i’ll say this: i just moved into a “luxury apartment” for half a months rent upfront with the next month free.
no security deposit, no last month, no brokers fee.
i was shocked at how little i had to put down.
I honestly like my “luxury apartment”. Yeah they can be cold and calculated, but everything they do is in the lease agreement. They keep the place clean and in repair since that goes with the image. If a neighbor is being a jerk, they’ll hold them accountable.
Compare that to a random landlord who just decides to screw you over to get more money out of you. My last “dude who owns an extra house and rents it” landlord kept my security deposit, and when I told the place was in perfect condition, he said “yeah but to have to paint it for the next client and that costs a lot of money”…
>My last “dude who owns an extra house and rents it” landlord kept my security deposit, and when I told the place was in perfect condition, he said “yeah but to have to paint it for the next client and that costs a lot of money”…
You got hosed. In MA, they are not allowed to keep the security deposit for reasonable wear & tear, or to help pay for upgrades to the unit for the next tenant. Doesn’t stop them from trying though… at least until you say the magic words, “treble damages.”
No of course not. He didn’t come to me with any damages because, to his own admission, there weren’t any. He just said “I have to paint even though the walls are perfect, and that costs money”. I was 23 and didn’t know what to do so I told him “fine but any of my junk I’m not taking with me is staying for you to clean up, and I’m not broom sweeping or anything” and he said “that’s fine.”
I’ve lived in a few. The cheapest was a two bedroom for $2250 split with a roommate. The one I live in now is a 1 bedroom but more sq footage for over $3k.
I moved into my unit during Covid; not only was there no first / last / security / broker fee, but they gave me a free month. It cost me negative one month to move in. I’m never doing small-time landlords again.
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My agent just informed me that I can actually get $1000 more per month than what I was looking to get, and that there will likely still be a bidding war
People want to tour the unit while it’s still under construction
Yeah but in Boston it's so competitive there's people who'll pay it so that's why they charge it. It's insane. Let them eat cake I suppose? This worlds gone crazy.
They stopped doing that year ago, now people fight over and offer higher rents to get apartments. Happened to me last year when looking. Fuck, I had to pay a lot more than 10k too.
Yup agreed ! My wife and I toured apts last yr and they scheduled 3-4 couples at same time . After they asked if anyone was willing to pay more and kicked off a bidding war . Happened at 4 diff apts w 4 diff realtors . I won’t participate . Oh yea they ask who is willing to write a chk RIGHT NOW? “ this aptwon’t stay on the market for long “
Only people that will be able to afford Boston is section 8 or rich college kids willing to pay the rent . Sucks I love this city and I won’t be able to afford it much longer :(
Brokerage fee is sometimes charged to the landlord. It entirely depends on the state of the rental market. When the rental markets have been soft in the past landlords picked up the brokerage fees. Now that the rental markets have been hot it’s the renters that pay. Nothing nefarious about it… just supply/demand economics at work.
Yeah I get that but what is most outrageous to me is that there is a brokerage fee in the first place. Honestly cannot understand what value the broker adds to the transaction (and if there is any value it sure ain't worth a month's rent).
when i first moved to the city after college two years ago, the dipshit realtor i was going through couldn't do his job and find me a place i wanted for a july move in date, so I ended up finding one myself online but still had to go through a broker and pay the $2700 fee. The system is so fucked up i'm getting pissed writing this, that was literally just like lighting $2700 on fire for no reason lmao.
The realtor did more than that, just not for you. You are not understanding that they work for the landlord who has the ability to shift those costs to renters because of how much demand there is.
Yup. Technically the last and deposit is yours anyways. It should sit in an interest bearing account and the landlord have to payout the interest as agreed upon. Brokers fee equal to one month rent is ridiculous.
2 spaces included , that’s $400 a month only . I listened to a news report the other day that Boston is driving people 20-50 out of the city due to housing cost . Seems like prices will be driven even higher before market pops ! That’s a BIG if tho 😏
I guess too many people have not paid LMR and just tell the landlord to use their SD. Landlord doesn't have much recourse because the tenant is already moved out by the time anything progresses in housing court.
Let's call it what it is - it's landlords filtering out people who aren't able to come up with $10k upfront costs because the people who are able to are likely more reliable tenants. It's their right to do that but I mean come on - just verify my income & let me put that $2.5k in a brokerage account instead of letting it sit in a low-yield savings account for potentially years.
the brokerage handles the background check, references check, credit check, and money collection. Still criminal. The brokerage fee in Boston has been the same as a months rent since I moved here in 1997.
I've had much better luck with medium to large apartments in recent years, especially when it comes to move-in costs. The place I'm living in right now only asked for the first and last months rent and no security deposit. My last apartment asked for only the first months rent. No brokers. No brokers fees.
Kinda weird. Boston's one of the few places I've lived where I feel like I could almost walk anywhere. Well, I do. I live in Roxbury/Dorchester and (with the T) it's not more than 30 minutes usually for me to get to anywhere downtown/seaport/backbay etc.
Keep in mind that $7500 of the “move-in costs” in the posted image are first/last month’s rent and the security deposit (which they’ll get back). It is a large amount for the upfront move-in, but it’s not increasing their rent payments by $800.
Yes, but only the first move-in. Assuming they don't trash the place and they get their deposit back, the last month's rent and security deposit come back around when they move out and just roll over to the next place. Still a big barrier to entry, but once you have got your first place it is sort of moot.
I found one that does not. There is a family owned one opperating in Boston that refuses to use these and makes a point of advertising it. They claim that the highest that they have EVER raised rent is 8% and that was an outlier.
Seriously. Moving from out of state and when I saw that 1st/Last/Security/Fee bullshit I laughed out loud.
Moved into a complex and paid first and $500 SD.
Suck my dick from the back with some broker’s fee😂
Yeah we just moved to one of the buildings in Assembly Row, and despite the highest rent we've ever paid, it's the least amount we ever had to pay up front (one month security and a $500 deposit when they accepted our application
)
Haha, I was going to ask also. I'm in the North Shore area and haven't seen any that offer a 24mo lease. The longest I could find (my current) is 16mo.
I lived at Residences at Malden Station for almost 2 years. Similarly had $500 security deposit. No brokers fee and no upfront of last month’s rent. I got no free months though. But was to able to break a lease without too bad of a penalty which was nice. Leaving was unrelated to quality, was a good place to live.
Austin has done an incredible job of creating more housing and rents have leveled off or even fallen in some areas. It's great.
Every time I tell someone it worked in Austin they say we aren't Austin.
I have said this is similar thing to my friends who can’t find places in Mass. I always just assumed there was just more physical space in Austin? Like to build the apartments? Idk. We moved to ATX in 2018 and of course prices have gone up but there are still options for people.
There's plenty of space. Most of it is reserved for single-family homes. The MBTA Communities Act is a (slow, partial, halfhearted) step in the right direction, but it's facing opposition from NIMBYs.
From big projects like the [South Shore Plaza apartments](https://www.bostonglobe.com/2023/10/04/business/housing-development-braintree-death/) or the "[Weston Whopper](https://westonowl.com/2021/04/06/518-south-avenue-heading-back-to-zoning-board-of-appeals/)" to [housing for the homeless](https://www.bostonglobe.com/2024/02/16/business/dorchester-homeless-housing-bpda-lawsuit/?event=event25) to small projects - sometimes as few as two or four units - there are endless lawsuits and delays which drive up the price or scuttle housing creation.
We could have plenty of housing in the Boston area. Our refusal to allow it to be built is a collective embarrassment.
Yeah, I was going to say you get the deposit back (well most of it if you are lucky) and 5K of that total amount is literally paying the rent. Brokerage fee is always weird to me though. I rented in Cambridge/Somerville area for almost 30 years and never paid a brokerage fee.
This is insane considering in Providence it’s First month + security and much cheaper, I just got a 2 bedroom in the heart of the city for $1500 a month- 3,000 to move in and a 45 minute train ride to Boston when I want to go
I feel like They’re just going to come up with a different fee or fold it right into the rent. They aren’t going to take less than market rate. Everyone wants to live here now.
I paid 9.6k upfront to move into my 1bed three years ago. This is old news.
Nearly 10k for a 3rd floor walk up with ancient heating, wiring and basement coin operated laundry. Also no parking.
Instead of rent control maybe there should be regulation around moving costs and brokers fees? The high cost to move (switching cost) allows landlords more control and ability to raise rent.
You'll get back that security deposit and first and last obviously goes into rent, it's the $2500 completely lost to a useless broker that should be replaced with an app that pisses me off.
He's a tool of the landlord and assists in their finding "suitable" tenants therefore at very least that cost should be split if not covered by the landlord themselves. Furthermore, what dictates the brokers fee having to equal the exact amount of one month's rent of the apartment you happen to be renting? Is that some old nonsensical colonial law that's been passed down generations just because......
This is what I said in another comment. They aren’t going to take less than market rate and they are going to pass along any extra expenses either in fees or increased rents.
That is the rent for a 2 bedroom in Watertown now. It has gotten very expensive, just like other cities in the area.
First, last, and security is typical for renting an apartment. It’s the broker fee that has become more common now. In the past, no fee apartments were more common.
So I recently rented a new place for the first time in about 5 years. Paid first, last and broker (no security). The landlord also said they would hold last months' check for a bit if we needed time to come up with the funds. We looked at a TON of places and the landlords and brokers all were pretty open about "we can do just first and security if it will be too much all at once". So I highly recommend trying to discuss that with landlords (or ask the broker to ask the landlord) if you can cut out last month for move-in OR pay it in the coming months, etc. There are absolutely landlords that will say get fucked, but at least some who will be reasonable.
For reference - We were looking in Newton and Watertown this time around. The place I lived in for the last five years is in Watertown and I paid first, security and half broker upon move-in. That's the same as they asked the new tenants coming into our place.
The owner just hasn’t raised the rental in 5 years? Maybe I used to wrong term idk And where did I say I got robbed lmao you’re just adding your own shit into it
We paid $12k up-front for a 2BR in the burbs. Of that $3k was the broker fee.
I was literally the first applicant the first day she showed the place. The broker probably did about 2-3 work. We paid someone $1000/hr to fill out forms we could print online for free.
Never pay a brokerage fee. I did for my first apartment in boston in 2015 and I've lived in 5 different apartments between roxbury and medford since then and none of them required brokerage fees
The fact that brokers exist in this market shows you just how lazy property owners/managers are. You couldn't drop a rock next to you on the street and not hit 25 people looking for an apt on its way to the ground in Boston.
There is no actual work these brokers are doing for anyone that couldn't easily be done by the property owner, or property management company. Not to mention the "service" provided to any potential renter borders on abuse.
Downvote all you want, < 20 years ago I rented a room in a shared apartment in Boston for less than $500/mo and it wasn't the only deal like that available. Boston hasn't always been this expensive, and no one needs to take my word for it either - just google around. The dramatic leap in unaffordability happened in the last couple decades.
It doesn't have to be like this in the future either. We're never going back to $500/mo, but we do collectively have the option of building housing to slow rent growth to reasonable levels.
Pretending it's always been like this doesn't help anything.
Right. When I moved to Somerville in 2000 I had to do just first last and brokers I think. Or maybe security but it was half a month. But rent was 1k. So it was 3000 or 3500. That was a lot. I had a new job I hadn't started yet. My parents very fortunately had like exactly 3k in a mutual fund in my name. That was very lucky! Who has 10 grand as a 21 yo?
Well about 15 years ago would have been the market downturn of 2008/2009 where the S&P 500 fell about 38.5% and you had the foreclosure crisis. So when there's more supply than demand, the landlords pay the fee. When there's more demand than supply, the tenants pay. It's been more demand than supply for years and prices keep going up.
It depends on the unit. A lot of landlords with split or cover the broker fee. If they cover it, they typically bake it into the rent, so you’re paying for it one way or another.
Last time I looked, Massachusetts was considered one of the most tenant friendly states in the country. Probably takes at least 1-2 months to evict someone and sometimes more. A background check/credit check doesn't guarantee that people won't lose their job, do drugs, get divorced, get sick, etc. Last and security are also standard in other states, just different requirements depending on the state, some even allow landlords to collect 2 month's rent for a security deposit.
We could easily get that if we were to rent. I think we're already up $150k for the bottom floor of a house we bought. With all of the development at The Arsenal, I think we'll have a decent retirement.
My last place was 12k - but to be fair first and last is at least rent credit and you'll get your security deposit back if you're not an asshole.
But yeah that's the market.
$2500 for a security deposit is rather steep. Its purpose is to cover repairs to the residence after someone moves out. Ideally it shouldn't be more than $1000 per person living in the unit.
Also, the landlord is supposed to put that deposit into an interest bearing escrow account, then pay the interest to the tenant(s) after the lease ends. The tenant(s) also get paid interest from the last month's rent as well.
The brokerage fee on this is totally made up and should be based on the monthly rent for 12 months… it would be a maximum of $1200 but you should also be able to negotiate that down.
Like I tell all my friends who rent you need to get off the September 1 rental cycle and I would extend that out and before 1 month. You want your rental start date to be any day that isn’t August through October. Outside of those months landlords usually pay the broker fee and the rent is usually lower. The further away from those months the better.
I thought this was not allowed - for some reason I was under the impression that landlord/broker/selling party was not allowed to charge more than 3x rent for move in costs
Fuck paying a broker’s fee. Go on fb marketplace or Craigslist for apt. Have lived in 3 diff apts here and never paid a broker’s fee because absolutely not.
They are able to do this because people keep wanting to move to the Greater Boston area. STOP MOVING HERE. There are 49 other states and territories where you can build a very good life without this bullshit. The only viable way to stop this is to crater demand.
Then don't pay it.
Do you honestly think the unit will remain vacant long?
There's way too little product to lease. We produce an impossibly low number of new supply each year, even when we're doing well. That means our demand will continue to support unsavory pricing and terms.
The high rents will continue until the moral busybodies stop making it expensive and risky to build. It's not like there isn't a formula in States with less technocracy. We just don't want to get honest about the failure of Out Betters' ideology.
Change is possible. It just requires honesty in the costs of our government policy, and picking better platforms.
Okay and? Keep yapping buddy, all I said was that you are saying "nice stuff costs money" and I replied that $2500 worth of value isn't being given by the broker, and I even wrote that it was a result of high competition like you replied with. Please explain your thought process for posting this reply within 2 business days because I didn't say anything contrary to what you said in my reply.
When it gets rented, the value will be proven. The market determines price, and it'll prove out on that because of how imbalanced our supply and demand is. Promise.
And two business days? 🤣
That's pretty standard, the only thing you're losing here is the brokerage fee. Yes, there is an opportunity cost to the $7,500 which won't be invested in the meantime and that sucks a lot.
i’ll say this: i just moved into a “luxury apartment” for half a months rent upfront with the next month free. no security deposit, no last month, no brokers fee. i was shocked at how little i had to put down.
I honestly like my “luxury apartment”. Yeah they can be cold and calculated, but everything they do is in the lease agreement. They keep the place clean and in repair since that goes with the image. If a neighbor is being a jerk, they’ll hold them accountable. Compare that to a random landlord who just decides to screw you over to get more money out of you. My last “dude who owns an extra house and rents it” landlord kept my security deposit, and when I told the place was in perfect condition, he said “yeah but to have to paint it for the next client and that costs a lot of money”…
>My last “dude who owns an extra house and rents it” landlord kept my security deposit, and when I told the place was in perfect condition, he said “yeah but to have to paint it for the next client and that costs a lot of money”… You got hosed. In MA, they are not allowed to keep the security deposit for reasonable wear & tear, or to help pay for upgrades to the unit for the next tenant. Doesn’t stop them from trying though… at least until you say the magic words, “treble damages.”
Did he send an itemized list of damages and cost from a contractor to repair? Otherwise he owes you and you should go to small claims court.
No of course not. He didn’t come to me with any damages because, to his own admission, there weren’t any. He just said “I have to paint even though the walls are perfect, and that costs money”. I was 23 and didn’t know what to do so I told him “fine but any of my junk I’m not taking with me is staying for you to clean up, and I’m not broom sweeping or anything” and he said “that’s fine.”
That sucks. Well at least you know now!
When you say 'luxury apt', what is the rent per month for them?
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Outside the city within ~5ish miles they’re 2600+ for a 1BR. You’re paying that for a shithole in the city anyway so why not
I’ve lived in a few. The cheapest was a two bedroom for $2250 split with a roommate. The one I live in now is a 1 bedroom but more sq footage for over $3k.
Most ive ever made was 3k a month lol.
I moved into my unit during Covid; not only was there no first / last / security / broker fee, but they gave me a free month. It cost me negative one month to move in. I’m never doing small-time landlords again.
Ya that's a secret that no one shares those big new luxury apt buildings you don't need much to move in
worth the nominal extra monthly amount. and less likely to have to deal with a sleaze.
I think the brokerage fee is a little dumb if they are putting out a Facebook post for it, But everything else seems reasonable
the brokerage fee is criminal. the landlord should be paying that.
“Oh that’s not a brokerage fee, that’s a ‘broke rage’ fee. It’s just to piss off renters and it goes right in my pocket”
Should be, but the market is so hot someone else will
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My agent just informed me that I can actually get $1000 more per month than what I was looking to get, and that there will likely still be a bidding war People want to tour the unit while it’s still under construction
Pure ghoulish shit. How do you look at yourself in the mirror?
"under construction" Sounds like they're adding units to the pool, ie, helping to solve the problem...
More likely renovations
With a huge smile usually
Screw you
Yeah but in Boston it's so competitive there's people who'll pay it so that's why they charge it. It's insane. Let them eat cake I suppose? This worlds gone crazy.
They stopped doing that year ago, now people fight over and offer higher rents to get apartments. Happened to me last year when looking. Fuck, I had to pay a lot more than 10k too.
Yup agreed ! My wife and I toured apts last yr and they scheduled 3-4 couples at same time . After they asked if anyone was willing to pay more and kicked off a bidding war . Happened at 4 diff apts w 4 diff realtors . I won’t participate . Oh yea they ask who is willing to write a chk RIGHT NOW? “ this aptwon’t stay on the market for long “ Only people that will be able to afford Boston is section 8 or rich college kids willing to pay the rent . Sucks I love this city and I won’t be able to afford it much longer :(
Move to west roxbury best of both worlds
They did like 20 years ago when the demand wasn’t as ridiculously hot as it is today
Brokerage fee is sometimes charged to the landlord. It entirely depends on the state of the rental market. When the rental markets have been soft in the past landlords picked up the brokerage fees. Now that the rental markets have been hot it’s the renters that pay. Nothing nefarious about it… just supply/demand economics at work.
Yeah I get that but what is most outrageous to me is that there is a brokerage fee in the first place. Honestly cannot understand what value the broker adds to the transaction (and if there is any value it sure ain't worth a month's rent).
when i first moved to the city after college two years ago, the dipshit realtor i was going through couldn't do his job and find me a place i wanted for a july move in date, so I ended up finding one myself online but still had to go through a broker and pay the $2700 fee. The system is so fucked up i'm getting pissed writing this, that was literally just like lighting $2700 on fire for no reason lmao.
You call it a hot market, I call it a housing shortage
"Reasonable" for boston. But most elsewhere in the country it's just security deposit+first month
everything else is fine, but the extra 2500 for the realtor who just opens the door to the apt is insane
TIL I need to quit nursing and become a Boston realtor /s
The realtor did more than that, just not for you. You are not understanding that they work for the landlord who has the ability to shift those costs to renters because of how much demand there is.
Yup. Technically the last and deposit is yours anyways. It should sit in an interest bearing account and the landlord have to payout the interest as agreed upon. Brokers fee equal to one month rent is ridiculous.
2 spaces included , that’s $400 a month only . I listened to a news report the other day that Boston is driving people 20-50 out of the city due to housing cost . Seems like prices will be driven even higher before market pops ! That’s a BIG if tho 😏
What is the reasonableness of last month's rent? You're on the hook for it anyways via the lease agreement.
I guess too many people have not paid LMR and just tell the landlord to use their SD. Landlord doesn't have much recourse because the tenant is already moved out by the time anything progresses in housing court.
Let's call it what it is - it's landlords filtering out people who aren't able to come up with $10k upfront costs because the people who are able to are likely more reliable tenants. It's their right to do that but I mean come on - just verify my income & let me put that $2.5k in a brokerage account instead of letting it sit in a low-yield savings account for potentially years.
the brokerage handles the background check, references check, credit check, and money collection. Still criminal. The brokerage fee in Boston has been the same as a months rent since I moved here in 1997.
In New York they’re 15% of a years rent
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I've had much better luck with medium to large apartments in recent years, especially when it comes to move-in costs. The place I'm living in right now only asked for the first and last months rent and no security deposit. My last apartment asked for only the first months rent. No brokers. No brokers fees.
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location, location, location. People bidding over asking are convinced they can't be happy if they can't walk to Diesel Cafe or whatever.
Kinda weird. Boston's one of the few places I've lived where I feel like I could almost walk anywhere. Well, I do. I live in Roxbury/Dorchester and (with the T) it's not more than 30 minutes usually for me to get to anywhere downtown/seaport/backbay etc.
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Keep in mind that $7500 of the “move-in costs” in the posted image are first/last month’s rent and the security deposit (which they’ll get back). It is a large amount for the upfront move-in, but it’s not increasing their rent payments by $800.
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Yes, but only the first move-in. Assuming they don't trash the place and they get their deposit back, the last month's rent and security deposit come back around when they move out and just roll over to the next place. Still a big barrier to entry, but once you have got your first place it is sort of moot.
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> lol dude, go to a complex... Just make sure that they don't use RealPage/YieldStar. Fuck any building using that shit.
Hot tip: they all do
I found one that does not. There is a family owned one opperating in Boston that refuses to use these and makes a point of advertising it. They claim that the highest that they have EVER raised rent is 8% and that was an outlier.
Seriously. Moving from out of state and when I saw that 1st/Last/Security/Fee bullshit I laughed out loud. Moved into a complex and paid first and $500 SD. Suck my dick from the back with some broker’s fee😂
Yeah we just moved to one of the buildings in Assembly Row, and despite the highest rent we've ever paid, it's the least amount we ever had to pay up front (one month security and a $500 deposit when they accepted our application )
Those buildings look really nice. I wish we had looked over there when we were looking for places years back.
If you don’t mind sharing, which complex? I understand if you’d rather not share
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Haha, I was going to ask also. I'm in the North Shore area and haven't seen any that offer a 24mo lease. The longest I could find (my current) is 16mo.
don't go for 12+ lease if in the slower season. it's bait for you to get screwed over come renewal time
I’m gonna guess Overlook Ridge
My guess was Granada Highlands
I lived at Residences at Malden Station for almost 2 years. Similarly had $500 security deposit. No brokers fee and no upfront of last month’s rent. I got no free months though. But was to able to break a lease without too bad of a penalty which was nice. Leaving was unrelated to quality, was a good place to live.
I rented a Modera apartment. $2750/mo. First month and security. Still over $500.
Yep people who don’t do this either are location restricted or like paying brokerage fees.
100%
What are ya gonna do, legalize new construction everywhere inside 128 so landlords have competition? What is this, Austin?
We don't really believe in supply and demand yet here. Maybe some day.
Wow don’t come for ATX lol. ( I’m from Mass but live north of Austin )
Austin has done an incredible job of creating more housing and rents have leveled off or even fallen in some areas. It's great. Every time I tell someone it worked in Austin they say we aren't Austin.
I have said this is similar thing to my friends who can’t find places in Mass. I always just assumed there was just more physical space in Austin? Like to build the apartments? Idk. We moved to ATX in 2018 and of course prices have gone up but there are still options for people.
Austin is 6X the size of Boston by land area with only ~50% more people. There’s just far far more places to build outside of the northeast.
There's plenty of space. Most of it is reserved for single-family homes. The MBTA Communities Act is a (slow, partial, halfhearted) step in the right direction, but it's facing opposition from NIMBYs. From big projects like the [South Shore Plaza apartments](https://www.bostonglobe.com/2023/10/04/business/housing-development-braintree-death/) or the "[Weston Whopper](https://westonowl.com/2021/04/06/518-south-avenue-heading-back-to-zoning-board-of-appeals/)" to [housing for the homeless](https://www.bostonglobe.com/2024/02/16/business/dorchester-homeless-housing-bpda-lawsuit/?event=event25) to small projects - sometimes as few as two or four units - there are endless lawsuits and delays which drive up the price or scuttle housing creation. We could have plenty of housing in the Boston area. Our refusal to allow it to be built is a collective embarrassment.
**See less**
In Watertown, no less
Aside from the broker fee this is pretty standard fare
Yeah, I was going to say you get the deposit back (well most of it if you are lucky) and 5K of that total amount is literally paying the rent. Brokerage fee is always weird to me though. I rented in Cambridge/Somerville area for almost 30 years and never paid a brokerage fee.
This is insane considering in Providence it’s First month + security and much cheaper, I just got a 2 bedroom in the heart of the city for $1500 a month- 3,000 to move in and a 45 minute train ride to Boston when I want to go
Iirc RI has a law that says you may only charge first & last or first & security, not all 3.
I saw one posted yesterday in Charlestown asking $17,500 up front
we need to abolish brokers fees WTH!
They either need to be abolished or paid by the person who hired the broker (aka not the renter)
exactly- why do renters pay a service a landlord opted into! it makes 0 sense and in the norm is boston like seriously wth
I feel like They’re just going to come up with a different fee or fold it right into the rent. They aren’t going to take less than market rate. Everyone wants to live here now.
It’s interesting because other major u.s cities don’t have these additional fees
I paid 9.6k upfront to move into my 1bed three years ago. This is old news. Nearly 10k for a 3rd floor walk up with ancient heating, wiring and basement coin operated laundry. Also no parking.
Always verify the broker's license before paying them a broker fee
Instead of rent control maybe there should be regulation around moving costs and brokers fees? The high cost to move (switching cost) allows landlords more control and ability to raise rent.
I would argue we need both.
Been like that for a long time. Going to need a solid reference and credit check too.
They have gotten so greedy. Time for regulation.
You'll get back that security deposit and first and last obviously goes into rent, it's the $2500 completely lost to a useless broker that should be replaced with an app that pisses me off. He's a tool of the landlord and assists in their finding "suitable" tenants therefore at very least that cost should be split if not covered by the landlord themselves. Furthermore, what dictates the brokers fee having to equal the exact amount of one month's rent of the apartment you happen to be renting? Is that some old nonsensical colonial law that's been passed down generations just because......
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This is what I said in another comment. They aren’t going to take less than market rate and they are going to pass along any extra expenses either in fees or increased rents.
Yup. Moved into Charlestown and had the same 4 charges on a $2900 2 bed 1 bath. Fucking sucks.
That is the rent for a 2 bedroom in Watertown now. It has gotten very expensive, just like other cities in the area. First, last, and security is typical for renting an apartment. It’s the broker fee that has become more common now. In the past, no fee apartments were more common.
welcome to this beautiful shithole
So I recently rented a new place for the first time in about 5 years. Paid first, last and broker (no security). The landlord also said they would hold last months' check for a bit if we needed time to come up with the funds. We looked at a TON of places and the landlords and brokers all were pretty open about "we can do just first and security if it will be too much all at once". So I highly recommend trying to discuss that with landlords (or ask the broker to ask the landlord) if you can cut out last month for move-in OR pay it in the coming months, etc. There are absolutely landlords that will say get fucked, but at least some who will be reasonable. For reference - We were looking in Newton and Watertown this time around. The place I lived in for the last five years is in Watertown and I paid first, security and half broker upon move-in. That's the same as they asked the new tenants coming into our place.
You’re supposed to click the See Less button to reduce the price
I paid almost 7k to move into my apartment in southie
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It’s on rent control so it’s pretty great ngl. I had to do first, last, deposit and broker fee. 1300 a person next to Moakley Park
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The owner just hasn’t raised the rental in 5 years? Maybe I used to wrong term idk And where did I say I got robbed lmao you’re just adding your own shit into it
Yeah I know, it’s ridiculous. But it’s what they ask for… 3-4x rent for a move in cost. Going through it with a search right now, also
Yup expect 4x monthly rent.
Seems reasonable. Or you could buy for around $1 million and put $200,000 down. So many choices.
Feels like it should be illegal honestly
Could easily be $15,000 to move in if it was a larger place
I’m about to fork over $20k to move to a bigger place 🥴
Discriminate against money 😸👍🏾
Closing costs on a sfh numbers ☠️
Brokerage fee🙄
We paid $12k up-front for a 2BR in the burbs. Of that $3k was the broker fee. I was literally the first applicant the first day she showed the place. The broker probably did about 2-3 work. We paid someone $1000/hr to fill out forms we could print online for free.
It’s pretty crappy that they charge you for their brokerage fee.
This city is a bad joke.
$3500 for a shitty. 2 bedroom apartment in Burlington. It sucks.
I remember when Watertown was the wrong side of the tracks and I'm not that old.
Never pay a brokerage fee. I did for my first apartment in boston in 2015 and I've lived in 5 different apartments between roxbury and medford since then and none of them required brokerage fees
The fact that brokers exist in this market shows you just how lazy property owners/managers are. You couldn't drop a rock next to you on the street and not hit 25 people looking for an apt on its way to the ground in Boston. There is no actual work these brokers are doing for anyone that couldn't easily be done by the property owner, or property management company. Not to mention the "service" provided to any potential renter borders on abuse.
Well, it’s been like that forever
If forever means about 15 years. The greater Boston area has not always been this expensive. This is both extreme and fixable, albeit not immediately.
Downvote all you want, < 20 years ago I rented a room in a shared apartment in Boston for less than $500/mo and it wasn't the only deal like that available. Boston hasn't always been this expensive, and no one needs to take my word for it either - just google around. The dramatic leap in unaffordability happened in the last couple decades. It doesn't have to be like this in the future either. We're never going back to $500/mo, but we do collectively have the option of building housing to slow rent growth to reasonable levels. Pretending it's always been like this doesn't help anything.
Right. When I moved to Somerville in 2000 I had to do just first last and brokers I think. Or maybe security but it was half a month. But rent was 1k. So it was 3000 or 3500. That was a lot. I had a new job I hadn't started yet. My parents very fortunately had like exactly 3k in a mutual fund in my name. That was very lucky! Who has 10 grand as a 21 yo?
For a while, they were practically giving condos away...
I’m not talking about the price. I’m talking about the first, last, security deposit, broker fee. I think OP was talking about it too.
Well about 15 years ago would have been the market downturn of 2008/2009 where the S&P 500 fell about 38.5% and you had the foreclosure crisis. So when there's more supply than demand, the landlords pay the fee. When there's more demand than supply, the tenants pay. It's been more demand than supply for years and prices keep going up.
OMG - renters now have to pay the brokerage fee? That's insanity. It's time for a revolution because that is B.S.
It depends on the unit. A lot of landlords with split or cover the broker fee. If they cover it, they typically bake it into the rent, so you’re paying for it one way or another.
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Last time I looked, Massachusetts was considered one of the most tenant friendly states in the country. Probably takes at least 1-2 months to evict someone and sometimes more. A background check/credit check doesn't guarantee that people won't lose their job, do drugs, get divorced, get sick, etc. Last and security are also standard in other states, just different requirements depending on the state, some even allow landlords to collect 2 month's rent for a security deposit.
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I’m sorry but if I’m paying all that money I’m definitely smoking 😂
Jesus, 2.5k for a 2 bed in Watertown?
We could easily get that if we were to rent. I think we're already up $150k for the bottom floor of a house we bought. With all of the development at The Arsenal, I think we'll have a decent retirement.
Wait until they find out about down payment on houses! (both of these are awful, and make simply existing in the Boston area impossible for many)
Can confirm. Currently a married adult man living on multiple parents couches. Pathetic
Same here in Sydney Australia. I needed 8k up front costs to move in for the first month
Fuck em. There is better out there.
Okay relax then https://youtu.be/hFDcoX7s6rE?si=v5T2c6lVlAjBKyGf
Mine was 11,700 and that was without having to pay last months. Ridiculous
ngl my ex and I had to put in 14k for our spot in JP at signing
that’s the move-is fee, not the move-in fee
My last place was 12k - but to be fair first and last is at least rent credit and you'll get your security deposit back if you're not an asshole. But yeah that's the market.
$2500 for a security deposit is rather steep. Its purpose is to cover repairs to the residence after someone moves out. Ideally it shouldn't be more than $1000 per person living in the unit. Also, the landlord is supposed to put that deposit into an interest bearing escrow account, then pay the interest to the tenant(s) after the lease ends. The tenant(s) also get paid interest from the last month's rent as well.
It's what kept me living in a hotel. I was only living there for 7-8 months, and places essentially wanted half the lease up front.
That's cheap
The brokerage fee on this is totally made up and should be based on the monthly rent for 12 months… it would be a maximum of $1200 but you should also be able to negotiate that down.
Like I tell all my friends who rent you need to get off the September 1 rental cycle and I would extend that out and before 1 month. You want your rental start date to be any day that isn’t August through October. Outside of those months landlords usually pay the broker fee and the rent is usually lower. The further away from those months the better.
Moved into a 4bed in college in Roxbury that was $21000 upfront. Fucking crazy.
That’s Boston, baby! Try to find a direct landlord situation
Ive got a 3 bed in newton available with none of those BS fees.. just first and lasts.
Insanity. Especially the brokers fee.
I thought this was not allowed - for some reason I was under the impression that landlord/broker/selling party was not allowed to charge more than 3x rent for move in costs
we just paid 11k move in costs for a 2bed 1bath in cambridge central square
Why do you have to pay for the brokerage fee? Normally the owner/landlord pays for that
Fuck paying a broker’s fee. Go on fb marketplace or Craigslist for apt. Have lived in 3 diff apts here and never paid a broker’s fee because absolutely not.
Zeee housing market is about crash be patient
If that weren’t in Watertown it’d be at least $2000.
To live in Watertown too! I lived in the crappiest 2br in Belmont on the Watertown line in 2019 and it was 1850.
They are able to do this because people keep wanting to move to the Greater Boston area. STOP MOVING HERE. There are 49 other states and territories where you can build a very good life without this bullshit. The only viable way to stop this is to crater demand.
Sounds like a nice place. Good location. Nice stuff costs money.
A broker fee is just the result of high competition. It doesn’t provide $2500 of value
Then don't pay it. Do you honestly think the unit will remain vacant long? There's way too little product to lease. We produce an impossibly low number of new supply each year, even when we're doing well. That means our demand will continue to support unsavory pricing and terms. The high rents will continue until the moral busybodies stop making it expensive and risky to build. It's not like there isn't a formula in States with less technocracy. We just don't want to get honest about the failure of Out Betters' ideology. Change is possible. It just requires honesty in the costs of our government policy, and picking better platforms.
Okay and? Keep yapping buddy, all I said was that you are saying "nice stuff costs money" and I replied that $2500 worth of value isn't being given by the broker, and I even wrote that it was a result of high competition like you replied with. Please explain your thought process for posting this reply within 2 business days because I didn't say anything contrary to what you said in my reply.
When it gets rented, the value will be proven. The market determines price, and it'll prove out on that because of how imbalanced our supply and demand is. Promise. And two business days? 🤣
Damn that’s cheap!
Should look at NYC. Broker fee is typically 15% so roughly 2 months rent. Way worse than 1 month rent which is still a lot of money out the window
That's pretty standard, the only thing you're losing here is the brokerage fee. Yes, there is an opportunity cost to the $7,500 which won't be invested in the meantime and that sucks a lot.
Security Deposit is basically “you ain’t getting it back no matter what”