Insider Info: Tips on the 2016 Rental Season

Written by Posted On Friday, 29 January 2016 12:27

It's that time of year again. Renters are deciding whether they are going to stay in their current apartments or start the search for a new place to live. The Boston rental market is one of the most competitive markets in the U.S. According to Business Insider, Boston is just behind San Francisco and New York City. Navigating through these highly competitive markets is difficult; therefore we wanted to share some helpful tips that will help ensure everyone gets an apartment they are happy with! 

Let the appropriate people know you are viewing apartments

Boston has one of the largest student populations in the country. This means that majority of renters are either students or young professionals. Because of this, landlord and property managers will require cosigners. If you are in the position where you need a cosigner, make sure they know that you are looking at apartments. This helps avoid delays when you find an apartment you want to move forward with. 

Time is of the Essence 

At any given time, a property may have multiple groups showing interest, therefore it is important to understand the rental process and be organized. If you like a property, submit the required paperwork and money immediately. Remember, the apartment you walked through this morning may not be available this afternoon. 

Understand the Requirements 

Landlords and/or Property Management groups in Boston require specific items in order to take the apartment off the market. It is important to understand that an apartment is not secured until the landlord has officially taken it off the market. This means no other showings are allowed for the property. To ensure you secure your desired property, be prepared to perform the following: 

-Complete the rental application 

-Make a deposit for the apartment (it is industry standard for a deposit to equal one month's rent) 

-If required, get your notarized Cosigner Form completed and submitted within 48 hours of submitting the offer

-Once the apartment is accepted, speak with your agent to understand what payments are required prior to move-in. This will typically be a Broker Fee, Last Months Rent and a Security Deposit. Some other fees that are common include a move-in fee or a key deposit.

-Important: Make sure you understand the due dates for these fees. Any delinquent amount is violating the lease agreement and allows the landlord to put the apartment back on the market. 

Bring All Roommates 

As mentioned above, documents and money are essential for securing an apartment. To avoid delays in either of these items, make sure all roommates are present and ready to go. Unfortunately, this is one of the most common reasons groups miss out on their favorite apartments. 

First is the Worst, Second is the Best

Because of the competitive nature in Boston real estate, groups should pick one, two, or three of their favorite apartments. This is a group's "safety net" in the event that their first apartment is no longer available. In the event that an apartment is taken off the market before a group submits everything, your agent will do everything in their power to find you an exceptional alternative - that's their job. However, if you already have some alternatives in mind, your agent can quickly get the requirements together and increase your chances of getting the next property on your list. 

It's hard finding an apartment- we get it. However, following these tips may just help you land your next dream apartment.

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