Ten Tips For Renting Success
Matthew Hughes is the broker/owner of Farm a River Property Management LLC. Matthew works with landlords and property owners to create value in today’s competitive real estate market. His business provides full services property management, brokerage and leasing services He has personally marketed over 160 properties in Greater New Haven area. His website is www.frpmllc.com
1)Make sure that you meet the requirements
Landlords are able to set requirements for their rental units. However they can get in trouble for making exceptions on a case by case basis. Make sure that you meet the various requirements necessary to rent the apartment. This will save you time and help the landlord continue to provide housing. Landlords have strict laws that they need to follow insofar as discrimination is concerned. If you do not meet credit or income requirements for their property they can not make an exception without putting themselves into danger of violating federal and state law.
2)Make sure that the unit is big enough
It is best to see the unit in person in order to get a good sense of the space. Make sure that the bedrooms are spacious. Never underestimate the need for closet space. The floor plan is very important — a coherent floor plan can demand a higher rent. It may be appealing to squeeze people into a smaller unit, however this could cause issues with the neighbors and the landlord in the long run.
3)The devil is in the details
Where can you park? Can you paint? Can you store things in the basement? If there is an issue who do you call? It’s important to remember that the tiny issues make seem tiny, but they will be impactful and any miscommunications can hinder the landlord/tenant relationship. Your time to ask questions is before signing the lease.
4)Make sure that the unit is in a convenient location
Remember to look at the unit in relationship to public transportation, access to highways, and main roads. While neighborhood amenities are important, ease of commuting to and from work are also important. Some neighborhoods in New Haven are less desirable just because they are inconvenient.
5)Look at many apartments in your market to compare rents.
A landlord has a lot of discretion in setting rental prices. However landlords — as much as they like to think so — are not infallible. Make sure to review comparable properties before setting up viewings. Finishes and newer appliances can go a long way, and in today’s competitive rental market landlords really need to do a lot to get the tenant’s attention. Also pay attention to Days On Market, much like a property for Sale, if a unit is vacant for too long there is an problem — most of the time it is the price.
6)Utilize as many sites as possible
The rental listing market is fragmented and there are over 160 websites that cater to the niche. Try to look at as many listing sites as possible as some rentals are not syndicated across all platforms, also some websites cater to large scale landlords while other websites cater to smaller portfolios.
7) Avoid scams
Also some websites are less legitimate than other…if a rental seems to good to be true insofar as price and terms, be very careful about applying. Only transact directly with the landlord or their representative.Never send money or gift cards.
8)Try to submit complete application packet at once.
Applications can call for a lot of information. Make the landlord’s job easy by providing all the information in one file or document. This will go a long way in making a good first impression. An incomplete application can make a poor first impression, whereas an organized application will make a good first impression and probably make you very competitive as a prospect. In my experience, when people submit complete applications it puts them in a very good light.
9)Use renting as stepping stone to ownership.
Ownership is the goal for many people. Renting can help you achieve that goal by creating a record of stability and consistency, this could potentially raise your credit score and make purchasing a house more realistic in the future. While renting doesn’t have all of the benefits of ownership it can help you raise your credit and give a better shot at ownership.
10) Have fun
While finding the perfect apartment can be frustrating, remember that the endgame is to find a spot that you can call home in New Haven.