Renting 101
Ready to rent?
Boston rental market is one of the most active in the country. Each year, thousands of apartments change hands. Navigating through this maze can be, at times, stressful. Unfortunately, affordability is a problem and prices are always trending up.
What do I need to rent?
The move-in requirements for each and every property will differ. It's important to ask questions if you're working with a realtor or renting directly from a management company, or Individual Landlord/Owner.
Monetary move-in requirements
Expect to pay one — all of the following
- First month rent:
This amount is for the first month of the lease term - Last Month Rent:
This amount is for the last month of your lease term - Security Deposit:
This amount is held in a interest bearing account by the landlord. It's held for damages to the residence beyond normal wear-and-tear. You should receive a statement within 30days after your lease end date. - Broker fee:
Charge for Real Estate Services - Application fee:
Charged to run credit report/background check and process documents required with application.
A deposit of one month rent is generally required with your application.
If you are working with a licensed Real Estate Agent/Broker — A Realtor/Broker fee maybe applicable for the residnece you're leasing. This amount is not to exceed 100% of the rent. Ask your realtor if there's a broker fee — and how much — for the apartment you're interested in renting.
Professional
- Application - completed & signed
- Government Issued ID Dirvers License, Passport
- Income verification: Pay stubs, offer letter
- Credit Report: A FICO credit score of 680 or higher
- Co-Signor/Guarantor: Required if working for less than a year or if income and credit are not adequate Additional requirements for International professionals
- Visa
By law you are entitled to one free copy of your credit report, each calendar year, from the 3 credit agencies (Equifax, Experian & Transunion). All you need to do is go to AnnualCreditReport.com to initiate the process.
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Student
- Application - completed & signed
- Government Issued ID: Dirvers License, Passport
- Co-signor/Guarantor Additional requirements for International students
- Student Visa
- I-20:The total funds on this form is used to income qualification Often-times this will work in Lieu of a Co-Signor/Guarantor
