Boston Apartment Rental Guide
Searching for a great rental apartment in Boston is often thought of as finding the proverbial needle in a haystack. However, with the proper guidance, you will find that the process is not nearly as complicated as some would have you think.
If you are serious about finding an apartment, we suggest that you use a seasoned real estate agent to guide you through the process. Experienced agents have the resources and know how to navigate the fast moving Boston real estate market. It is essential to work with an agent that you trust and that you have an open line of communication with.
Knowing What You Want
Boston offers some of the most varied housing options anywhere; as a result, you have many excellent options. Thus, it is important to focus in on some specifics in order to make your search as productive as possible. Some of the key elements that you should resolve early on are as follows:
1. Your budget - For obvious reasons, this is probably the single most important factor. The price of an apartment depends on a variety of factors - size, location, condition, and features, among others. It is critical that you determine your budget at the outset. As a general guideline:
- Studios range from $1,000 to $1,600 per month
- One bedrooms range from $1,200 to $2,200 per month
- Two bedrooms range from $1,600 to $2,800 per month
- Three bedrooms range from $2,100 to $3,500 per month
2. Neighborhoods of interest - Boston has dozens of neighborhoods, each with its own flavor and personality. A number of factors can effect where you live: you might want to be close to work or school; maybe being close to public transportation is important; perhaps being close to great restaurants and cafes is key. The good news is that Boston offers something for everyone - if you are not that familiar with the city, please review our neighborhood guide.
3. Apartment size and features - Do you need a one or two bedroom apartment? A large living area? A dining room or a home office? Are great views important? Do you need parking? Do you have a pet? While determining which features are important, always keep in mind that there is a price for each one and therefore prioritize them based on how much you are willing to pay for each.
Benefits of Using a Real Estate Agent
Quite simply, it is very difficult to find the ideal apartment without a real estate agent. The Boston market is large and complex and moves very quickly; trying to navigate it on your own is a formidable challenge. Brokers live and breathe the market - most people rent an apartment every few years, while brokers are renting every day. Thus, the experience and knowledge they bring is invaluable and impossible to get elsewhere. In addition, many Boston apartments are rented exclusively through brokers. This means that in order to rent such apartments, you must use a broker. As we strive to have the most up to date database in the city, you are sure to have access to the an accurate list of available apartment rentals.
The Cost of Using a Real Estate Agent
In most cases, when renting an apartment in Boston through a broker, you will have to pay a commission usually equal to one month’s rent. In some cases, the landlord may cover part or all of this cost in order to attract tenants.
Be Loyal to Your Broker
Broker loyalty (i.e. only working with a single agent) is an important factor in finding a great apartment. Most agents work incredibly hard to find you that perfect apartment. They are motivated to do this in the hopes that, if they are successful, a transaction will be consummated at which time they will be compensated for their efforts. Working with more than one broker at a time does not increase options or efficiencies. In fact, this behavior tends to dilute the process, putting yourself at a competitive disadvantage versus other apartment renters; your broker will not be as motivated as those brokers whose renters are exclusively committed to renting an apartment. In reality, although every agency in Boston claims to have “the best” or “the most” listings, most have access to virtually the same exact list of landlords. The best thing you can do is to work exclusively with a single broker and make sure they understand that you are committed to working with them. Of course, the goal here is to find the perfect apartment.
A Few Points About Apartment Hunting
- When to Start Looking - You should begin to look for an apartment as soon as you determine your budget and desired move in date. Our office receives listings for September starting mid-January. We have found that more often than not, clients are forced to choose a Boston apartment due to time restraints. If we know what you're looking for early in the game, you have access to a larger number of apartment rentals.
- When Looking at an Apartment - Be prepared to rent the apartment on the spot. In the current market, great rental apartments rarely stay available for more than a couple of days. If you are not prepared to rent an apartment, do not bother visiting any. By the time you’ve decided to rent later on, there is a high likelihood that those same apartments won’t be available anymore
- Bring the following: present and former landlord information; pay stubs; personal reference contacts; and a checkbook.
- Be prepared to put down a deposit of one month's rent as a sign of good faith to the landlord. This is necessary to take an apartment off of the market.
- Thoroughly check the apartment, the building, and the surrounding neighborhood. The more thorough you are the greater you reduce the risk of a surprise.
- Define who is responsible for utilities (heat, hot water, electricity, parking)
- Ask about move in costs (first months rent, security deposit, last months rent, fee situation, key deposits, ect.)
- Ask any other questions that are on your mind.
Rental Requirements
Requirements vary based on the owner and the building. The following are a few general guidelines that apply in most cases:
- You will need to show an income of at least three times the annual rent (unless you are relying on a cosigner).
- You must sign the agency disclosure document stating the relationship of the agent to client and the fee situation.
- You must show a secure and stable employment history.
- You must have good credit history or a co-signer with the same.
- You must have a social security number or the correct international paperwork.
- You must show a good rental history.
- All students must have a guarantor to co-sign their lease. Some buildings do not allow undergraduate students to rent.
Applying for an Apartment and Signing a Lease
Once you have found an apartment, the next step is to apply and then sign the lease. A few things to keep in mind:
- Bring all paper work and money required including: employment and income verifications, pay-stubs, and at least one month's rent in form of a check or credit card.
- When filling out the application, make sure you keep in mind all the specific requirements that the landlord was looking for: your income, employment, living preferences, etc. Your goal is to convince the landlord that you are the right tenant for him/her. This document is your first impression, write neatly and present yourself as a viable candidate
- You will need to leave a deposit equal to one month's rent which is fully refundable in case your application is not accepted.
- Once your application is accepted, you are bound to the apartment you are applying for. If you decide to back out at this point, your deposit becomes forfeit to the landlord.
- It usually takes anywhere from an hour to a week to hear back from a landlord. Once you have been accepted for your Boston apartment, you can now go ahead with the lease signing.
- Read the entire lease and make sure you understand key elements such as: rent amount, term of lease, utilities, maintenance, pets, garbage, etc.
Any other questions?
Just call an All Access Boston representative at 617-206-4566!
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