Apartment landlords across the U.S. struggled through a tough first quarter as a slowdown in the rental market grew worse.
Rents in the first quarter declined or were flat in 28 of the 79 metropolitan areas covered by Reis Inc., including New York, Portland, Denver, Boston, Los Angeles and Washington, D.C. That was up from 14 markets with lower or flat rents in the fourth quarter.
Average rents nationwide, meanwhile, increased 3.1% in the first quarter compared with a year earlier, down from the more than 5% growth they posted a year ago, according to Reis.
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What makes a city livable? People have differing views, but for many city-dwellers, proximity to restaurants, grocery stores, parks and jobs are some of the key perks of urban living, especially if those destinations are accessible without a car. According to recent Redfin research, the construction of parking spaces for residential properties is starting to wane, as is the number of families who own two cars. And as traffic concerns and commute times rise across the country, many people are opting out of car ownership entirely.
Redfin compiled the latest Walk Score rankings to see which U.S. cities with populations greater than 300,000 have the highest composite Walk Score, Transit Score and Bike Score rankings. These are places where you could forgo having a car and still be able to get around town in a variety of ways, whether it be by foot, bike or public transit. And while not all cities are created equal, each of these 10 cities has infrastructure to support a car-free lifestyle.
San FranciscoNew YorkBostonWashington D.C.PhiladelphiaChicagoMinneapolisMiamiSeattleOakland
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Boston is known for so much more than just the Red Sox and the local accent. The historic metro is the largest city in New England, with a plethora of things to do for both natives and tourists. Boston pride goes strong for anyone who calls the city home sweet home. We decided to dig into some data to find out which parts are heating up in 2017 for anyone looking to put down roots in the hottest neighborhoods in Greater Boston.
Redfin’s predictions for Greater Boston’s hottest neighborhoods are based on the most recent growth we’ve seen in pageviews and favorites. We checked in with Redfin agents in the area to find out what’s been driving these trends.
1. Edgeworth (Malden)Median Sale Price: $ 431,000Median Days on Market: 12.5Average Sale-to-List: 106.4%
2. Downtown Everett (Everett)Median Sale Price: $650,000Median Days on Market: 28Median Sale-to-List: 100.5%
3. Maplewood (Malden)Median Sale Price: $457,500Median Days on Market: 16Median Sale-to-List: 101.3%
4. West Quincy (Quincy)Median Sale Price: $450,000Median Days on Market: 26Median Sale-to-List: 97.8%
5. North Medford (Medford)Median Sale Price: $442,250Median Days on Market: 9Median Sale-to-List: 101.7%
“It’s a seller’s market, but the catch is, most sellers need to buy as well,” said Eileen Lorway, a Redfin real estate agent in the Boston area. “This is a conversation I have with many clients at our first meeting. We discuss options like ‘seller to find suitable housing’ contingencies for the sale contract, ‘purchase contingent on sale of current home’ options for the buy offer, rental options, stay-with-family options and bridge loans. Sellers who are buying need to think outside the box a little bit. It’s not easy, but we often do end up closing on sale and purchase on the same day.”
“I also encourage sellers who are also buyers to think about selling first. They should consider temporary rental options, or moving in with relatives after they sell. Then they will be able to take the time they need to find their dream house, know exactly what they’ll have to work with financially, and won’t end up adding unnecessary contingencies to offers, which will give them a better chance to get the home,” said Lorway.