Whereas before buying a home was the norm, recent fluctuations in the housing market and the overall decrease in costs of renting one bedroom and two bedroom apartments has turned the American housing market into a renter’s paradise. According to statistics from the United States Automobile Association, nearly 40% of American households are made up of renters.
Of course, this trend toward Americans looking for apartments means that there are fewer and fewer quality options available. In fact, only an estimated 8.2% of American rental properties are vacant. If you’re struggling to find a rental property in what can only be described as a competitive market, these tips are for you.
How to Find a Rental Property
- Get Social
- Use the Right Websites
- Procrastination is Your Enemy
- Know Your Limits
For MSN Real Estate, one of the best ways to find a rental property is by opening up to your friends and family about your search. Say, for example, a friend of yours is planning to give up their apartment at the end of their lease in May. By alerting them via a Facebook status, phone call, or text message that you’re looking for a place, they can tell you of the upcoming vacancy before that knowledge is released to the general public.
As you well know, a number of high quality real estate websites specializing in managed rental property have cropped up across the internet. However, what you may not know, is that each of those websites specializes in certain types of rentals. For instance, according to Market Watch, Rent.com is a great tool for renters looking for apartments in large communities. Craigslist.org has proven to be a powerful tool for those looking for one bedroom apartments. Use the right site for the property you’re looking for to increase your chances of success.
One thing to keep in mind is that there are countless other people searching for apartments at the same time as you. Subsequently, the earlier you get started, the better chance you’ll have of finding something you love. For the Nest, a popular real estate blog, this means starting your search at the end of the month before your actual desired move-in date.
As the USAA suggests, finding a great rental isn’t just about the list of amenities or the location; you also need to consider the price. Ideally, you should look for a rental that costs around 20% of your gross monthly income. At most, your monthly rent should be no more than 28% of that amount. You may think that if you have it you should spend it, but other expenses pop up when you least expect them.
Trying to find a rental property in this climate can be hellish, to say the very least. However, with these four smart tips, you can find a place you love at the price you need. Learn more about this topic here.