Let’s just jump in here shall we? To start off, no fee apartment listings these days have become few and far between, just in case you were sitting there and scratching your head, wondering where they were at. There is a larger demand for units due to the influx of renters flooding the market, and landlords know that they will more than likely find an applicant that will pay the fee themselves in order to secure a quality unit. Also, rent is on the rise, and landlords are taking advantage of the market moving into their favor.

So what exactly is a no fee apartment? And what exactly is a full fee apartment? And why is there a fee involved in the first place?

There is a fee associated with a rental when working with a real estate agent in Boston, generally it is a one month fee. For example if the apartment you rent is priced at $1,400 per month, the fee is $1,400 to the brokerage. When a landlord or management company is paying the full broker fee on your behalf, than you are not responsible for paying the fee and it’s called a “no fee” apartment. The fee is still paid to the brokerage for the services rendered, and it is usually dispersed throughout  your monthly rent.

So let’s say with you taking care of the fee, you are paying $1,400 for an apartment. You pay that fee during all the fun paper work of renting a Boston apartment,  which usually consists of first month’s rent, last month’s, sometimes security, and the broker’s fee. (It’s a hefty amount to put down all at once) However, if the landlord or management is paying the fee for your “no fee” apartment, it can sometimes be included in your rent. So rather than your rent being $1,400 a month, your rent will probably be around $1,500 because that one month fee is incorporated into your monthly rent.

One of associates, Jillian Padgett put it,
“The current economic climate, the number of vacancies and the amount of traffic all contribute to the growing number of LL’s and MC’s paying more of broker fees here in Boston.  It will be interesting to see what fee structures will be during the height of the rental season next year and how it will play out but Boston is not similar to many other rental markets in our country and there is really no such thing as “no fee”.”

Lastly, why is there a fee involved anyway? Well, as many of our customers tell us, looking for an apartment is like a full-time job! Calling management companies, agents, landlords and checking out dozens of websites can be very time-consuming for you the renter. That’s where a trained real estate professional comes in to save the day, your time and your sanity. An agent will go through all of the listings we have in-house, search the Craigslist pages and contact other agents holding exclusive listings you may not be able to find online. We will set up showings that get you out to see the most units that meet your individual criteria in an efficient block of time. And at Charlesgate, we will educate you about not just the apartments we show you but also the neighborhood, the rental process and the current market. We work with landlords to negotiate on your behalf and take care of rental paperwork in a timely manner. After you’ve secured housing through us, we will also send you our Moving Concierge to help you with moving quotes, utilities and the USPS.

Moving is enough of a hassle and we agents are here to make it an easier process for you. So check out our latest Value Picks and Featured Units here and get going on your move!

If you have any questions regarding this article or starting your Boston apartment search please give us a call at 617.587.0100. One of many experienced and helpful agents are ready to help.

Thanks Chantelle for helping contribute to this article!