Here are some things you will need to think of when you rent an apartment in Boston.
Determine your apartment rental budget
Before you start your search to find a rental apartment it’s important to figure out what you can afford to spend. Don’t forget other monthly expenses such as telephone/electric, food/dining out, furnishings for the apartment, clothing/dry cleaning, entertainment, etc. The average person spends 25% to 35% of their monthly paycheck on rent. Most landlords require your rent not be more than 35% of your monthly income.
Organize & prepare the necessary information
- Letter of employment and salary verification or contact information of someone at your work place who can verify your employment and income.
- If you are self-employed you will be required to prove you are a financially qualified tenant. Bank statements or tax returns might be required or verification of sources of income
- Personal identification with photograph
- Names, addresses and phone numbers of previous landlords
If you see an apartment you like, be prepared to make a commitment quickly. The pace of the apartment rental market is totally different from that of the sales market. Characteristically, a renter is operating on a deadline that requires a keen sense of timing and quick decisions. Begin the rental search 45-60 days before the move in date.
Submit an application
Most landlords require an application to be submitted so credit checks can be made.
This application usually requires the name, address, and phone number of:
- the applicant
- applicant’s employer last landlords
- and/or guarantor
If financial conditions are not met, a landlord may require a lease cosigner, or guarantor. Landlords prefer guarantors to be family members who live and own property in Massachusetts.
Sign a lease & money issues
Be prepared to write out checks. One months rent is required with the application. When the lessee signs the lease, the following fees are paid on separate checks:
- the first month’s rent
- the security deposit (usually 1 month rent)
- the real estate fee: one month rent
- To sign the lease, you will need some form of personal identification, preferably a driver’s license or a passport.
Move in!
The landlord may require advanced notice to schedule the move in or out of your personal belongings. Check with the rental agent for details.
The process of securing an apartment can take just a few days, or a few weeks, depending on variables such as approvals, employment references, landlords time constraints, etc.