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Phoenix Realty > Renters Handbook |
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If you are looking to move on any other
date than September 1, 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 College Students should
start looking for apartments as early as September of
the previous year. Larger groups of Boston University
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 apt's. 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.
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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.
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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.
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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.
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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.
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In the event that you cannot show a
strong credit history or financial stability, as is the
case for many renters in Boston, a guarantor can be used
to guarantee the timely payment of rent.
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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.
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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.
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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.
Again, due to the depressed rental market in Boston,
most landlords are trying to keep this cost down for
you! 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 Months Rent, Last Months
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.
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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.
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