New Grad Moving to Cambridge - Have Housing Questions :/

Submitted by bluskers_hi t3_z5lx9i in CambridgeMA

Hey all!

I'm moving to the Boston / Cambridge area for a full-time job once I graduate from my Canadian university next April. My current plan is to Airbnb for May, and hoping to sign a lease for June 1st. A couple questions:

  1. When should I start looking for a June 1st lease? Ideally I'd like to see the place in person before signing, but I'll only arrive on May 1st. Is one month enough time to do viewings and sign?
  2. I'll be making 120kUSD - is this enough for a one-bedroom apartment in a new-ish building in the Cambridge area, close to the Red Line?

Thanks!

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Carfishy t1_ixwuy5u wrote

June 1st is “off-cycle” so there will be limited choices, but I think since you’re looking at newer buildings you may have more luck. There are a lot near alewife (on the red line) that are being built so those may be a good option, and less expensive since a little outside the city. Kendall sq is another location on the red line where I’ve seen newer buildings, but haven’t seen many in harvard or central sq. Some of these buildings may also be able to send you virtual video tours.

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CriticalTransit t1_ixxm2v8 wrote

It’s not off cycle. It’s the second busiest month for moving, behind only September.

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Carfishy t1_ixwv7ls wrote

Meant to add that yes $120K should be enough!

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tormontorcam t1_ixxre98 wrote

It will be more affordable to find a renovated place in an older building than to look for a canadian-style new build. There is very little in Cambridge that looks like the relatively brand new condos you have all over vancouver/toronto/calgary.

There is a small amount of Canada-style new condos in Kendall and Alewife, but be prepared for sticker shock (3-4k/month, as others have said, vs potentially under 3k if you're getting a renovated unit in an older building).

Also be prepared to have no credit score when moving to the US. Credit checks are a big thing here and you will have no credit. Open a credit card as soon as possible when you get your SSN, so that when it comes time to rent a place in month 2, something comes up on your credit score when they run it. TD operates in both countries and will give you credit in the US based on your credit scores in Canada. Amex may do the same.

Also, if you are coming to work in tech or biotech, companies regularly offer a relocation bonus/amount/help, which often includes temporary housing for 4-8 weeks. Worth asking your company about it.

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bluskers_hi OP t1_ixyoaho wrote

The credit score issue is what concerned me. Luckily, I’ve had US credit since January, as I’ve been on an internship for 8 months in the US already.

Do you think that will be enough for a decent credit score? I’ve heard of paying companies to guarantee your lease - have you heard of these?

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NikkiMowse t1_ixzvda0 wrote

You sound very prepared! Are you coming from a competitive housing market area? I think you’ll be ok with the information you’re getting here! good luck!

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bluskers_hi OP t1_ixzydl8 wrote

How could you tell /s

If you’ve ever lived in or heard of the Toronto housing market - it’s absolutely insanity in availability and pricing.

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NikkiMowse t1_ixzyv7a wrote

yeah I was going to guess it was Toronto. hopefully cambridge proves easier for you!

Edit: make sure your future lease stipulates that the security deposit is held in a bank account accruing interest. it’s the law and is often ignored.

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tormontorcam t1_ixz0b3d wrote

Ya thats probably fine. You're not buying a house, it is just a check to make sure you're OK to rent

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xKimmothy t1_ixwwgvf wrote

Yes, that salary should be enough for a 1br if you're looking to live alone, but the newish buildings will be more like luxury apartments and could charge 3-4k/mo. That might be a little tight if you need other savings. Also, you could need 3-4 months of rent in upfront costs during signing (security, first and last months rent, realtor fees).

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bluskers_hi OP t1_ixwx3mz wrote

I've heard of the 4 months up front deal and am planning for it, it's so strange, I have not seen that anywhere in Canada.

I'm hoping to land somewhere in the 2.5-2.7k range for monthly rent, definitely don't need luxury, so that's reassuring to hear!

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commentsOnPizza t1_ixxk7k4 wrote

> definitely don't need luxury

New-ish = Luxury

You won't find $2,500-2,700 in a new-ish building.

Boston and Cambridge are very old in terms of housing stock. The very few new units are all "luxury" insofar as they have in-unit laundry and a kitchen from the past 20 years. "Luxury" doesn't really mean luxury. It just means new. It means new-ish cabinets even if they're IKEA quality. It means central AC. It means in-unit laundry.

Median rent for a 1 bedroom in Cambridge is $2,700. The average apartment in Cambridge probably dates to 1920. It's unlikely that you'll find a place in a new building at that price point.

You're also saying that you want to be close to the Red Line. Being closer than average to the Red Line means wanting a place that will likely cost more than the average place.

I guess my question would be: why do you want a new-ish building? A lot of people who aren't from the Boston area say that. Some come from locations where half the housing stock has been built in the past 15-20 years and so older units aren't maintained well and new-ish units don't command that much of a premium. In Boston, newer units command a big premium and some of the older buildings have been maintained well and updated with nice modern stuff.

Newer housing in Cambridge often isn't located in the same neighborhoods too. Most of Cambridge's new housing is on the outskirts of the city. That's not necessarily bad. A lot of new jobs have moved into those areas too (think Alewife and Cambridge Crossing).

You've also said "close to the Red Line," but you haven't really defined what you mean by that. A 10 minute walk? 15 minute? 20 minute? Less than 10 minute? If you want to be 10 minutes or less, you're creating a very small radius around each stop - 0.3-0.5mi (0.5-0.8km) - depending on whether it's a straight shot or you're making an "L" shape and what the intersections are like (and if you'll spend a couple minutes waiting for cars). I'd also note that the area within a 10 minute walk will be 4x the area that is within a 5 minute walk. Circles! You double the radius and the area becomes 4x larger. So if you're thinking that you want to be within 5 minutes of a T station, realize that's an incredibly small area. Going from a 5 minute radius to a 15 minute radius means increasing your area to 9x the size - and potentially more than 9x more units given that a lot of the space directly around T stations is commercial, roads, and parking and most of the housing often starts a few streets away.

Likewise, why do you want to be on the Red Line? Would a place that's a 15 minute walk to work be reasonable? I don't know where you're working, but if it's in East Cambridge/Cambridge Crossing, Kendall, or Alewife, there's a greater abundance of newer buildings in those areas and maybe the distance to the Red Line matters less.

It's certainly possible to find deals, but often they require flexibility and/or trade-offs. $2,500-2,700 is possible, but probably not based on the list you've given (because the list you gave is "luxury").

I think you'd probably need to go into the $3,000 range to find what you're looking for, but part of that is based on my interpretation of what you're looking for.

In terms of timeline, yes you can look at and sign for a place within a month. However, the cheaper places often go earlier. Larger, newer, luxury buildings will often have units available hoping for higher prices. Smaller landlords don't want to risk losing out on rent and want to lock it down early.

I'd also note that if rents rise 5-10%, $2,700 turns into $2,835-2,970. I think we still don't know what is going to happen in terms of inflation and rents over the next 6 months. It's also possible that rents will go down. Maybe we'll hit a major recession and that'll make things marginally cheaper (though that might have other negative impacts in terms of your job - bonuses, stock compensation, raises, etc. might end up being worse).

For example, is this place what you're looking for: https://www.apartments.com/121-thorndike-st-cambridge-ma-unit-2r/1ztyzz7/? It's not a new building, but it has been refurbished a bit with a newer kitchen, baseboard heating (rather than steam radiators) and such. It's a 15 minute walk to Kendall and a 10 minute walk to Lechmere (on the Green Line). Nice quiet side street. You won't have air conditioning (you can get window boxes) and laundry will be in the basement, but it's cheap at $2,600 and pretty modern by Cambridge standards. But that's the cheapest I can find that's anywhere near "new-ish" insofar as the kitchen has been updated, it's been repainted, etc.

The Zinc building (https://www.apartments.com/zinc-cambridge-ma/963v765/) can be relatively cheap, but it's farther from the Red Line (20 minute walk) and you have to cross one of the two busiest roads in Cambridge to get from it to the rest of Cambridge. It's a modern building, I've had friends live there and love it, and one of the few places in Cambridge that has fiber internet.

But if you're looking for a more desirable location (or nicer than the Thorndike place), it'll be above $2,700. Does the Thorndike place meet your specifications? Maybe. When people say "close" it's really hard to know what they mean. For one friend of mine, more than a 5 minute walk is outrageous. For another friend, a 25 minute walk is nothing (and she walks fast so a 25 minute walk becomes 15-18 minutes for her). When people say new-ish, do they just mean they'd like a kitchen with a solid countertop and cabinets that are decent? It's hard to know.

The piece of advice I'd give you is that you'll have to make a decision quickly on places in smaller buildings (or condos being rented out by the owner in larger buildings). You can't think about it for a couple days. Also, don't judge a building by the exterior. Landlords don't spend money on the outside because tenants want an updated inside, not a fancy outside.

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and_dont_blink t1_ixx0zqa wrote

>I've heard of the 4 months up front deal and am planning for it, it's so strange, I have not seen that anywhere in Canada.

You won't see it anywhere, it's one of those things where people know it's wrong but it serves the interests of those who are entrenched here. Keeps property values and school scores up and feeds locals who bilk the students come through.

You'll be OK in that price range but start early and be open to a bit of a walk

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xKimmothy t1_ixx7rmi wrote

We all hate it. I luckily only needed 3 months upfront, and happened to have enough saved, but moving costs plus that were a little shocking to my budget. You should be able to find that range though! Especially north of Harvard, maybe even in central/cambridgeport. You may have more options around Kendall, but the neighborhood is a little more biotechy/corporate.

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Moomoomoo1 t1_ixx3tt3 wrote

I am certain you can find something good in that range and still be able to live comfortably.

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fun_guy02142 t1_ixxbo0s wrote

June 1 is a great time to sublet. It’s a slower time to find a 12 month rental.

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Additional_Lack4337 t1_ixxtw4j wrote

the luxury buildings often only charge $500 or $1k security and no last month, no broker fee. I live in Kendall Square in one of those buildings and it is safe and quiet. I have a one bedroom and it’s more than your ideal budget, but some of the studios on the lower floors around 3k

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bluskers_hi OP t1_ixz1koh wrote

That’s good to know, thank you. The monthly cost is not concerning - it’s the 4 months up front (>10k) and all the initial housing costs that’ll be harder to manage. It’s technically feasible for me to fork up 10k on May 15th for a June 1st lease, but will definitely make the next few months tight until a couple paydays come in.

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birdprom t1_iy5kru2 wrote

Veteran renter here - here's my somewhat random advice:

  • A month is enough time to find a place, as long as you're not extremely picky. But start looking the moment you are able. It is a competitive market.

  • There will be a lot of people looking for June 1, so if you see a place you like, snag it quickly, or else someone else will.

  • How much you can afford for rent depends on how much you'll spend in other ways. But on 120k, as long as you're not hugely financially irresponsible, you should be fine. Stay under 3k/month, at least. The further under, the better.

  • Not every place requires four months rent up front. Some leave off the last month's rent, or the security deposit. But you should plan to have at least three months ready if you're going to be working with a realtor (they take a month's worth for themselves, if the landlord doesn't cover it, which generally they don't).

Best of luck - hope it all works out for you.

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CriticalTransit t1_ixxm938 wrote

I’d normally start looking in April but May is okay. I would not recommend looking at apartments until you’re actually here to do it in person. Read up on the rental market/process.

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wiredentropy t1_iy3bfnt wrote

If you have the capital would suggest buying / taking out mortgage on a 1-2 bedroom condo and selling for 10-20% more when you leave. That way you will be building wealth instead of giving it away to a greedy landlord. Monthly payments will be about the same maybe leas

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