Do you want to rent out your property for extra cash?
Or are you looking for a rental unit in Boston or suburb?
Rental market is still very competitive in MA. Due to the high prices in homes and rising interest rate, people are opting out to buy or sell and decide to rent for now.
Here are my advises when you are in hunt for a rental apartment:
1. Decide how much monthly rent you can afford
Try this Zillow’s calculator: https://www.zillow.com/rent-affordability-calculator/
2. Have all the paperwork ready to submit
These are the paperwork you need to submit when applying for a renal unit. If the apartment is run by a management company, they might have their own submission process/portal, so make sure to check that.
• Fill out application form (each 18+ needs to fill out one) Download here
• Photocopy of your ID (driver’s license or passport)
• Last 2 months of paystubs, or bank statement showing you have sufficient funds to pay rents
• Credit score/report (you can acquire it from your bank/credit card company or go to creditkarma.com for a free copy)
• Co-signer info if you are a college student
• Section 8 paperwork if you are a voucher holder
Keep in mind, landlords want to see applicants have credit score higher than 700 and have income that is not less then monthly rent’s
3. Preview the unit as soon as possible
Contact a real estate agent and schedule a showing of the rental unit. If the unit is in highly desirable area, the listing agent might only do a group showing (open house) on a certain day and time, so do your best to make it!
4. Be the first to apply
In this competitive market, being the first applicant to reach the landlord is very important. As you can imagine, landlords usually want to rent their rental properties out as soon as possible. If the first applicant has good credit history, sufficient income and good reference, most likely it will be selected.
I have been helping many clients “win” the rental property they desired by putting some good words when submitting the application. Giving a good impression during the showing also helps. If you are looking for a rental in Boston area, contact me today!