Rental prices are at an all-time high. High demand for rental properties has created a situation in which vacancies are low and prices are through the roof, but that doesn’t mean renters don’t still have options. If you’re looking to secure a great rental at a great price, then you’ve come to the right place. Read on to learn how renters can find the best rental property in 2022 with our tips for renters.
Tips for Renters
Set your budget
Before you even start looking at listings, it’s important to determine how much you can afford to spend on rent. Right out of the gate, this will keep you from overextending yourself financially and eliminate the possibility of falling head-over-heels for an apartment you cannot afford.
Not sure what your budget should be? There are multiple ways of figuring it out, but one of the simplest is known as the “30 percent rule.” It simply states that you should spend no more than 30 percent of your annual income on rent. We know there are markets where this rule is difficult to follow. One idea is to use public transportation instead of owning a vehicle to save money on transportation expenses.
Know when to sign a lease
You may or may not have control over when you move. But if you do, you can time your transition to get the best possible deal on a rental property. As a general rule, demand for apartments is lowest during the colder months, and you may be able to lock in a more affordable monthly rent if you sign a lease between January and March.
List your must-haves
Take some time to decide what features you absolutely need in your next apartment, and write them all out in list form. If you need a certain number of bedrooms, a designated parking space, or an apartment that is pet-friendly, these are all very important considerations to keep in mind.
Once you’ve completed this list, create a secondary list of your “like-to-haves” and dream features. These lists will make it easier to compare the amenities in various rental properties.
Use technology to search smarter
Today’s renters have more and better tools than ever before to help them find the perfect apartment. Online platforms like Zillow and Trulia have finely-tuned search features that help renters find a rental that has all the features and amenities they need, and with the increasing availability of virtual tours, you can explore potential rentals without ever leaving your home.
Choose who you want to rent from
You have a choice between renting a property from an individual landlord, or renting a property that is managed by a professional property management company. Both have their pros and cons. When you rent from a landlord, you may have more flexibility and a greater ability to negotiate but property management companies tend to run a tighter ship. The process of paying rent will be streamlined, and you’ll always know that maintenance and repairs will be handled swiftly and efficiently. Whichever you choose, remember that open communication is key.
Understand your rental agreement
Don’t hand over money or sign on the dotted line until you fully understand every aspect of your rental agreement. If there’s something you don’t understand or aren’t sure about, don’t make assumptions. Ask clarifying questions, and pay close attention to the answers you get. If a landlord isn’t willing to completely and clearly lay out the terms of the lease, that’s a major red flag.
Contact us today to learn more about finding a great rental. High rental rates and tight inventory can be discouraging, but our team is dedicated to helping every prospective renter find a property that meets their needs and fits their budget.
