Renter's Guide
Here are some frequently asked questions regarding renting an apartment in the Boston area. If you have any further questions please fill out our contact us form and a real estate agent who has access to thousands of the best apartments in Boston will get in touch with you. Also, browse our large database of Boston rental property to find your dream apartment today.
When should I start looking?
If you are looking to move on any other date than September 1st, you should begin looking no more than two months before the anticipated lease start date. Most landlords require only thirty to sixty days’ notice of lease renewal from their tenants. Hence, the agents will not have many listings to show you if you look too early. In addition, landlords become more negotiable the closer to the move date you apply for an apartment (vacant apartments especially). September 1st is the exception to the rule and the time to begin your search depends on what you are looking for. Larger groups of Boston students should start looking for apartments as early as September of the previous year. Larger groups of students; 3, 4, 5+ bedrooms, will find the best selection of apartments for them will become available as early as January. Two and three bedroom apartments throughout the city will be listed as early as March, and studios and one bedroom apartments will be listed in the beginning of May.
Additional apartments of all sizes will continuously be added to the market from January through August, but the above guidelines will help you time your search for when the best options are available to you. Keep in mind that the best deals (nice apartments at good prices) will ALWAYS rent quickly. You will know an apartment is right for you when you step into it and everything feels right. When this happens, be prepared to rent the apartment or you might lose it to another group of apartment hunters.
What if I don’t see a listing I like online?
Don’t worry! The listings online are meant to be a starting point for you to become more acquainted with the market. Our online database is updated almost every day and has been designed towards ease of use, but the agents at Phoenix Realty have actually been to most of the apartments listed and can give you details not found online. More importantly, the agents have the ability to find apartments not publicly available thanks to our extensive landlord database containing over 20,000 additional apartments.
How much does it cost to use a Realtor?
Real Estate agents collect a fee equal to one months’ rent on all apartments they rent. However, due to the depressed rental market and the vast number of apartments available, most landlords have been paying this “Realtor Fee” on behalf of the applicants for apartments listed for immediate occupancy or occupancy within the next couple of months. There are some instances where the landlord has reduced the price of the rental so low that he or she will only pay half of the “Realtor Fee”. For September 1st, tenants should expect to pay the full fee of one months’ rent. There are exceptions to this, but landlords with the most desirable apartments know this and will generally not pay the fee.
What do I do once I have found an apartment I like?
Once you have found an apartment, you should be ready to apply for it. An application is only considered complete once the application form, all supporting documentation which can include, but is not limited to, employment verification, proof of enrollment, a notarized guarantor form and a deposit for the apartment have been submitted to the landlord. In most cases apartments can be put on “hold” for an applicant with just the application form and a deposit equal to one months’ rent while the remaining documentation is completed.
What does a landlord base their decision on to approve my application?
Landlords base their decisions on the information they collect from you on your application. In order to qualify for an apartment, an applicant should have good credit and demonstrate the ability to pay rent. Your credit will be checked using your social security number so you must have one to qualify on your own.
What if I have bad credit or don’t have income?
In the event that you cannot show a strong credit history or financial stability, a guarantor can be used to guarantee the timely payment of rent.
What is a guarantor and who can be one?
A guarantor is someone who is willing to assure the landlord that rent will be paid timely. A guarantor should have a strong credit history and be financially stable enough to afford not only your rent but their cost of living as well. This person does not have to be a family member.
What can I use for employment verification?
An employment offer, letter from your company on your company’s letterhead, tax returns, or bank statements can all be used to demonstrate an ability to afford rent.
How much money does it cost to rent an apartment?
The cost of renting an apartment is very negotiable these days. It can be as much as four times the monthly rent of the apartment and as little as one month’s rent. The potential costs of renting can include:
•First month’s rent
•Last month’s rent
•Security deposit
•Key deposit
•Application Fee
•Realtor Fee
At Phoenix Realty we can negotiate very favorable terms. The majority of recent renters through Phoenix Realty have paid only two to two-and-a-half times the monthly rent.
Unfortunately, students renting apartments in Boston will be expected to pay First Month’s Rent, Last Month’s Rent Deposit, a Security Deposit, and the Realtor Fee. Usually we can spread these payments out so that you don’t have to come up with all the money ahead of time. If you or your parents have any questions regarding this please do not hesitate to contact one our Rental Agents.
What are acceptable forms of payment?
At Phoenix Realty we are able to take almost any form of payment available. Personal checks are most common, but credit cards, electronic transfers, cash, money orders, and cashier’s checks are all accepted. If you are planning to take occupancy within two weeks of applying for an apartment, cleared funds (cash, money orders, credit cards, and cashier’s checks) are required.
Additional Resources:
Top 10 things you should know before renting