with 3 or 4 roommates, housing costs can be kept at an affordable level. Around almost every college campus, there are almost always plenty of private homes and apartments available for rent.
For more permanent residents, renting allows for greater flexibility. Unlike home ownership, one is only committed to stay until the end of the lease. As a homeowner, you may not be able to move until you can sell your house. In addition to more freedom, you also enjoy a lifestyle with less responsibility. If something breaks down or needs to be repaired, just call the landlord.
BENEFITS FOR THE PROPERTY OWNER
Renting property is a chance to generate income and build equity in your property. If you can rent your property for at least an amount to offset your mortgage, you are doing okay. Anything over that amount can go right into your pocket. There are also a number of tax deductions that can help reduce your taxable income.
PRIVATE RENTALS VS. PROFESSIONALLY MANAGED RENTALS
As a person seeking to rent a place to live, it is usually cheaper and easier to find a place being offered for rent by a private owner. Professionally managed apartment buildings often require expensive applications, references and scrutiny about your credit and other personal history. Most homeowners, who are just looking for a little extra income by renting out a room or small apartment, conduct a brief interview. As long as you seem like a reasonable person and have the money required to move in, you can usually get a lease with very little additional effort. The advantage of renting from a professional property manager is that when something goes wrong or needs to be fixed, you usually have less hassle dealing with the professional instead of an inexperienced landlord.