In Boston’s brutal rental market, the final insult: bidding wars

boston.com

12 points·pg_1234··5 comments

Location Location Location is not everything it's cracked up to be... or maybe it is. I moved to one of the cheapest places in the country a few years ago and I've been buying real estate like mad. Granted, the crime is horrific and most of the houses I've bought are dumps, but the price was so low!? I just don't understand what's going on here, and elsewhere. I literally bought a small house for less than $400. Not a great house by any means, but still... I feel like either I'm missing something, or everyone else is.

I'm doubling down too. If prices equalize even a little I'll make millions.

That broker's fee that renters (not owners) pay is brutal. Do many other areas in the US have this or is it unique to New England?

It was a thing in NYC last time I rented an apartment there, though that was 15+ years ago. But, it was deeply ingrained enough at that time I can’t imagine it went away, unless it was legislated out of existence.

typical brokers fees in nyc are usually somewhere between 1 month's rent and 15% of annual rent (1.8 months rent)

Yup, that’s consistent with what I remember from back then. I remember having to give my new landlord a check for six or eight grand when I picked up the keys. Sounds about right for first + last + deposit + 1 mo broker’s fee.

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