Determining a Budget & Location
Boston is a large city with many interesting and diverse neighborhoods. Each neighborhood offers a different atmosphere, as well as different price ranges on rental property.
Realtors are an excellent resource to help figure out which neighborhoods you might like and can also afford. They really know about the neighborhoods in which they work. If you can, it is best to contact a few different realtors before you come for your first visit to Boston. Once you feel that you know which neighborhood you want to live in, you can begin working with the agent of your choice. Be aware that most agents could charge a finder's fee (this fee is often equal to one month’s rent.)
Monthly rental rates vary according to location, number of bedrooms and condition of the apartment. Most apartments are not furnished and listed prices may not include utilities. Keep in mind that there are additional costs that you must consider in addition to rent. How much money do you actually need when you find your dream apartment and sign a lease?
First/Last Months’ Rent
Most apartments for rent require both first month’s rent and last month’s rent when you sign the lease. Make sure you have four months' rent upfront when you sign the lease. This includes first and last month’s rent a security deposit and a renter’s fee (if applicable).
Realtor Fee
Keep in mind that when you work with a realtor they will most likely charge a fee which can equal up to a full month’s rent. Fees are divided into three categories: full fee, half fee and no fee.
- Full fee means that the renter pays the entire fee, equal to one month’s rent.
- Half fee means that the full fee is split between the landlord and the renter.
- No fee means that the landlord pays the realtor or the realtor owns the building.
It is illegal for a landlord to charge any other up-front fees, including:
- A deposit to hold the apartment for a prospective tenant.
- A damage deposit or fee to allow a tenant to have a pet.
- A finder's fee for renting an apartment that the landlord owns, unless they are a licensed realtor.
Settling-in Costs
There are quite a number of things that you’ll need in your new apartment. They might be small, but their costs can add up. It’s important to create a budget for yourself so that you are living within your means. Transportation costs, utilities and food are just a few things to think about when you are creating a budget. Keep in mind that the number of roommates you have affects how many ways you will split the cost of utilities.
The monthly cost of rent is driven by the amenities that an apartment offers as well as the neighborhood it is located in. It is suggested that you make a list of the essentials and important aspects of your ideal living situation to help determine where you should conduct your search.
Budget Worksheet
Before beginning your housing search, it's essential to set up a budget and consider all the costs involved to help avoid surprises or stressors later on. Start by creating a budget like the one below to calculate your income and expenses and to decide your ideal price range as you search for your off-campus apartment.
(Click to enlarge/download)
Note: The MGH Institute cannot accept responsibility for student satisfaction with any selected area. Because the housing choice is one of a personal nature, we strongly suggest that students visit and tour areas before signing a lease.