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Best tips for renting in today’s market
Renting a home or upscale apartment has become a hugely popular option in today’s market. Millennials are choosing the option, claiming that it’s less expensive than buying a home. Whether or not you’re in this age group, there are things to keep in mind before you start looking for a place to rent. Let’s take a closer look at the best tips for renting a in today’s market.
Polish Your Finances
There is a lot of competition in today’s renting market. Competing with so many applicants means that you need to stand out to landlords. One of the best ways to do this is to have outstanding finances. You want to make sure that your credit score is high, you have very little debt, and you have a good income for the area. You want to give the landlord zero doubt that you will be able to pay the monthly rent and that you will pay it on time.
Use a Site Like Zumper
So, what’s Zumper? Zumper is used by millions of renters to find houses, rooms, condos, or apartments for rent. They are kind of like you rental concierge service. They can help you lay down the road map all in once safe spot. You can apply online and submit digital rental applications and credit reports with Zumper’s screening service, powered by TransUnion™.
They will also only show you quality listings. If you are searching for apartment rentals in the Seattle area, they will only make sure to show you rentals that are a good value but in a reproable area. Their inventory is updated in real-time, so you’ll always see new rentals in the Seattle are on Zumper first.
It is a hot market right now, and if you are not in the know, you may miss your dream location, So, Zumper will give you realtime alerts. You can filter by location, price range, bedroom count, pet-friendly, or amenity and set an alert to get notifications when a new listing is posted.
According to Zumper, the average rent for a 1-bedroom apartment in Seattle is between $1,540 – $3,136 per month.
Have Good References
Another way to stand out from the crowd is to have good references. Provide your best references possible. Your employer is a good reference. Previous landlords are good. Anyone that can vouch for your ability to pay and pay on time should be on your references.
Choose a Property That Is Less Than You Can Afford
Look, if 2020 has taught us anything it’s to be prepared. You never know when things are going to go wrong. One way to prepare yourself is to choose a property that is below what you can afford. Sit down and carefully review your finances and determine what would be the max you could afford after you’ve paid all your other bills, put money into savings, and paid yourself an allowance for fun things. Now, choose a rental price that is 20% lower than what you can afford. This is going to give you breathing room. You could take the extra 20% you’re saving and put it into an emergency savings account.
Know Your Must Haves and Wants
Once you know what you can afford, make a list of items you want and need. Next, organize that into a list based on priority. For example, distance from your job may be more important to you than an in-house washer and dryer. There will be some things you can live without and some you can’t.
Renting in today’s market is very competitive. Know what you want and be able to back up your application with good references and polish your finances so that landlords want you to rent their property.
