Homeownership rates have been decreasing for the last eight decades, according to a report by Harvard University’s Joint Center for Housing Studies. That means more people are leasing, which makes it more challenging to locate a rental house.
The key, real estate agents say, is to plan ahead. Often tenants will wait till the final minute to search for a different apartment. But when tenants are in a hurry they have a tendency to take flats they do not really desire, ” says Lance Macon, co-founder of Metro Home Managers, a Washington, D.C.-based, full-time leasing property management company.
Below are eight tips for finding the most effective rental flats and homes locally.
1. Start your hunt early in the month
The top leases, concerning cost, amenities and location, go earlier in the month, so don’t wait until midmonth to start looking for a new location to reside, Macon states. It is ideal to begin hunting 60 days before you want to maneuver, particularly if you’re searching for a rental home where there is not as much accessible.
The second and third weekends of the month are inclined to be the busiest. Should you begin your hunt the first weekend of this month, there’ll be less competition and also the very best properties will continue to be accessible.
2. Begin online but do not rely on it
Approximately 90 percent of tenants will begin their apartment hunt on Craigslist or even Zillow, Macon states. Looking online is a great way to begin your search. It is possible to find a feeling of pricing and apartment amenities. But if you are moving to a different town, looking online will not tell you about areas and the regional amenities of every, such as public transport or grocery shops.
3. Utilize a Specialist
Typically, property agents are available to assist tenants find properties at no charge. The secret is to get a broker that specializes in lease properties, not dwelling sales.
If you are looking in locations where there is tight competition for flats, you will want to converse to quite a few real estate agents prior to committing to a single since different agents have different relationships with various buildings. Ensure that you are speaking with a broker with access to the flat buildings in areas where you would like to lease.
4. Do not be fooled by scams
Be conscious of online scams, especially ads on Craigslist which ask that you supply your credit card to pay a deposit fee to be revealed the flat. Nobody must demand a deposit to show you a flat.
Furthermore, be cautious if you’re renting a flat directly from a private individual since you’ll be giving a entire stranger your Social Security number along with your bank account info, and they’ll probably conduct a credit check on you. It is safer to operate with a certified and bonded property agent.
5. Know that your roommates
If you are thinking about sharing a flat, be sure to understand who your roommates is going to be and think about asking the landlord to get different leases. In case you’ve got a joint lease and the lease is $2,000 per month, then you’re responsible for the whole sum if your roommates do not pay their share, Macon states. But in case you’ve got another lease, you are accountable only to your section of the lease.
Do not be afraid to request references if you do not understand your roommates. You might even use social media — LinkedIn, Twitter and Facebook — to discover more about them.
6. Give to take a 13-month rental
If you are in a competitive market, 1 method to acquire a landlord’s focus would be to offer to signal up a 13- or 14-month rental, ” says Todd Lee, co-founder with Macon of Metro Home Managers. This is very useful if a classic 12-month lease would expire in November or December because it’s often tough to lease properties in these months.
7. Consider a smaller construction
Usually, a flat at a 300-unit managed building with a swimming pool, 24-hour front desk, computer sofa and living room will cost considerably more than the exact same size flat in a half – to – eight-unit construction. If you are paying for conveniences, Lee states, be certain that you will utilize them.
8. Use social websites
Do not be shy about submitting on Facebook which you’re searching for an apartment. Let folks know you’re trying to find a new location to reside.
When you discover the perfect apartment or house, you will want to think about renters insurance. Your landlord’s insurance does not cover your possessions, so if the unforeseen occurs you would like to get insured.