9 Tips on How to Rent an Apartment in Popular Markets

The hot real estate market of 2022 has extended to apartment shopping, and how to rent an apartment is now a test of research and will. Oh, and your credit score and work history.

Renting an apartment with all the comforts and amenities you want at an affordable price has become challenging, especially in the most popular urban areas of the country.

Yes, the common markets of New York, San Francisco, Chicago, and Los Angeles are still expensive, but the dream condos joining the high-rent areas are the Tampa Bay area and Jacksonville, Florida, and Charlotte and Raleigh, North Carolina, and Germany. San Antonio, Texas. Home prices there skyrocket with the cost of a month’s rent.

People — and renters — are on the move

More than a decade after the Great Depression and two years after a historic, life-changing pandemic, people are relocating at an alarming rate. Some are downsizing, some are relocating. Some are relocating for specific jobs, while others are relocating because they can live wherever they want and maintain their jobs remotely. The monthly rent is also changing. Mainly upwards.

Homes sell quickly and at the highest prices. This trend was then reflected in the popularity of apartments, as many young people found their homes overpriced.

Competition for apartments in popular urban areas is the fiercest it has ever been, with would-be renters paying higher rents and potentially bigger deposits. They pay more per square inch, and they are required to buy properties as soon as they become available in nearly every apartment complex with a vacancy.

Renters are also being asked to sell themselves to landlords and property management companies.

9 Tips on How to Rent an Apartment in Popular Markets

Here are nine tips on how to gather as much information as possible about your finances and potential new apartment before you apply to rent an apartment. First, have these personal references and contact information for previous landlords ready.

1. Know what monthly rent you can afford

While you may haggle for some amenities, you are not necessarily Will be able to negotiate your monthly rent. (Before the pandemic, it was possible to negotiate what you would pay for a rental unit, but that was before the market was so hot.) Landlords and property management companies probably knew they could get what they wanted from someone who didn’t need you .

Therefore it is It is necessary to know how much you are willing to spend in terms of rent payments.there are countless online tools This can help you determine how much monthly rent and utilities you can afford. Consider any new costs associated with the move, as well as any potential savings (in either case, transportation is paramount). But know your rental budget so you can go into the process with confidence.

2. Have money on hand for margin etc.

You shouldn’t rely solely on your salary for rent, security deposits and moving expenses. You want to have enough cash on hand to cover the first month of rent and beyond, as well as a security deposit for a month or two, without going over budget. You don’t want to argue with the property manager about when rent is due or whether a bond can be provided immediately.

You need to factor in expenses (moving costs, new furniture, etc.) and you want to be able to move without extending your credit. In layman’s terms, you need extra money to attract landlords.

3. Clean up your credit

The landlord will check your credit history, possibly going back 10 years. They’re looking for missed or overdue loan payments, credit card balances, and any other loan or financial obligations you have. They don’t focus too much on the amount, but on the consistency of your bills being paid on time. Your credit score, especially a low one, may play a role.

The three most famous credit reporting services – Experian, Equifax and Transunion – will work with you Eliminate inaccurate information on your credit report and potentially delete old overdue information from your account. This will make your credit history look more attractive when a landlord or rental agency needs to consider you.

4. Have your references ready

In today’s apartment market, you’re interviewing for a tenant position. So you will need to provide a reference. Your landlord will want to get references from you to determine what kind of tenant you will be. This can be the landlord of a previous apartment, or the employer if this is your first apartment. If you have a rental history you are proud of, be sure to get references from your previous landlords for that time period. The management company may perform background and credit checks.

But this is a two-way topic. You’ll want to know your landlord as well as you can. If you find a building or complex that you particularly like, there is nothing wrong with sitting on a bench near the building and asking the current tenant if the landlord is responsive and fair.

5. Survey the community

So, you know what you want in the space you’re going to live in, but do you know where you want that space to be? Apartment searches are in order, but so is a look at the neighborhoods surrounding the complex.

Typically, in an urban setting, if you happen to be working in one location, any location will suffice to get you to the office. Public transport can take you from point A to point B. So you want to shop in a neighborhood that offers the amenities you seek. Ask yourself these questions:

• Is there a grocery store nearby?
• Do you want a quiet neighborhood or a lively one?
• Do you need a park or other outdoor recreation area?
• Are you a walker or a cyclist?
• Do you need one parking space or two? Depending on your location, parking spaces may incur additional charges, the rental office can help you with this information.

You may want to consider several neighborhoods to compare and contrast the cost and condo size with the amenities the neighborhood offers.

6. Online research

In order to find the apartment you want and be able to cope with sudden availability, you need to use a frequently updated online search platform. Many of the factors you use to determine which apartments to view can be entered into the search parameters of these sites, allowing you to narrow down your list.

Sites known for home sales, such as Trulia and Zillo, which also provides information on available apartments. Apartment Network Made for anyone looking around for the best condo deals. Craigslist is also an option, although it has little in the way of oversight or verification and requires a lot of consideration for advertising on the site.

7. Submit advance application

Unfortunately, the best condos hit the market quickly, with competition among potential tenants to apply and get approved before everyone else. One way to facilitate your search for the ideal apartment is to apply in advance to the apartment complex manager or rental agency you are working with.

In this case, you are not applying for a specific apartment; you are simply allowing the agency to go through the credit check process before you find an apartment in the ideal location. Then when you find the perfect space, you’ll be pre-approved and more likely to be the choice of your landlord or agent’s choice.

8. Rent when you have pets

If you have pets with you, that definitely limits the condo complex or buildings you can choose from. However, you need to know that your pet will also undergo various background checks.

You need to make sure your pet has all the injections and treatments it needs to live in the building with other people. Your veterinarian can tell you which shots the rental agency looks for when examining your pet’s medical records.

Details will be included in the lease agreement.

9. Be flexible

Someone else already owns your perfect apartment, so if this is your first apartment or you’ve rented multiple apartments, you need the flexibility to accommodate your needs and wants. You should prioritize what you want, but be aware that you may have to make some tough choices with facilities further down the list.

Is the fact that there are no washers and dryers in the unit a deal breaker? If the complex does not provide it, move on. However, if the apartment is well-located and the communal laundry facilities are clean and well-lit, you may want to sign on the dotted line.

This also applies to communities. The first two neighborhoods on your list are likely to be expensive, you should consider a third or fourth, which is not what you want, but might give you more living space in exchange for less shopping Or recreational opportunities. You can walk, bike, or take public transportation to other neighborhoods whenever you need them.

final assessment

If you do this ahead of time, you’ll be able to find a new apartment more easily than if you take the time to gather this information after you’ve found a listing. Remember, there are plenty of people like you who want an apartment in the city center, within walking distance to work or your favorite coffee shop. They’ll be ready, and so should you.

Kent McDill is a veteran journalist who has focused on personal finance topics since 2013. He is a contributor to The Penny Hoarder.