Boston is an amazing place to live. Full of amazing restaurants, bars, activities, and top tier higher education, it is unlikely you will regret moving to this city. With that being said, Boston’s rental market is very difficult to navigate if you do not have any prior experience and expert guidance. Here are a few things you should know before starting your apartment search.
The Market Moves QUICKLY
In the city, it can be super frustrating how quickly apartments will get rented. Sometimes, you may even go see an apartment and have it get rented right before, during, or immediately after the showing, before you’ve had a chance to even consider starting the application process. There are thousands of people who likely have a similar criteria and budget as you, and as such, will be competing with you for apartments. In addition, multiple real estate brokerages have the same listings, so a real estate agent typically cannot do anything to hold the apartment for you and is working with the same urgency as you are.
Because of this, I strongly recommend that you go into your apartment search with documents ready to send over to your agent after the showing. That way, you can get everything sent over to your agent and applications signed quickly to best secure the apartment.
Some documents that you should have ready from you, your guarantor, and all of your roommates may include:
- Government issued ID
- Proof of Income
- Proof of Schooling (If applicable)
- VISA documents (If applicable)
By having everything ready, you set yourself up in the best position to secure the apartment you want.
Boston Works On A September 1st Cycle
Something that always catches newcomers off guard is Boston’s student-centered move-in cycle. When moving to Boston, it is important to understand that the majority of apartments will be available on September 1st, and having a move-in date before or after September will limit your apartment options.
Along with this, since 9/1 is such a popular move in, you will be competing with the majority of Boston movers on this date, making the market a little bit quicker paced than if there were scattered move in options.
The Move In Cost Is Expensive
The move-in cost in Boston is typically up to 4 month’s worth of rent up front and a possible key deposit or move-in fee if you are moving into a condo association. The 4 month’s worth of rent is usually based off these fees:
- First month’s rent
- Last month’s rent
- Security Deposit
- Broker’s Fee
The key fee can range from $25-$200, approximately. Therefore, it is important to have a good amount of savings up front when moving into an apartment in Boston.
With that being said, there are plenty of apartments in the city that do not take all of these costs up front. Some may have a combination of these 4 fees rather than all four at once, but it’s important to prepare for the worst in this scenario.
Having Roommates Is the Best Way to Save Money
For the final tip, I wanted to point out that having roommates is likely the best way to save money when renting in the city. Typically, a 3 bedroom split between 3 roommates will be more cost effective than a 1 bedroom or studio paid off by one person, so roommates may be worth looking into if you are working with a tighter budget.
Final Words
While this may all sound intimidating, don’t let the complexity of the rental process stop you from experiencing living in one of the greatest cities in the world. With the help of a seasoned leasing agent and some prior preparation, the entire rental process can be very quick, smooth, and easy.
