Finding a Property for Rent
The high rate of foreclosures in the nation and the real estate sales slump has created a competitive rental property market. Finding an apartment for rent has become difficult because of the number of people searching for acceptable living accommodations. Despite the rental property boom, securing an acceptable rental propery is not an insurmountable task if you follow a few basic steps.
Here are ten tips that will give you an advantage in any house for rent adventure.
1) Do not discount a property for sale as a suitable rental. Currently, you may find an apartment for sale that is being offered for rent. Just because the bungalow for sale has a for sale sign in front of it does not mean that you should not consider it a viable long term rental. As of publication, real estate is moving slowly and the place may remain a rental for months or years before it sells. Even after it sells, the new owner could be an investor who will let the property for sale remain a rental. Even an auction property holds the promise of being a long term rental.
2) A condo for sale may be available on a lease option. So even if you are currently not able to buy, leasing the property may give you the chance to purchase the condo bungalow at a later date.
3) Keep your credit good. The property owner will generally obtain a credit report to determine your stability. If you have any collections, be prepared to explain them.
4) Have at least three rental references on hand to give the property owner. If you have never rented, have personal references that give an insight into your character.
5) Prior to looking, know what terms you want. Will you be willing to sign a long term lease or do you want to rent month to month?
6) Always be respectful to the property owner or real estate agent that shows you the rental property. A positive first impressive is often enough to put your application ahead of others.
7) Always take the time to completely fill out the application. Any blank spots may raise questions and push your application behind others who have answered all the necessary questions.
8) Don’t be afraid to ask the property owner questions about the rental. Asking questions will help you make a memorable impression on the property owner.
9) If you really want the property, consider offering higher deposits to ensure you get it.
10) If you do not have good credit or lack a rental history, consider having a co-signer. An acceptable co-signer will help reassure the property owner. Browse this page to get the Tips on Buying and Investing in Property.