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Short-Term Housing – Options in the Greater Boston Area

Many people come to the Boston area with some uncertainty of how long they will stay. Some might be transfer students for a semester or two, researchers, or corporate employees here for a specific project. Maybe they’re someone who wants to test out the Bean Town magic before they settle down in a specific area. They might rent something long-term perhaps on their way to buying a home.

Whatever the case, there are three ways to secure short-term housing in the Boston area.

1) CORPORATE RENTALS
These are apartments that are being rented on a weekly and monthly basis. The apartments come fully furnished and equipped top to bottom. These units are being priced out in comparison to a hotel room stay, so if you compare them to a regular rental rate they are very expensive. The units are usually very well cared for, like a hotel, and include internet connection, cable TV, linen, and a fully applianced kitchen.

For example:
Standard hotel room rates in downtown Boston are, on average, $250 per night. Multiply by 30 nights and you’ve just spent $7500 that month on housing.

The corporate rentals will run about half that. So count on spending around $3000 a month for a one-bedroom or studio apartment in the downtown Boston area.

There are exceptions to that rule but I don’t know of any corporate rentals that are renting for less than $1400 a month for a studio or $2000 for a two-bedroom.

2) BED AND BREAKFAST
There are quite a few B&B’S in the Greater Boston area. You will most often find them in Cambridge, Brighton, Brookline but not so much in the heart of downtown Boston. They range in quality from a run-down motel/hostel feel to a homey, almost hotel-like feel.

Renting is usually done on a nightly basis with the option of a longer-term stay (per week or month) for a reduced rate.

Prices range from $100-300 per night for an apartment-like unit, not just a room. Weekly and monthly rates are priced around $600-$1500 per week and $2000-$3000 per month.

3) RENT A SHORT-TERM UNIT, RENT THE FURNITURE TOO
This is by far the most economical way of securing short-term housing in Boston. However, it requires a little more work on the renter’s part.

What you do is find a regular non-furnished market-rate apartment that would accept a month-to-month lease or a Tenant-at-Will agreement. Some landlords will be agreeable to this sort of arrangement from the get-go or sometimes only after some negotiations.

These arrangements are far and few between, but they are out there.

Once you have secured the apartment, you use a furniture rental company to furnish the apartment to your liking. This will cost you $70-$350 per month depending upon the quality of the furniture and how detailed you want to get. Do you need just a bed? Or do you require a living room and dining room set with chandeliers, a plasma TV and matching area rugs?

Companies that rent furniture in the Boston area are: Cort Furniture, Rent-a-Center and probably a few others.

Hope this helps.

IG

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Featured Apartment – OCT 15, 2007 – 2 BR, Arlington Heights, Boston – $1,400

2 Bedroom Apartment - Arlington Heights - MA - 1400

Gorgeous two bedroom apartment located on the second floor of a beautiful two family house in Arlington, near Arlington Heights. This spacious apartment has hardwood floors, area rugs, quality shades and curtains. There is a formal dining room, dayroom, front porch, modern eat-in kitchen with a dishwasher and a garbage disposal, large living room, and two spacious bedrooms. Washer and dryer located in the unit. One car driveway parking space. Its about two blocks to Arlington Heights, stores, shops, and transportation. GAS PAID FOR BY OWNER! All the tenant is responsible for is rent, electric, phone/cable/internet.

Click here for more pictures and details on this two-bedroom apartment in Arlington Heights, Boston.

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Budgeting for Rent – As Percentage of Income

Most experts recommend not spending more then 35% of your income. Many landlords will take your gross annual income and divide it by 35-40 to feel comfortable taking you on as a tenant. For example, a $35,000 a year income earner should budget $875 – $1,000 per month for their rent.

GrandCentralApartments.com created a rent calculator to make budgeting for your rent simple.

Keep in mind your responsibility for utilities. Obviously the best case scenario is finding an apartment where the rent includes all utilities. If not, be sure to get an idea of what your heating bill, electric, phone, cable and internet expenses will be and factor that into your budget as well. Your landlord should be able to help you estimate your utilities.

A recent article in the Boston Globe reported that the amount of low-income renters that spend upwards of 50% of their income on rent increased dramatically over the last 8 years (almost doubled).

Low income refers to people making no less then the minimum wage and no more then 120% of the median income for an area.

IG

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