Renters Guide
Rental Brokerage Fee Disclosure
How To Rent in Boston
Speak with your Agent:
It is important to speak with your agent ahead of time to discuss exactly what it is you are looking for. You should have an idea of what neighborhoods you want to live in, what type of apartment you are looking for, what your desired move in date is, whether or not you have pets and the price range you want to be within. The more information you can tell your agent the better they will be able to serve you in finding your perfect Apartment. No 2 people are alike just like no 2 apartments are alike.
Paperwork:
The Boston rental market is very competitive and apartments go quickly. Many times the difference between renting an apartment or losing out is on whether or not you have your paperwork ready. The most important thing you can do is to prepare your paperwork ahead of time so when you do find the apartment you love you are not scrambling to put together your paperwork. This will save you time and stress and can many times be the difference in securing that dream apartment or not.
Income verification: Landlords will need to know you can afford the prospective unit. This can be done with 1 of 3 different ways. Employment letter. This must be written on company letterhead stating your name, salary, position, title and be signed by an authorized agent of the company. If you have been at your current job for a while then 3 consecutive pay stubs will suffice. If you are self-employed then providing a tax return will verify your income. The general rule of thumb for acceptance is that your salary must be at least 36 times the monthly rent. So for example if the Apt you rent is $2,000 then you need to have a minimum of roughly $72,000 for an annual salary
Co-signer: If your income is below the required amount or you have poor credit history, most landlords will require a cosigner. This is usually a family member or friend. They will need to also fill out an application so we can check their credit as well them needing to show income verification (see above)
Other required Docs:
* A Government Issued Photo ID: (Drivers License or passport)
* Landlord reference: Make sure you have your previous landlord’s information as they will need to be contacted to verify your previous living situation. If you can provide a recommendation letter from them then you are 1 step ahead of the game.
Paperwork Needed:
Filled out application
Employment letter
3 Consecutive pay stubs
Tax return
Photo ID
School verification (Student Only)
Landlord reference
Monies Needed
At the time you submit an application a typical deposit is = 1 month’s rent to secure the Apt and take it off the market. (Every landlord is different so this can vary). The application process is quick and once you are accepted the remaining balance is due upon lease signing
Celebrate!!
Having all these documents in hand before you find your Apt will make the process of applying for an Apartment t easy & stress free.
