#RealEstate - Size, Location, Price - Three Principle Factors of an Apartment Search

Size, Location, Price
The Three Principle Factors That Will Govern Your Apartment Search

A housing search in Boston is like a game of musical chairs. You played this game as a child, you may remember that music plays while you and your playmates walk in a circle around a set of chairs for a little while. In a coy fashion, because you think it is a game. Always there is one less chair than the number of people walking in circles. You walk eying the place where your butt may need to rest. Your anxiety level soon grows and the coyness on your cute little face disappears and is replaced by a rapacity. Some of you when you were younger literally licked your chops! This is you realizing its not a game, if it is--its that's second. First and foremost it is a training sequence for your mind to help it learn a vital evolutionary lesson--if you're not first, you could be last and if not last you could be left out.

And then it happens. The music stops playing! You scramble for the nearest chair fighting off one of your friends. Remember how vicious the fight becomes when the music stops playing. Little boys and girls will throw elbows and deliver smacks and claws to the surrounding faces. That viciousness of youth has followed you to Boston. Welcome Pilgrim and primitive viciousness too. Competition for housing is very much the same way as a seat in musical chairs. So what, your guide is aware, and the primitive function has been accounted, has been reduced and nearly eliminated. 

Whether you are Bill Gates or Joe Schmoe, the Three Principle Factors that govern your housing search are Size, Location and Price. Negotiating with the Boston rental market on price is not an easy task. It is one of the oldest real estate markets in the country and consequently the price per square foot of real estate here has already been settled. Of course, major catastrophe could resettle it---but barring the arrival of some version of the Four Horsemen, the Price is the Price is the Price is the Price and you pay it one way or another. And you know all the reasons why---how many layers of overlapping supply create overlapping demand in this market? It truly is one beauty Multifoliate Mystical Rose.
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The edges of negotiability have already been rounded by 400 years of negotiators using the exact same set of  negotiation tactics available to you now. On any given day, there are thousands of people looking for housing here. Its a matter of numbers first before words enter the equation. Likelihood is great, greater and greatest that even after 10 rounds of qualifying your need down to the rawest most essential truth of the matter, there's still 9 other folks exactly like you (maybe with just a few nano-meters of difference in your atomic structure, maybe).

So, Pilgrim---here this and don't be stung by it---No matter who you are or the money you are willing to spend, on any given day, there is likely to be many people wearing exactly the same shoes you are wearing, hunting the exact same type of housing, eying the exact same parcel. Musical chairs.

Therefore, steel yourself for the fight ahead. Prepare. Prepare to strike. Your strike must be swifter. Swifter not more powerful. Which means, you must cut the time cost down and strive to cut it down to nothing if you can. Accepting the truth and way is the first step to reducing time cost.

This acceptance is a good precondition that will carry you will into your housing search. More important than the ability to negotiate is the ability to compromise. You must, in advance of your search, decide what is most important to you. Ask yourself the following questions: Are you budget minded? Carrying around years of possessions? Dying to live in a certain location no matter the cost? Identify the most important of the Three Principle Factors governing your search---Size, Location, Price---single out one of the Three to be your favorite, which is it?

Good! With one factor set as control, the other two become subservient factors and are easily variable. You are ready to begin your search.

Realistic Examples of Compromise in Boston

Looking for a two bedroom apartment in the Back Bay? You are certain to find yourself in a compromise situation. A true two bedroom apartment (actually has a living room) in this location will range from $2000 to above $5000, depending on how many luxury features are present. The lower end of this range in this location of course will be ground level or basement apartments. A "normal" price range for two bedroom apartments, decent condition, in the Back Bay: semi-modern kitchen and bathroom, a responsive management company, upper floor with good light---ranges between $2500 and $3000.

Can't afford to pay this price? When Price works against you, reach for one of the following compromises:

1. Size Compromise -- Stay in the Back Bay and rent what is called at Split Two Bed. A Split Two Bed is really a One Bedroom apartment that has been split in two, converting the living room to the second bedroom. Prices for Split Two Beds (a.k.a. One Bed Splits, Realtor-Speak) in Back Bay/Fenway areas range from $1800 to $2500, depending on updates/floor level.
2. Location Compromise - $2500 and $3000 too much? Split apartment too small? Choose the size you want in "outbound locations" (e.g. Allston, Brighton, Brookline, Cambridge, Jamaica Plain or Mission Hill) 2-beds in Allston/Brighton/JP/Mission Hill start as low as $1250, in Brookline/Cambridge as low as $1700.

To reiterate the how Three Principle Factors work with compromise, consider it this way:

1. You can have all the space you want in the location you want, as long as price is no object;
2. You can have all the location you want for the price you want, as long as you can get small;
3. You can have all the space you want for the price you want, as long as you get the heck of out Dodge ;)

But no matter who you are, you will find yourself making a compromise of some sort. Compromise ability is the gold ticket. Plan your compromise in advance and become most competitive during your housing search. The more competitive you make yourself in advance, the more happiness you will have with the search outcome.

Secret Tip: (Price Compromise Big Picture Outlook) You are never more than $200/mo (on a heavily tested average) away from having your desired size in your desired location. And if your crunch your personal budget wisely, you can quickly find an extra $200. Take first into consideration the following factors of Size and Location compromise:

Secret Tip: (Price Compromise Big Picture Outlook) Based on a heavily tested average, it is true that you are never more than $200/mo away from having your desired size in your desired location. Most of the time, it is only $200 per month that separates you from your own personal paradise (just under 7 dollars per day ;)  If you crunch your personal budget wisely---you will quickly find this extra $200. If you'd like to take this shot at giving Price a beat-down, consider first the Hidden Factors of choosing a Size and Location compromise:

Size Compromise Hidden Cost: You might choose getting small to fit in, which could include dealing with an overstock of furniture or clothes or supplies. The Size Compromise will require you to either sell what won't fit, pay for storage, or both. The cost of either of these actions will be close to the amount you save by not springing for the full-bird.

Location Compromise Hidden Cost: Moving outbound requires train and/or bus fare on a daily basis and distance from centralized activities which include social life and business networking events on top of added transit time just to maintain your regular work week. The Location Compromise immediately creates the potential for hours of idleness racked up each week you spend commuting. If you figure in a bare minimum net extra 1-hour commuting each day translates to nearly a 2-week "vacation" of time-value you give yourself by staying within walking distance of your daily pursuits. How do you value 2 weeks? (hint: its $200/mo.) 

Hidden Bonus: So, if you adjust your line of thinking on the matter you will realize there really isn't any need to Compromise either Size or Location on account for Price. Just work your budget and treat your own personal time honorably.

Here's one quick line item in your expense column you can eliminate by living closer to your work or school: The Gym!! Being able to walk to work/school on a daily basis also accounts for daily exercise and reduces the size of your fitness budget.



This article is From the How To Find An Apartment In Boston series.

Other Articles:

Size, Location, Price - The Three Principle Factors That Will Govern Your Apartment Search
Do it Yourself or Get a Real Estate Agent? - Where to Start Looking for Apartment
Super Agent Man or Super Waste of Your Time? - How to Tell if the RE Agent is Worth the Cost of a Phone Call
Real Estate Agent Fees Explained - An Explanation of No Fee, Half Fee and Full Fee Apartment
Looking for an Apartment With Roommates? - Get Your Ducks In a Row
Cats and Dogs and Snakes - Pet Friendly Apartment Searching
What to Do with Your Car - Off Street vs. On Street Parking in Boston
Boston Rental Market Timing - Know when to Start Looking
Preparing for an Appointment - What You Need on the Day of Showing
Upfront Costs and Lease Addenda - Make Sure Your Lease is Kosher

So there you have it, Ishmael, a complete guide to navigating these trouble waters. I hope it helps you on  your journey.

Regards,

Robert Daniel Ortiz