With the outlandish rise in mortgages and the increase in American debt, many of us are diving into the rental market as a more affordable option. According to Trulia’s Latest Trends Report, rent rose 3.4% nationally in February, and in over-saturated markets such as San Francisco and Maryland, rent is up 14.7% from last year. Unfortunately, this creates an extremely competitive rental market that requires quite a bit of action on your part. Let’s go over some smart tips for obtaining that awesome rental home you’ve wanted for so long.
You Need to be on Top of the Rental Market
Don’t procrastinate! The rental market is a fast-paced, ever-changing beast . Many landlords are looking to for the quickest lease signers, so don’t put off searching for an affordable dream home for the weekend. The minute you see a recently posted listing be sure to jump on it. Use your phone! With the internet constantly at your fingertips, consistently checking the rental market is a breeze. Frequent rental websites as if they were your work e-mail. Once you’ve found something nice, ask the landlord for a tour, and carve out time in your schedule close to the date the ad was posted. Staying on top of these listings will give you an advantage over other prospecting renters. After all, who doesn’t love convenience?
Have your Credentials on Hand
Landlords need to know that you are someone trustworthy who will pay rent on time. Therefore, you should always have a credit report (make sure your credit score is good) on hand, and even a background check if you can provide one. Bring a writing utensil just in case he/she needs you to fill out an application to be considered. The quicker you are able to provide this information, the more likely you will be considered as a possible renter.
Not only should your landlord be able to gauge how reliable you are from your credentials, but from a useful list of previous landlords you have rented from as well. This provides spoken proof that you are an adequate tenant, which is extremely important to your reputation as a renter. Speaking to this, don’t burn any bridges! As a renter, you need to be making sure you pay rent on time. Having a multitude of people who can attest to your monetary punctuality will greatly increase your chances of landing rental property.
Be sure to have your money ready! Again, landlords are looking for reliability and convenience when renting out property, and having the money available for first month’s rent/security deposit shows that you mean business. Imagine how disappointing it would be to lose out on an awesome deal because you didn’t come prepared. Play to the fast-paced rental market and have all resources available.
Be Honest and Ask Questions
If you have foreclosed on a house, or your credit score is less than spectacular don’t beat around the bush. Being upfront with your landlord about your past, and ensuring them that you are working on it is crucial. They may trust you more if you try not to hide it. Additionally, don’t be afraid to ask for more information. You need to know if utilities are included in the price of the rent, and if not which ones are not. If you have pets, you need to ask if he/she allows them. If there is a water bill that is not included in the price of the rent, you need to ask exactly who pays for that. These are just a few questions to consider when looking to rent property.
Get in Touch with Us Today!
At Clagett Enterprises, we have extensive experience serving the greater Frederick area and Western Maryland, since 1987. Our team is a full-service real estate company that’s ready to help you with your real estate and residential sales needs. Speak with a Clagett professional at 301-665-6009, or request a proposal for preventive maintenance here.