In these challenging economic times of increased foreclosures and stringent qualification requirements for obtaining a mortgage, more and more Americans are finding themselves back in the rental market for the first time since college (or ever.) The landscape most likely has changed dramatically since those days. Here are some tips for how to navigate the apartment wilderness... Educate Yourself. Before you do anything become familiar with the area you want to rent in. Drive around the various neighborhoods within your town of interest. Stop for lunch and talk to people about where they live and how they like it. Write down some streets you particularly like and search several websites, like craig's list, to get a feel for what's out there within your general price range. Make Funds Available. Even with an abundance of rental inventory out there, the best deals still go quickly. If one apartment really stands out, be ready with your checkbook to put down a deposit and make sure funds are available in your checking account. In the time it takes you to get organized, someone else can pull the rug out from under you. No matter what the agent tells you, an application alone only goes so far. Work with a Realtor®. Ok, I know I'm biased, but there are good reasons to use a Realtor. Generally we have access to a large inventory and we can do the leg work for you as far as providing information, setting up appointments and negotiating the rent. Also, we will usually go over the lease with you and work out any details, such as pets, parking, etc., in your best interest. Consider Your Needs. Take some time to figure out your "nice to have's" and "need to have's," as far as square footage, number of bedrooms, parking, level of finish and any other items important to you. The clearer the picture in your mind, the faster and easier the process will be for you. Timing. As always, it is everything. It's a good idea to start educating yourself a couple of months before beginning your search. Generally 6-8 weeks in advance is an ideal time to start looking. Any earlier and properties may not yet be available, but obviously if you wait too long you could miss your window. Talk to your Realtor, as certain areas (Providence being one of them) have heavy seasonality with their rental inventory which will affect your search. If you are ready, check out our rental listings, or send me an email for assistance.Rental Tips for First Time Renters or People Revisiting the Rental Arena
- By Michael McCann
- Posted
In these challenging economic times of increased foreclosures and stringent qualification requirements for obtaining a mortgage, more and more Americans are finding themselves back in the rental market for the first time since college (or ever.) The landscape most likely has changed dramatically since those days. Here are some tips for how to navigate the apartment wilderness... Educate Yourself. Before you do anything become familiar with the area you want to rent in. Drive around the various neighborhoods within your town of interest. Stop for lunch and talk to people about where they live and how they like it. Write down some streets you particularly like and search several websites, like craig's list, to get a feel for what's out there within your general price range. Make Funds Available. Even with an abundance of rental inventory out there, the best deals still go quickly. If one apartment really stands out, be ready with your checkbook to put down a deposit and make sure funds are available in your checking account. In the time it takes you to get organized, someone else can pull the rug out from under you. No matter what the agent tells you, an application alone only goes so far. Work with a Realtor®. Ok, I know I'm biased, but there are good reasons to use a Realtor. Generally we have access to a large inventory and we can do the leg work for you as far as providing information, setting up appointments and negotiating the rent. Also, we will usually go over the lease with you and work out any details, such as pets, parking, etc., in your best interest. Consider Your Needs. Take some time to figure out your "nice to have's" and "need to have's," as far as square footage, number of bedrooms, parking, level of finish and any other items important to you. The clearer the picture in your mind, the faster and easier the process will be for you. Timing. As always, it is everything. It's a good idea to start educating yourself a couple of months before beginning your search. Generally 6-8 weeks in advance is an ideal time to start looking. Any earlier and properties may not yet be available, but obviously if you wait too long you could miss your window. Talk to your Realtor, as certain areas (Providence being one of them) have heavy seasonality with their rental inventory which will affect your search. If you are ready, check out our rental listings, or send me an email for assistance.
