The Boston rental market is incredibly tight at the moment. The COVID 19 pandemic caused a lot of construction delays, adding further strain to a market with already limited supply and extremely high demand. The Real Time Vacancy Rate for the city of Boston is 0.42%– meaning 99.38% of Boston apartments are currently occupied. In addition, potential buyers are being increasingly priced out of the market, and find themselves having to rent for longer than they initially intended.
As the demand for rental apartments outstrips supply, many tenants can feel pressured to sign on the dotted line as soon as they find an apartment they like. While it’s important to move quickly if you find a place that meets your criteria, due diligence is still important. Make sure you are asking the following 10 questions before you move forward and rent an apartment.
1. HOW MUCH DO I NEED TO PAY?
Property owners can ask for fees and deposits before you move in, along with your rent. While you’ll obviously need to know how much you’ll be paying each month, you should also ask how much you can expect to pay before you can move into the property.
You can be charged:
- A security deposit of one month’s rent
- The first month’s rent
- The last month’s rent
- A fee for the installation of new locks
- Application fees and broker’s fees- only if you are working with a licensed real estate broker or salesperson
2. What Are The Terms of The Lease?
2. What Are The Terms of The Lease?Your rental agreement could be short-term, month-to-month or long-term, but a typical fixed- term lease will usually lock you into a property for at least six to twelve months. You’ll need to double-check the length of your lease to make sure you can commit for that period of time.
The terms of the lease will also include how much notice you need to give before you move out. This is often 30-60 days. However, in certain in- demand neighborhoods you may be asked to renew several months in advance.
You’ll also need to know how you should pay…