Student Guide
Boston’s Real Estate market is extremely competitive, especially the rental market. Each year, thousands of people change locations, move to the city, and decide to move off-campus. This puts tremendous pressure on the rental market. From Boston’s 36 colleges alone, an average of 66,000 students demand rental housing, however, Boston’s rental supply runs far short of demand. This is why we feel it prudent for you to be informed of the proper steps involved in securing an apartment.
Steps to Secure An Apartment:
- Choose Your Apartment.
- Fill out a Rental Application. This is for the landlord to review when considering you or your group as future tenants.
- In Boston, all applications must be accompanied by a deposit of ONE MONTH”S RENT. Because time is always against you, it is best to have this money ready in advance, and in secure funds made out to Copley Real Estate.
- If required, send the Guarantor form to your cosigner. All Guarantor forms must be completed, signed and NOTARIZED. Have them FAX a copy immediately to our office and then mail the original documents ASAP.
- Once we have your applications, guarantor forms, credit reports, and leases, we can then take them, ALONG WITH ONE MONTH’S RENT, to the property owner/manager.
- Once the owner accepts an application and all the payments are made, they will be able to sign the lease and the AND ONLY THEN is your apartment secure.
Reasons Why You Lost an Apartment:
· You were not able to get your applications, guarantor forms, and deposit check together in time (while another group was able to).
· Your cosigners decided that they would not cosign your lease. (This happens all the time when parents refuse to cosign or pay deposits. This is why it is imperative for you to first inform your cosigners of your housing needs then get their approval, BEFORE you even begin to search for apartments.)
· You did not follow these instructions. Should you have any questions please ask your agent, or call anyone at our office
Finances Involved with Securing an Apartment:
· Once you find an apartment you like, you will need to put forth an application. There is a $20 processing fee for each application, due at the time you decide to apply.
· In order to secure your apartment, it would be in your best interest if the owner took the apartment off the market to prevent other realtors from showing/renting it. To do this, the owner requires a Deposit equal to One Month’s Rent. This is due the day you decide to put forth an application as most landlords won’t even look at an application unless it is accompanied by a check for one month’s rent.
· If the owner accepts your application, your deposit gets applied to your first month’s rent payment. If the owner rejects your application, your deposit will be returned.
· Should the owner accept your application you will then need to pay him the following over a time period set by the landlord prior to the lease signing.
· Last Month’s Rent
· A Security Deposit
· A Key Deposit
· Broker's Fees
FAQs
What is a co-signer and do I need one?
If you are a student and not working full time you need a cosigner. If working full time you most likely will not need a cosigner but you will need an employment verification letter, prior rental references and good credit. Otherwise, all landlords require a co-signer. If you recently graduated this applies as well. A co-signer is a person who will be responsible for the rent and any damages incurred by the tenants living at a property. This person is usually a parent or guardian but can be anyone financially able and with good credit.
What is the minimum lease period?
In Boston, the minimum lease period is usually one year. However, if you rent an apartment with a start date of March, you may be able to have the lease expire August 31st the same year and then extend it for another year, as long as the lease expires in the summer months prior to September 1st. The reasoning for this is if a landlord has a lease expire after September 1st, the unit may stay vacant all winter long since very few people move after this time.
Will I have to pay a Realtor Fee?
A Realtor Fee is the compensation collected by realtors for helping you land the apartment of your choice. The amount depends a great deal on the economy and housing availability at the time you wish to move. For example, the period of highest demand is for those looking to move on September 1st. As a result, at least half of a real estate agent's fee is usually paid for by the tenant. In contrast, during times of low demand, the landlord will often pay the entire broker fee to help fill a vacant apartment. Also, if you are looking to sign anything less than a one year lease, expect to pay at least part of the fee. While this is the common practice; in the end, the realtor fee is dependent on how much the each owner is willing to pay. The amount collected by a realtor is typically equal to one month's rent.
Who takes care of maintenance?
On the front page of your lease, there will be a phone number for the Landlord/Management Company and or a superintendent. If either the Management Company or superintendent is not present on the lease, you should call your landlord if you have any repair problems.
Who pays for repairs if something breaks?
For normal wear and tear of an apartment, the landlord usually must pay. If appliances break, you must inform the landlord in a timely manner so that he may make repairs to it. The landlord must pay for all general repairs as long as there is no malicious intent. For instance, if you or a guest decide to drop a shot glass into the garbage disposal, you are responsible for the damages. If the refrigerator stops working properly on its own, the landlord will pay for the repairs.
Who pays the utilities?
In most apartments, heat and hot water are paid for by the landlord. In houses, the tenants usually have to pay for the cost of heat and hot water. Make sure you ask your Agent who pays for utilities at each property. You can try to find out the average utilities cost for the apartment. By asking the current tenants, your Agent, or calling the utility companies directly. The utility bills for houses are generally slightly higher for the heat and hot water. But, the costs are usually split among more people, so it works out to about the same as an apartment.
How much should I spend on rent?
There are several factors to consider when deciding on how much to spend on rent per month. First, and most important, is how much you can personally afford. The U.S. Department of Housing and Urban Development (HUD), the U.S. Census Bureau, the Rural Housing Service (RHS), and most state housing departments consider annual housing costs to be "affordable" if they do not exceed 30% of a family's annual income (including utility payments). Second, housing costs vary from state to state or from city to city. What is an appropriate rent in San Francisco, California may be enough to rent two or three apartments in Boise, Idaho. Geographic fluctuations in rent are usually a product of the area's economy and rents are directly tied to the prevailing wages of the area. Finally, the apartment or house itself and its condition, amenities, neighborhood, and proximity to services and employment determine the rent for that property. So as a general rule, you should be living in a home that costs no more than 30% of your salary, has a monthly rental rate comparable to the other building in the area, and has all the qualities you need such as appropriate amenities, good location, and is a clean, safe environment for you and your family.
Renting in Boston
Contacting our office and having one of our agents find an apartment for you gives you the assurance that you will have access to the best apartments on the market in the least amount of time possible. As a matter of fact, listing the best apartments as soon as they become available constitutes more than 50% of our work. This task is one of the most important factors which separates good brokers from the average. In addition, we have also setup special listings-sharing agreements with brokers in other parts of the city to assure that our clients have all of the city's best apartments available to them immediately.
At WEICHERT, REALTORS® - Copley Real Estate, we pride ourselves on getting the best apartments as soon as they become available and providing you excellent and personal assistance in renting them.
When to rent:
The rental market is characterized by a perpetual trade off between the general availability of apartments and the quickness with which they get rented. The more apartments there are on the market the quicker they get rented. From our experience we learned that this (not the price) is the most influential factor in making a rental decision. The largest selection of apartments falls between the months of May and August, with occupancy starting on September 1st (however subletting is always an option). However, it is important to remember that this is also the time when the market is most competitive and good deals don't last very long. Therefore, if you are looking to rent during the summer season be prepared to make quick decisions.
December through January is another period when there is good amount of apartments available. Demand is relatively low and as a result the prices fluctuate. Some good deals can be found during this time.
During all other months the rental activity is rather slow but even though the choices aren't so many most clients prefer that time as they have more time to deliberate on where they want to live.