The Truth About The Boston Rental Market

 

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Below are some important rental facts about the Boston rental market. We are giving you these rental facts in order to better assist you in your apartment search.
 

What does an average apartment cost? As of January 2014, you can expect to pay the following in the Cambridge/Somerville area:


 

Fact #1: It is expensive to live in the Boston area. We are the third most competitive rental market in the country, bested only by New York City and San Francisco. If you are coming from a non-metropolitan area, plan on doubling your current rent.
 
Fact #2: Timing is everything. You do not want to be too late and miss the best places. You also do not want to be too early - nothing will be available. The rental market is very seasonal, with most apartments coming available in the Spring and Summer. Typically in the Cambridge/Somerville areas, we receive notices from landlords 30-60 days prior to vacancy. Most leases start on the first of the month and 75% of all leases expire on August 31st of the given year.  Therefore most of the best apartments will be available in the April through September time frame.
 
Fact #3: There is always a limited supply of quality housing available. What that means to you is that you do not have the luxury of "shopping around". If you like something, TAKE IT.
 
Fact #4: Location to the "T" is everything. The closer you are, the more expensive it is. Properties with parking are at a premium, if it is even available. In Somerville and Cambridge, street parking is by permit only.
 
Fact #5: Boston is a VERY pet-unfriendly town. Dogs and cats are not usually welcome. The reason for this is that the rental market is very competitive, and landlords do not need to risk damage of their property. If you have a pet, expect to pay a high premium for an apartment. Again, if you find an apartment that takes pets, ACT QUICKLY before it is gone.
 
Fact #6: What does it cost to move into an apartment? You can expect to pay first month, last month, and possibly one month security deposit. As of January 2014, many landlords are not contributing to the real estate fee which is equal to 1 month's rent.  ALL DUE UPFRONT AND PRIOR TO MOVE IN. Some landlords require a lock and key deposit.
 
 
REMEMBER:
These are average prices. You can expect to pay more if you have pets, or want to be very close to the "T". These prices do not include utilities, and may or may not include parking.
 

We hope you have found this helpful. If you have, please email this information to your friends.


 

 

  
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Somerville, MA 02144
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