The numbers for Lawrence
| Measure | Lawrence | Massachusetts |
|---|---|---|
| Units in 2-unit buildings | 4,943 | 282,603 |
| Units in 3- and 4-unit buildings | 9,092 | 323,934 |
| All units in 2-4 unit buildings | 14,035 (rank 8 of 351) | 606,537 |
| Share of all housing units | 44.1% (rank 4 among the 30 places with 20,000+ units) | 20.0% |
| Units built 1939 or earlier | 44.4% | 30.5% |
| Units built 1979 or earlier | 77.5% | 67.4% |
| Households that rent | 71.9% | 37.5% |
| Median value, owner-occupied homes (all types) | $415,200 | n/a |
| Median gross rent | $1,662 a month | n/a |
Counts are housing units in buildings with 2, 3 or 4 units (Census table B25024), not buildings and not parcels; a three-family counts as three units. They are survey estimates with a margin of error (for large cities about 1 to 8 percent of the 2-4 unit count). The median value is what owners say their home is worth across all home types, not a sale price and not the price of a two- or three-family.
What this means if you own one in Lawrence
Lawrence has 14,035 units in two-to-four-unit buildings, 9,092 of them in three- and four-unit buildings. The median rent of $1,662 is higher than Worcester, Springfield or New Bedford, and the median owner-occupied value is $415,200. That favors investors who price off rent.
With so many renters, read the tenant steps before the first showing: selling with tenants in place.
Steps that apply in Lawrence
- Fire department certificate. The Lawrence Fire Department inspects smoke and carbon monoxide alarms before a sale or transfer (MGL c.148 s.26F and s.26F1/2). Ask for the date as soon as you have a closing date. See the smoke and CO certificate.
- Lead notice. For a building built before 1978, give the buyer the Property Transfer Lead Paint Notification before the buyer signs the purchase and sale agreement. See lead paint when you sell.
- Tenants and deposits. Deposits and last month's rent move to the buyer, who must notify each tenant in writing within 45 days (MGL c.186 s.15B). See selling with tenants in place.
- Tenants first. Collect a rent roll, copies of leases and where each deposit is held before you list. With a renter share this high, buyers and their lenders will ask for them first.