Sample Move-In Costs
Before applying for an apartment, you should know the amount you'll have to pay before moving in. Every management company is different so it really depends on the apartment. Here are the typical move-in costs you might see around the Greater Boston Area. Supply and demand plays a huge factor in your total move-in costs. A high demand market with little inventory might require more move-in costs than a low demand market with a surplus of inventory. Move-in costs and broker fees increase or decrease along with management's confidence in the current market.
- Application Fee - Most management companies and brokerages will charge a small fee in order to process your application because it costs them money to perform all of the credit and background checks. This is usually anywhere from $25-$50.
- First Month's Rent - This is simply your rent for the first month of the lease. You will always need to pay this to management before moving in.
- Last Month's Rent - Some management companies require you to pre-pay the last month of your lease term. This is not always a guaranteed move-in cost.
- Security Deposit - A security deposit is an amount of money given to the landlord for protection against property damage or lease violations. The amount is usually equal to one month's rent.
- Broker Fee - The broker fee also varies with the different management companies. An apartment could have a full broker fee (one month's rent), a half broker fee (50% of one month's rent), or no broker fee at all. It all depends on how much the owner is willing pay the broker for bringing them a tenant.
- Key Fee - Most owners charge a key fee which is the cost of changing the locks for the safety of the new tenant. This is usually anywhere from $25-$100.