As a renter, you’re most likely familiar with the competitiveness in the rental market.
That said, finding the perfect property isn’t easy, especially since the demand is booming yearly, meaning the best properties get off the market within minutes.
With the market so competitive, you need to be prepared to maximize your chances of finding your dream rental in any area you desire.
However, here are some tricks and trips you should know to secure the property in a competitive market.
Don’t Put Off Listing
One of the first mistakes you can make as a renter is to wait to see a place when you’re free and not when you’re supposed to.
But considering the boost of the rental market, it’s suggested you get a jump on the listing as soon as possible, and not put it off until the weekend.
According to statistics, the U.S. rental market’s annual growth rate is estimated to increase by 2.8 percent within the next three years.
Additionally, a Credit Karma study states how many states boosted their rate to around 14 percent last year, so the rental market is only becoming more competitive.
Having that in mind, you should know which area you’re trying to find your dream rental property in, and aim for the best.
For example, some of the top most ‘’competitive’’ rental markets in 2023 include North Jersey, Miami, Harrisburg, Grand Rapids, etc.
Chances are, your dream property may be taken from you at any second, so it’s best to schedule a meeting with the landlord during the week.
Use Technology
Remember the old days when you had to go through classified ads to find an apartment? Thanks to technology, that’s no longer the case.
Nowadays, you can use technology to your advantage by finding online tools, such as Rentberry to view different proposals and apply online. Not only do you save time by not meeting with the landlord immediately, but it’s also an easier and more secure way of viewing properties.
The benefits of this app and rental technology, in general, is that it allows you plenty of time to go through different rental properties, sign documents online, or negotiate the price with the landlord – all in one go.
And the best thing is that such apps hit you with real-time notifications on your phone, as soon as a good property shows up.
Prepare Yourself for the Paperwork
Whoever said finding a property is just signing a document has probably never been in a competitive rental market.
As mentioned, the increase in demand means you should be prepared to compete against multiple other renters. At the same time, landlords receive many applications at once, so whoever sorts out their documents first is most likely to get ahead in the market.
So, if you find your perfect property, be ready to fill out the application and bring other documents with you, such as:
- Bank statements
- ID
- Offer letter
- Credit report
- Previous landlord recommendations
- Personal references
- SSN (social security number)
- Vehicle registration and insurance (if you have a car)
- A lease guarantor
Have the Cash or a Check Ready
When you find yourself in the midst of a hot rental market, you must have the money in cash or bring a check with you.
Many beginner renters have made this mistake by going to look at a property, only to miss out on it because they didn’t have the money with them.
If you didn’t already know, most landlords require a security deposit, plus the first and last month’s rent, and that can be a lot to handle.
However, considering the statistics, 68 percent of renters stated they had a reasonable security deposit amount to pay, but it also depends on the landlord.
Additionally, the report further explains how 35 percent of renters usually receive reimbursements within a week, while 51 percent said their landlord lacked to communicate the terms of the deposit refund.
Be Direct and Upfront
If you’re having trouble managing your money after some issues, it’s advisable to be direct with the landlord.
After all, they can find out when you give them your credit check history.
Although it’s nothing to be ashamed of, you shouldn’t avoid mentioning it because it may make you look dishonest, and that’ll leave a bad first impression.
That said, having a letter of explanation will always make things easier for your lease application because of your initial transparency with the landlord.
Ask Questions
For most people, going to check out their perfect rental property may seem intimidating, especially since interviews and questions are involved.
The landlord is interested to know more about you, as much as you’re interested to know about the place and its features.
Don’t shy away from questions because you might regret them in the long run. Try to ask them about the building, other neighbors, or a management company.
Although some landlords take care of the building, it never hurts to ask them whether they’re in charge of cleaning or inspecting the unit.
Lastly, don’t forget to ask about amenities, parking, laundry, and other features inside the apartment or house.
Prepare Your Answers
If you’re looking for a rental property in a competitive area, chances are the landlord is going to ask you specific questions about yourself.
When that time comes, ensure you have honest and reasonable answers to such questions.
You should also expect general questions, such as:
- Why do you want to rent this property?
- Where did you leave before?
- What were the reasons behind leaving the previous place?
- Do you go to an office or work from home?
- Are you quiet or loud?
- Do you have any pets?
Preparing your answers takes some time and skill, but if you’re lucky enough to impress the landlord, you might win the perfect rental you’ve searched for so long.
However, remember that answering truthfully to their questions shows you’re transparent and communicative, and it’ll make you stand out from the rest of the competition.