Hey Babson Beavers! 🦫
Renting in Boston can be an exciting adventure, but there are a few key things you should know to make the process smooth and stress-free. Here’s your ultimate guide to navigating the Boston rental market as a student.
1. Decide on the Area You Want to Live In
Boston has a variety of neighborhoods, each with its own vibe. Picking the right one for you is crucial. Here’s a quick rundown:
- Allston/Brighton: Popular with students, vibrant nightlife, and affordable options.
- Newton: Known for its suburban tranquility and family-friendly atmosphere, with easy access to downtown Boston.
- Brookline: Quieter, more residential, but pricier.
- Cambridge: Close to Harvard and MIT, very student-friendly, but can be expensive.
- Wellesley: Home to Babson College itself, offering a serene, academic-focused environment.
- Back Bay: A historic and upscale area with beautiful brownstones and a central location.
2. Decide on Your Budget for Rent, Utilities, Groceries, and Entertainment
Before you start looking, figure out your budget. Factor in rent, utilities, internet, groceries, and, of course, some fun money for hanging out with friends. A good rule of thumb is to spend no more than 30% of your monthly income on rent. Make sure you account for other living expenses to keep things balanced.
3. Decide on Apartment Size and Roommate Sharing
4. Check If You Need a Cosigner
If you’re new to the whole renting game, you might need a co-signer. Landlords in Boston often want to see a good credit score, and let’s be real, many students don’t have a long credit history. No worries though – a parent or guardian can co-sign for you. They’ll need to have good credit and enough income to cover the rent if you can’t. It’s a good idea to line up a co-signer before you start your search to avoid any hiccups. Remember, landlords want to feel secure, and having a co-signer shows you’re a reliable tenant.
5. Know the Upfront Costs
Get ready for some upfront costs when you sign your lease. Typically, you’ll need to pay the first month’s rent, last month’s rent, and a security deposit that’s usually equal to one month’s rent. There might also be broker fees if you used a real estate agent. Most apartments are snapped up months in advance, so it’s common for tenants to pay the broker’s fee. If a landlord is willing to cover it, that’s a big win! Make sure you have enough saved up to cover these costs so you’re not caught off guard.
Conclusion
Renting off-campus in Boston can be a fantastic experience if you’re well-prepared. Start by deciding on the right area, setting a realistic budget, and considering your space and roommate needs. Understand the co-signer requirements and be ready for the upfront costs. With the right planning, you’ll find a great place that suits your needs and enhances your college experience. Happy house hunting, and welcome to your new home away from home!
Happy renting! 🏡✨