MORE about stretch code and 3 deckers

Another great 3 decker article. You can read it here. I have to agree with Mike DeLuca on this one. The costs to convert old houses to electric is substantial; even with a gut renovation, it might be $30k more than traditional heating/AC systems.

Impact of Electrification on Tenants

What does this do? Well, as mentioned in the article, if the cost is borne by a non-profit that can afford to keep the rents low, then those tenants can benefit from the improved house. However, in reality, owners of buildings need to conduct a cost-benefit analysis. The more money they invest into the house, the more they need to charge in rent, which eventually raises rents for the tenants.

Concerns About Property Improvements

Some might argue that owners should not even improve their buildings, because when they do, it ultimately raises rents. You will probably have seen that rents have skyrocketed over the past 5 years. A lot of this increase is attributable to new owners who have come to the city and improved properties. They need to get a return on their investment. This has caused a rising tide that has lifted the prices of all 3 deckers, and in turn, all rents.

Future of Worcester Properties

This electrification movement will serve to further improve the quality and value of Worcester properties, and in turn, rents will continue to rise.

Original post: Bigger Pockets