The rental market is experiencing a demand rarely seen before and the growing frustration within renters looking for a home is being felt. With bidding wars and rental listings not lasting more than a day, today’s renters need to be prepared and think creatively when submitting their lease offers. Below are 5 rental tips that can give you an advantage.
See also: Understanding Rising Interest Rates
Preparation
Having all of your documents in order will save you a lot of time. The last thing you want to do is spend a day gathering your job letters and references when listings are finding new tenants within hours of being posted. Work with your agent and have your offers prepared so that all that you have to do is submit it. In real estate, “time is of the essence”.
Get Creative
Landlords today may not be taking the necessary time to get to know their tenants and are focusing on the paper profile. This includes income, credit score and references. A good way to stand out would be to offer to jump on a zoom call with them or even better, send them a pre recorded video letting them know why you would be the best candidate to rent their home. This will show character and help you stand out from the rest.
Money Talks
The higher the income, the more comfortable the landlord will feel with having them as a tenant. The same goes with credit scores. You can put more people on the application (If needed) to increase the income that is shown on the application. Another strategy would be to pay months in advance. You may not earn the highest income, but if you can afford to pay months in advance, it shows the landlord that you are good with money and have the ability to save. Especially with today’s prices.
Representation
Working with a local agent can be very beneficial when facing bidding wars. Real estate agents build relationships with other agents and help each other when possible. If you are working with a local agent, they will know some of the other agents representing the landlords. This does not guarantee that you will be chosen over other applicants but it will definitely increase your chances.
Credit
Just like your income, your credit plays a huge role when it comes to standing out amongst other rental applicants. Landlords tend to look for credit scores higher than 700. I understand that a missed payment here or there for any reason can lower your credit. I also understand it’s always a reflection of who you are with your financial responsibilities. in a rental market where there isn’t enough time for explanations, a strong guarantor to act as a safety blanket for the landlord.
In a market that continues to move in wild directions, these rental tips will help keep you on stable ground and ready to find your next home.