Rental Question...Fee/No Fee?? (Cambridge, Brookline: apartment, rentals, insurance)

[NEastBound]

In Atlanta, we do not have fee or no fee rentals (that I have ever seen) Could someone please explain how these work? What fees? How much usually? Any info would be great!

[RemiJP]

Fees are realtor fees, which you pay the realtor for finding your new place. The fee amount ranges, I've heard of it being as much as 1 month's rent and sometimes it's 1/2 of 1 month's rent, due when you sign the lease. With this fee, you could potentially be paying 3 months of rent at once (first, last, and the fee)! My boyfriend and I did not want to pay a fee, so we searched and searched for a place that was being rented out by the owner. We got lucky and our owner only required the first months rent!

[NEastBound]

Makes sense...thanks! Now if I could just setlle on an area!

[smarty]

Q. How much money will we have to come up with?
A. The general rule of thumb for most landlords is:
· First month's rent - that's the deposit you put down with your applications.
· Last month's rent - landlord insurance if tenant just leave without notice.
· Security deposit -
· Realtor's fee - if applicable

Q. What's a security deposit?
A. Landlord often requires a security deposit equal to one month's rent. The security deposit is held in an escrow account and it is used by the landlord to cover any damages or unpaid rent over the course of the lease term. Normal wear-and-tear is not deducted from the security deposit and as long as you leave the apartment in the same condition as when you moved in, your money will be returned to you with interest.

Q. What's a realtor's fee?
A. A realtor's fee is a finder's fee that rental agents collect for services rendered in securing the perfect house or apartment for you. It is usually equal to one month's rent.

[scarletfire]

Also sometimes the landlord pays the fee. If you go to Craigslist you can sort rentals by fee/no fee. If you're searching sites that pull from the MLS many of those will have a fee.

[NEastBound]

Thanks. I've rented 5 different places in Atl (yeah...moved due to jobs and nothing is close here, whoo hooo!) - we have the same deposit requirements...just not a "broker fee" that just seemed a little strange to me.

Originally Posted by smarty

Q. How much money will we have to come up with?
A. The general rule of thumb for most landlords is:
· First month's rent - that's the deposit you put down with your applications.
· Last month's rent - landlord insurance if tenant just leave without notice.
· Security deposit -
· Realtor's fee - if applicable

Q. What's a security deposit?
A. Landlord often requires a security deposit equal to one month's rent. The security deposit is held in an escrow account and it is used by the landlord to cover any damages or unpaid rent over the course of the lease term. Normal wear-and-tear is not deducted from the security deposit and as long as you leave the apartment in the same condition as when you moved in, your money will be returned to you with interest.

Q. What's a realtor's fee?
A. A realtor's fee is a finder's fee that rental agents collect for services rendered in securing the perfect house or apartment for you. It is usually equal to one month's rent.

[NEastBound]

Originally Posted by scarletfire

Also sometimes the landlord pays the fee. If you go to Craigslist you can sort rentals by fee/no fee. If you're searching sites that pull from the MLS many of those will have a fee.

That's good to know - this move is going to cost us a fortune as it is...and we are not using movers!!!

ugh.

Do rentals seem to go fast??

[RemiJP]

It depends on the neighborhood. Lots of places in Fenway and Allston/Brighton (student areas) tend to get scooped up in April/May for September 1st leases. In other areas, they don't get rented out as quickly. It's very common for leases to start Sept. 1st, though in more "grown-up" areas like the South End, JP, Brookline, or Cambridge, you'll be more likely to find places with leases that start at other times.