boston Housing Market

Boston has a relatively unusual rental market by U.S. standards. Its peculiarities are driven by two basic factors:

  1. Boston has a lot of (highly mobile) students. The Boston Area holds almost 60 colleges and universities, which implies a large itinerant population during the school year.

  2. A high proportion of the city's apartments are in small buildings or standalone houses that are owned by private individuals or small firms.

While this generates several housing options, this also generates a large range of prices and quality. Searching for the right apartment for you could be hard work. Below are some elements to take into account.

Neighborhoods

I often get questions about what neighborhoods are convenient to live in when attending BU. If you are looking online, key neighborhoods that you should keep in mind are:

  • Allston

  • Brighton

  • Brookline

  • Fenway

  • Back Bay

  • Cambridgeport (across the river but still very close).

There is also a shuttle that connects BU's Charles River Campus with its Fenway and Medical Campuses located in the Longwood and South End neighborhoods, respectively. The shuttle is free to all students and opens up the Longwood and the South End as other options.

On average, the cheapest neighborhoods to live in are Allston and Brighton, and for this reason, they are also the most popular among undergraduate and graduate students at many of the universities around the area.

Prices and upfront requirements

A 3-bedroom apartment could have a total rent of between $3,000 to $3,300 per month.

You should expect to pay no less than $1,000 for a room per month in a shared apartment in Boston. Anything cheaper than $1,000 is a great deal but also implies that you have to pay particular attention to the apartment condition and utilities included. Of course, there are LOTS of apartments that cost much more than $1,000.

If you find an apartment that you like, you should check which are the upfront costs before you sign and rent the place. It is common for landlords to require upfront first and last month's rent and a security deposit (usually one-month rent).

In several cases, you will find apartments that are listed by realtors/brokers. In those cases, you might be required to pay a broker's fee of up to one month of rent in addition to the landlord's upfront requirements. Of course, if you use a realtor/broker service to find an apartment, the broker's fee might also be required.

In sum, for most of the places listed for rent, you will be required to pay between 3 to 4 months of rent upfront to move in.

Leases

Many landlords will expect you that you sign a one-year lease. This ensures you have the apartment and contractually binds you to paying rent for one year. Note, also, that the vast majority of leases start on September 1st and end on August 31. Most students are looking for a place to live for the academic year, and this suits them well.

If you are arriving before September 1st and need a place to stay, I encourage you to consider subletting an apartment until September 1st. Summer sublets are plentiful, as most students are out of town at that time.

My biggest recommendation is to START LOOKING EARLY. Most great deals go very quickly and the earlier you start looking, the better!

What's included on the lease?

Remember, a lease is a binding contract. It requires that certain obligations be met by both parties. You are required to pay rent by the specific date each month as outlined in the lease. In turn, the landlord gives you the apartment, and certain things may be included.

For example, my rent each month includes heat and hot water. It does NOT include electricity and non-heat gas (e.g., gas for my stove). Make sure you know what is included in your lease!

Boston gets very cold in the winter. I ***HIGHLY*** recommend that you sign a lease ONLY if it includes heat and hot water.

Roommates

It is going to be extremely expensive to live on your own in Boston. I highly recommend living with 2-3 others to bring down the cost! Your incoming classmates could turn out to be suitable roommates. I recommend contacting them when you are admitted.

I know that most of you are just beginning your program and you probably have not met anyone yet. Therefore, if you are looking for a roommate that is a grad student in the Economics Department and you want to share your name, email, country, and gender, I am willing to put into compiling a list of names and contact information for you to reach out them and find a compatible roommate. I will not do roommate matching. It is your responsibility to look up the list, reach out to anyone you are interested and do the appropriate housing agreements.

Facebook and Craigslist can be great for finding roommates too. There are open and closed groups on Facebook (like Boston University (BU) Housing, Sublets & Roommates). There is a section on the Craigslist website called rooms/shared with the same purpose. This section posts apartment listings and individual rooms in apartments where other roommates are currently living. For example, some people will look to replace current roommates who are leaving the Boston area or to find additional roommates to fill a larger apartment.

There are also many houses in the area that serve as group quarters for a rotating mix of students and young professionals. Places like this will almost certainly want to meet you. Some of them may have a somewhat more involved "interview" process, but they can be a lot of fun and a great way to save money.

General Advice

I highly recommend visiting Boston for several days to find an apartment before you move permanently. But, most importantly, you need to be vigilant! Check regularly for good apartment opportunities, and follow up on them as quickly as you can. Being the first person or one of the first people to respond to an advertisement makes it much more likely that you will get a response and much more likely that you'll end up with the apartment that you like! I suggest having an email template in place that explains who you are, what you'll be doing in Boston, and some general words about why this apartment looks excellent for you. When you see something you like, just customize it slightly and hit send.

I strongly recommend visiting the apartment and the area (or having someone that you trust is able to do it for you) before committing yourself to any obligation and signing a contract. Listings can be deceiving! Photos might not be an accurate representation of the apartment. You should also visit the apartment's surroundings, ensure that you feel safe living there, and make sure that your commute to the university is something you are comfortable with.