Understanding Tenant Move-in Fees

Reading Time: 2 minutes

      Landlords usually charge a specific rate when a tenant signs a new lease. The tenant move-in fees typically cover the costs of accommodating and processing new tenants, including touch-ups and minor changes such as changing directories and reprogramming security systems. Furthermore, one of the first steps to understanding tenant move-in fees is…

Understanding Tenant Move-in Fees

 

 

 

Landlords usually charge a specific rate when a tenant signs a new lease. The tenant move-in fees typically cover the costs of accommodating and processing new tenants, including touch-ups and minor changes such as changing directories and reprogramming security systems. Furthermore, one of the first steps to understanding tenant move-in fees is that they should not be confused with the security deposit.

 

Different states have different rules

In Massachusetts, the maximum amount you can collect falls under three things. First, the first month’s rent, which is the first month they move in. Next is last month’s rent, which would be the last month of the lease term that you accept. Lastly, you have the security deposit, which is equivalent to one month’s rent.

In addition, you will be able to charge a key deposit or charge a fee. And that’s it. You can’t charge anything else: you can’t charge application fees, pet fees, lease creation fees – nothing of that nature. Only those three months plus the key deposit charge fee.

If you collect anything in advance and you have a tenant that says, “We will pay six months of rent in advance,” you can’t do that, and you would be liable for it, and in Massachusetts, you would be breaking the Housing Laws.

Again, that’s a basic understanding of what tenant move-in charges are in Massachusetts, where you can collect. It is definitely important to refer to your state laws beforehand. Knowing the state laws will help you determine how much you can collect in advance; more importantly, it will let you know how you ought to handle those funds.

 

 

A man is signing a document while a woman looks on.

 

Our commitment

If you or anyone else you know is looking for a proactive property manager that will guide you in understanding tenant move-in fees better, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.

Benefits of Having a Property Manager Who Is a General Contractor

Benefits of Having a Property Manager who is a General Contractor

Posted in ,

  Property managers and general contractors play different roles in real estate. But if you have a multi-serving property manager who is also a general contractor, like here in Green Ocean Property Management consider yourself lucky as you can experience these perks. Here are the benefits of having a general contractor as your property manager.    …

5 Benefits of Hiring a Local Property Manager

5 Benefits of Hiring a LOCAL Property Manager

Posted in ,

  When choosing your property managers, there are some factors to consider. Hiring a property manager who is based within close proximity of your investment property proves to have more benefits than one who is 45-50 minutes away from you. Sure, their rates might be cheaper – because everything outside the city is typically cheaper…

Hand holding a door knob

Why Two Means of Egresses is the Safest Way to Go

Posted in , ,

  Our founder, Jarrett Lau, walks through dozens of properties every month for his prospective clients to make sure each property is safe, secure, and most importantly legal in the city.   We’ve seen a property that had both a basement and an attic built on it. The first thing we noticed was the means of…

Experience exceptional management and elevate your property with us

NARPMGreater Boston Real Estate BoardCommunty Association InstitteEqual HousingBest Property Managers Boston

Stay updated with market trends and changes

Expert knowledge and advice to help make your life as a property owner easier.