Water and Your Tenant

Owners of residential properties are allowed to install submeters for water and sewer usage in their rental units.  This law was passed in 2005 and many homeowners are still under the misconception that they must provide water and sewer service and therefore bear the costs for such services.  Not true, although there are caveats on how this submetering can be accomplished.  A submeter can be installed (unless there is a separate meter already in place for just the individual dwelling unit) when the dwelling is being occupied for the first time; or the previous tenant vacated the dwelling voluntarily.  You can not change during an existing tenancy.  The owner must also install water conservation devices and must send a certificate of compliance to the local board of health.  This certification must include a statement that the dwelling is eligible for the charging the tenant for water and sewer usage, that all the required devices for water conservation have been installed by a licensed plumber and that the water submeter (if needed) was installed by a licensed plumber.  Further, the submeter or meter must service only the individual dwelling unit.  The lease agreement must clearly state that the tenant will be responsible for paying these costs and state the method for billing and payment.  Be careful - owners who do not follow the law may be liable under Consumer Protection Laws.  So, if you own a rental property in an area where water and sewer use fees are high, you may consider this a worthwhile process to go through.  It also encourages your tenants to be conservative in their water use, something we all benefit from.  (Mass Law - An Act Authorizing Water Submetering In Residential Tenancies).

Your real estate market news.

Recent news on your real estate market.

Lawrence Yun, NAR Chief Economist, states, "The housing market is clearly superior this year compared with the past four years. The latest increase in home contract signings marks 13 consecutive months of year-over-year gains."     - According to NAR, the housing affordability index has rose to a record high 206.1, the highest level since record keeping began in 1970. NAR President, Moe Veissi stated, "This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home."          - According to a recent article in the Cape Cod Times, provided by Bloomberg News, new home construction rose in June to the highest level in almost 4 years, indicating that the residential real estate market is strengthening.

Real Estate News on Martha's Vineyard - July 5th
17 new listings came on the market on the Island in the last 7 days (via LINKMV).  The average price = $2,409,647 with a median price of $1,287,500
7 properties had price reductions in the last 7 days with an average days on the market of 140.
9 properties SOLD in the last 7 days with an average sale price of $1,050,778, a median price of $790,000 and average Days on Market of 275.

So, we can conclude that there is a lot of property for sale on the Island, prices continue to moderate and it's still taking a fairly long time for properties to sell.

The weather has been spectacular here - come for a visit!  We handle rentals as well as sales.