What Steps do I need to take to Secure An Apartment?

Before You Begin Your Search:

• The most important step in renting an apartment in Boston is being prepared. Before you even begin viewing apartments, you should do a little bit of research and try to have the following criteria met. Make use of our website and agents to help you in this process.

1 - Decide what you are looking for.

• Boston is one of the most expansive and diverse cities in the entire world. Thus, the possibilities for an ideal home are endless, and one must first narrow his/her choices based on a few factors. Decide on a general budget and timeline from the beginning of your search. Also, it may be helpful to take into account some of the following features before you begin viewing homes:
• Price Range: Typically, Boston landlords seek tenants whose annual incomes exceed the monthly rent by roughly 40-50 times. Also, consider the expenses of utilities, initial moving costs, and fees when determining your range.
• Type of Property: Stately brownstones, charming townhouses, moderate low-rise and mid-rise buildings, deluxe luxury condos in modern high rises: the possibilities are varied and exciting. By deciding which type of property most strikes your interest, including size, number of bedrooms, and amenities, you can expedite your search and maximize efficiency.
• Neighborhood: Decide which neighborhoods within which you would like to focus your search. Consider factors such as safety, schools, transportation, choices for dining and shopping, accessibility, and style of housing.
• Amenities: Choosing which amenities and accommodations are necessary for your lifestyle can eliminate many choices and bring you closer to your ideal home. Amenities you may want to consider are: smoking, pet allowance, fireplace, balcony, view, and doorman security.
• Roommates: Affording the luxury of living in one of the greatest cities in the world is sometimes facilitated by sharing an apartment with a roommate. Before you begin looking at apartments, use extreme care to choose just the right roommate(s). From the beginning, clearly define shared items, expenses, and responsibilities. Be sure to create a list of what you're looking for that reflects both (or all) of your desired amenities and accommodations within a price range that all parties can meet. Communication is key.
• Renter's Insurance: We recommend that you purchase renter's insurance to protect your property as a Boston tenant the cost is very low.

2 - How Much do I need to rent an apartment?.

• Moving can be an expensive endeavor. Consider your costs before choosing an apartment, and be sure that you are well-prepared to pay the following: In today's market, you (and your roommates) are required to put down first month's rent,Brokers Fee, last month's rent and a security deposit in order to rent an apartment. You must also pay the real estate agency one month's rent to find your apartment or the "Finder's Fee". First month's rent will be applied to first month of occupancy at the property, and last month's rent will be applied to your last month of occupancy at the property. The security deposit is no more than one month's rent and is put into an escrow account and gains interest on it while you live in the apartment. When you move out, you will receive the entire security deposit amount back with interest if there are no damages to the apartment.
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• first month's rent and
• Broker's fee
• Last mont's rent
• security deposit (typically equal to one month's rent or more)
• Application/credit check fee (anywhere from $25- $100 per Application/credit check)
• moving costs (consider the costs of hiring a moving company or moving truck)

3 - Have your credit report ready.

• Most Boston landlords require good credit and will conduct a credit report. Unfortunately credit reports obtained on your own are not accepted, although it is a good idea for you to be aware of your own credit status. So what would reflect badly? A few old late payments are usually acceptable. A high revolving balance is not good. Past due payments that are still outstanding are bad. Delinquencies and collections are very bad. A public record is bad and a landlord-tenant record is the worst. If you don't think your credit is good, it probably isn't. Be sure to advise your agent of this. Doing so will allow your agent to properly prepare you for the process. Different landlords have proposed remedies for potential tenants with "credit issues". Some will allow you to increase the security deposit or to use a guarantor (See paragraph below). Others may reject the application completely. Our savvy agents will guide you in a way that will save you time, money, and a lot of frustration.

4 - What is a co-signer and do I need one?.

• Yes. 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 guarantor is an individual who co-signs the lease and assumes full financial responsibility associated with the rental, including ALL the terms of the lease. A guarantor does not have to be a relative, but many landlords require the co-signer to live in Massachusetts. Try to prepare your potential guarantor by advising him/her of the requirements and obligations entailed in this process. You might need to act quickly and your co-signer's cooperation may be critical for your approval. A guarantor must fill out an co-signer form and provide certain documentation. To qualify as a guarantor, one must have a good credit report and earn an income equal to twice the income requirements of an applicant, which is roughly 80-100 times the monthly rent. The guarantor must provide proof of income (usually by providing tax returns) and a credit report. Guarantors usually do not have to be present at lease signing.
• Download Our Cosigner forms(you will need page#1 and page#2): Cosign form#1 Co-sign page#2

Ready To Begin Your Search.

1 - Prioritize Properties.

• When you have completed your preparations and it is about four to six weeks before your desired move date, you are ready to really begin your search Unless you are a student looking for September apartments you should begin your search as early as January. Browse through hundreds of color photos with accompanying descriptions on our website. Refine your search using your pre-planned list of desired amenities and features. Once you have a good idea of the apartments that are currently available, make a concise list of apartments that you would like to view in order by preference. This will simplify your search and save you a lot of time and effort. Keep actual viewings to a minimum and complete applications only for those apartments in which you are seriously interested. Once you have submitted an application, you will be bound to it unless rejected.

2 - Be ready to meet landlord requirements.

• If you want to be accepted as a tenant in the apartment of your dreams, pay special attention to the specific landlord requirements. You should keep in mind what the landlord is looking for when you fill out your application, so that you may put your best foot forward. While specific requirements vary, Commonwealth Realty Group, Inc. has provided you with the following guide of typical requirements:
• Annual income: 40 to 50 times the amount of the monthly rent
• Good credit rating. (See credit report paragraph above)
• Application form: The first step in the process once an apartment is found is filling out an application form.
  Some management companies have their own form that must be used.

• Download Our RHA Residential application: PDF format

• Letter of employment: The letter, on official company letterhead, must state your position, length of employment, and your annual income, and must be signed by someone who is authorized to verify the information provided. Please note that a signed offer and acceptance letter is usually not sufficient.

• Pay stubs: A copy of your three most recent pay stubs.

• Tax return: A tax return is usually required when a person is self-employed or is basing income on several different sources.

• Former landlord letter of reference: A letter from your recent landlord can always help and is often required. If you are unable to obtain a letter, be sure to have the name, address and phone numbers of your landlord available.

• Bank statements: Prepare your three most recent statements from your checking account, savings account or any financial institution including account numbers.

• References: If you have an accountant or attorney you will need their contact information as a reference. Think of other people that could be references in case you need them and have their information handy. Not all landlords will require letters of reference.

• Identification: All landlords require a copy of a photo ID at lease signing. Also, you will need a Social Security number, or if you are in the process of obtaining a social security number, you will need a guarantor to co-sign your lease.

Ready For The Big Move.

• When you have completed your preparations and it is about six to eight weeks before your desired move date, you are ready to really begin your search unless you are looking in a student area for September or June apartments you should start looking as early as January. Browse through hundreds of color photos with accompanying descriptions on our website. Refine your search using your pre-planned list of desired amenities and features. Once you have a good idea of the apartments that are currently available, make a concise list of apartments that you would like to view in order by preference. This will simplify your search and save you a lot of time and effort. Keep actual viewings to a minimum and complete applications only for those apartments in which you are seriously interested. Once you have submitted an application, you will be bound to it unless rejected.

• Finally, consider costs of the move. Get estimates from moving companies or for a moving truck. Find out important information about your neighborhood from your landlord, including laundry and garbage services, important phone numbers for internet, phone, and cable connections, and your local electric and gas companies.

• As you can see, renting an apartment in Boston is a multi-step process with varied requirements. Our dedicated and caring staff is hard at work at Commonwealth Realty Group Inc. to make this process as enjoyable as possible for our clients.
  You can avoid being bombarded with confusing steps by being well prepared. Leave the rest to us so you can sit back, relax, and have fun searching through our listings of gorgeous Boston apartments and properties until you find your perfect home.