Boston Apartment Rental Guide

The Boston rental market is extremely fluid. The "in demand" neighborhood availability fluctuates with the month. The month's availability is transitional depending on price point. A seemingly endless variety of factors can affect your rental search differently from year to year. The most important tool in your rental arsenal is the guidance of a knowledgeable real estate broker. The Boston Proper Group has been practicing real estate through multiple market cycles. We have the experience and contact base to make your rental goals a reality.

Below is a concise guide to renting in the Boston area. Let us help you begin your search for the perfect apartment with a little insight into how the process works.

Step 1 - Prioritizing Your Goals

We all have our vision of the perfect apartment. Depending on your goals and financial flexibility, your dream home may be within your grasp. However, it is important to remember when renting over buying that your vision is limited heavily by the current inventory. While a condo can be renovated and redesigned after purchasing, a rental is in essence a case of "what you see is what you get". A landlord is not going to want to commit to upgrades that aren't in their financial plan. As a result, as the consumer, we must prioritize our goals so that if that perfect apartment isn't a possibility, we can be ready to decide which rental is best suited to our needs based on actual availability. Remember, the Boston rental market moves extremely quickly (only surpassed in turnover speed by Manhattan) so one must be ready to pull the trigger on the right apartment the moment they see it. To not have our goals in order is to invite losing even another priority to availability.

Step 2 - Contacting Your Broker And Preparing For A Showing

Now that we know exactly what we want, it is time to communicate those goals to your real estate broker. Be as thorough as possible so that your agent can tailor your showing properly. The more fine tuned we can become, the quicker we can pinpoint the right home for you. This is another function of staying a step ahead of the Boston rental market. If we can get you into that apartment first, you have the best chance of being the first to apply for it. At the same time, you need to be prepared for your showing in order to take advantage of our head start. Be sure to bring a checkbook as you will need to put down a deposit with your application. The size of the deposit can vary on the landlord's policies but anticipate having to put at least one month's rent down. We will also have to run your credit score and show that you have sufficient income to pay the rent. Boston landlords typically want to see that an applicant make three times the rent monthly. If your income is not sufficient for the price range you would like to be in, or if your credit is not in good standing, be prepared to have someone cosign for you.

Step 3 - The Apartment Showing

Assuming that we've really drilled down your priorities, your apartment showing should include anywhere from three to five apartments. Of course, sometimes there are more or less depending on market availability, but if we've been specific enough, your agent should be able to rule out all but a handful of units that match your exact need. You'll want to schedule around two hours for the showing itself. Make sure to have EVERYONE who is going to be living in the apartment present on the showing. They are going to want to see the unit before applying (even if they say otherwise, that will change last minute...it happens every time). If we have to wait another day or so for another person to make time, you are going to be disappointed when the apartment rents in the interim.

Step 4 - The Application & Lease Signing Process

The paperwork involved in the application process can differ from landlord to landlord. The spirit of the application is always very similar, however. The landlord will want to know your personal information (name and contact info). You'll also be required to list current and past addresses and landlords for background checks. You social security number will be mandatory in order to run your credit score. This is one of the most important factors to a landlord as your credit worthiness shows that you will be dependable to pay the rent on time (and thus not be a risk on their real estate investment). Any cosigners will have similar information required of them. A deposit will need to be put down with the application. The amount can vary but it is most commonly an amount equal to one month's rent (which will then be applied to first month's rent if an applicant is approved, refunded if not).

Once applicants are approved, it is time to sign the lease, any additional addenda, and pay the balance of deposits due on the rental. The Standard RHA Apartment Lease is used by the majority of landlords in Massachusetts. Some landlords do have their own leases, but again, this paperwork will be quite similar in spirit to the standard RHA. Additional addenda can include a Massachusetts Tenant Lead Law Notification and Certification Form, a Mold Addendum, and any other addenda drawn up by the landlord to be considered part of the lease. Your real estate agent will sit down with you to go over the paperwork and walk you through the signature process. They will also collect the outstanding balance which can include a security deposit, a deposit for last month's rent, a key or cleaning fee, and any fees due to the broker.

Step 5 - Moving In

Expect to be given the keys to your new apartment anywhere between 10am and noon on the day of move-in. Landlords restrict your broker from releasing them any earlier as they need to time to ensure that the unit is properly turned over. Most Boston renters move on the first of the month. As a result, these days can be quite stressful so it best to have your moving arrangements planned far ahead of time. Know when to expect your keys far in advance so that it isn't a shock on moving day. Reserve a truck months in advance or you might find yourself out of options. Reach out to your broker with any questions so that you can have the smoothest experience possible.

Last Thoughts

Boston is a city of renters. The process can seem overwhelming but the assistance of an experienced and trusted real estate broker can help you navigate the market with ease. To begin your apartment search, contact The Boston Proper Group today. We will make sure that your rental goals are realized.