Tips to Renting in Boston

The Boston rental market is a bit unique and catches many people unaware. Our rents are among the highest in the country and you may be a bit surprised at what you get – or don’t get – for your money. Boston Apartment Renting Tips

Despite that, the market moves very quickly. Often a great apartment will become available and then be rented within a matter of hours. If you see a place that you like, it’s best to act quickly to reserve the apartment. Usually a check for one month’s rent and a rental application is required to take the apartment off the market. Look below for the ‘What to Bring’ section so you’ll be ready to go.

Unless you want to spend your life on Craigslist or driving around the neighborhoods, you will most likely end up working with a real estate agent. Most agents have access to the same group of apartments so it’s best to find one agent that you like working with and stick with them. Even if you have to go out a few times, you have a much better chance of finding a great place once the agent gets to know you a bit. Be sure to tell them anything that’s important to you. Don’t just assume that every apartment will have a nice kitchen, for example. If you love to cook, let the realtor know that a great kitchen is part of your criteria.

Be sure to check and see if the agent is legit. This link will allow you to search for them and be sure that their license is current. It will also tell you if they’ve had any disciplinary action taking since 1993. http://license.reg.state.ma.us/public/licque.asp?query=personal&color=red&board=RE

What’s important – Every LL has his or her hot button, but most are concerned about credit. If the prospective tenant has a low credit score, not only is the LL worried about being paid in a timely fashion, he also has nothing to use to get the tenant to pay. When rent is not paid promptly, the LL can send a letter to the credit bureau. This will impact your credit score. If you already have bad credit. they figure you won’t be worried about one more bad report. Be sure to let your realtor know if your credit is not too great so they can focus on landlords that aren’t as concerned about that. Also speak to your friends and family and see if anyone would be willing to cosign for you.

Income requirements – For professionals, most LLs require that you make 3x the monthly rent, so to rent a $1500 apartment, you’d need to gross $4500 a month. If you don’t, some LLs will allow you to get a cosigner. For students, unless you have a stipend or a good job, expect to have a cosigner. Speak to this person ahead of time so that when you find the right place, you can reserve it.

What to Bring – If you’re meeting with realtors and are ready to rent, be sure to bring the following with you to the meeting: Photo ID, Pay Stub (professionals) or Transcript (students), and Checkbook. Contact info for your job and previous LLs is also required. If you’re having a cosigner, be sure to have his or her contact info handy.

Phoenix Realty has been matching up people and apartments in Boston for many years. We’re experts in navigating the market. Let us help you find the perfect home! 617.731.3311

Photo credit: http://freshome.com/

Monday, September 14th, 2009 Apartment Rentals, Boston, Boston Apartments for Rent, Boston Real Estate, Boston Rental Property, Renter's Guide

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