General Information

How Much Will It Cost?

Self-Assessment

You must first decide whether to live by yourself or with roommates. This may be determined, in part or in full, by your budget (see below). Our Spring 2007-2008 survey showed rents averaging $600-700 per bedroom for multi-bedroom apartments. (Studios and 1-bedrooms are both more expensive and less plentiful.)

If any utilities are included in the rent, then this should be clearly stated in the lease. If they are not included, budget at least $100-190* per person in addition to the rent in the winter months. In the non-winter months, utility costs will decrease substantially. Utility costs will increase and decrease on a seasonal basis.

For example, in a 2-bedroom apartment:

Questions to Ask About Utilities
Here are some questions to ask your landlord before renting an apartment:

• What type of utilities are there? For example, is there gas, oil or electric heat?
• Who pays for the utilities?
• How much are they? How do we pay for them? (If the tenants pay)
• How do we get them fixed? Will the landlord fix them or do we have to call the individual providers?
• How old is the electric system - does it use circuit breakers (newer) or fuses (old)? Does it ever get overloaded, for instance if too many appliances are being used at one time? What should we do if that happens (e.g., change fuse, reset circuit breaker, turn off appliances)?
• How many cable jacks and phone lines and in which rooms?

If you are searching with a group:

• Compare lists and make sure that everyone is in agreement about what you want.
• Delegate the tasks. Assign each person a set of resources to follow up on.
• Communicate to each other about what has been done and work together.

View local utility companites >

A note on costs: Rental costs stabilize due to the economic slowdown and the national climate. Costs listed below are per month, without utilities, which may, in themselves, range from $145-$190 a month. A note on utilities: as of March 2005, landlords are not required to pay for water if they meet the conditions detailed in the Act Authorizing Water Submetering in Residential Tenancies. They are not required to pay for hot water, unless explicitly stated in the lease agreement. Utilities include electricity, heat, hot water (which can be gas, oil, or electric) and sometimes water. Most apartments have telephone jacks in each bedroom and many have cable TV hook-ups. Often washer & dryers, or washer & dryer hook-ups, are available in the basement as well. The most modern connections for the internet may be available as well.

Subletting: Subletting happens when someone rents a unit and find that they will be gone for a period of time during the term of their tenancy. For example, they are going away for the summer, or for study abroad. In this situation they may find another tenant to take their place. This is subletting. It must be approved by the landlord. The person who has the lease, but is going away, is still responsible for the payment of rent to the landlord. In the summer, especially in college communities, there tend to be more sublets available than people to fill them. The economic forces of supply and demand come into play. It may be possible to rent an apt., or a room in an apartment, for less than it would ordinarily cost. The person who is subletting may prefer to get some of the rent, rather than none of it. Prices tend to drop the closer to summer it gets. Sometimes there is an option to extend beyond the sublet. People move, and plans change. A sublet form should be used to define the responsibilities of the person subletting and the person who subleases. A sample form is available in our office and on-line.

Up-front deposits: It is not uncommon for landlords to be flexible about taking 3 months payment up front. Instead of asking for first month's rent, last months rent, and a security deposit equal to one month's rent, they are asking for some other combination that adds up to a lesser amount (first and last). Also, some apartments are available from real estate agents without a fee charged to the tenant. Of late, some landlords are picking up this fee, and some split it with the tenant. In the past, it was more common for the tenant to pay this entire fee. This fee may or may not have been in addition to first, last, and security deposits.

Renter's Insurance (optional protection)

Renter's Insurance protects your personal property. Your landlord's insurance policy generally covers the building and your landlord's possessions – not your personal belongings. A renter's policy is a way to insure your property, including possessions like stereo equipment, TV's, furniture and appliances, against damage and theft. It also provides you with personal liability protection. Although some rental policies held by landlords allow coverage for injuries to others that occur on the rental property, some do not. Landlords may select such coverage because it assures that they have liability coverage to protect them from bodily injury or property damage lawsuits arising from the use of their personal property. Since not all landlords have this type of coverage, it is a good idea to protect your personal interests with a renter's insurance policy. You may be eligible for coverage under a parent's home insurance policy, therefore, it is recommended you research that possibility before selecting a renter's insurance policy.

FAQ's:

1. Is renter's insurance too expensive?
   When considering your belongings and the cost to protect them, renter's insurance may not be as expensive as you think. There are a variety of policies which can offer basic protection of personal property, and can protect you in case of a liability lawsuit. Economical/basic options are available through the insurance company.
2. Does the landlord's insurance cover me? 
   Your landlord's insurance generally only covers the building where you live – not your personal belongings and your liability.
3. Is it worth buying renter's insurance when I do not own very much? 
   Most people are not aware of the worth of their belongings. As such, it is important to realize that your belongings may be more valuable than you think. There are many options for renter's insurance, therefore, it is important to know just how much you will need.
4. Is there a deductible?
   The deductible is a portion of a covered loss that is your responsibility. Deductibles vary from state to state but are usually available in amounts of $250, $500, or $1000. For example, if you have a $500 deductible, you need to pay $500 of the covered loss.

Cost saving tips: In general, the larger the unit, the smaller the rent per bedroom. One bedrooms cost the most. Any one bedrooms that are less than $1,000 either aren't at market rate (such as a family member renting a unit), or may have disadvantages such as being a studio apartment (one large room, with a bathroom attached) or at basement level, with less natural light than otherwise would be available. In general, we have found that rental housing in Medford and Somerville is less expensive than rental housing in the Boston proper areas such as Cambridge, Brookline and the Fenway area to name a few. Remember as well that the condition, square footage, neighborhood location, and amenities of an apartment also effect its cost. This results in a wide range of prices in each category of 1-, 2-, 3-, and 4-bedroom units.

The estimated costs, below, are averaged from Medford and Somerville listings placed on our off-campus housing website and do not include utilities. The amounts below are based only on asking prices listed on the OCH website. This information should be used as a guide when estimating yearly expenses for rental fees in the area.

To help you determine how much you can afford, here are two worksheets:

• General Income/Expenses Worksheet (PDF)
• Moving Expenses Worksheet (PDF)