12 Strategies to Score a Rental in a Competitive Market

Beat out the competition in the rental market with these tips!

May 11, 2014 at 9:39AM

For many Americans who have observed increasing home prices, renting has become an appealing option. But in this market, finding a rental can be tricky too.  According to Trulia's latest Trends report, in February, rents rose 3.4% year-over-year nationally. In super-hot rental markets like San Francisco, rents are up 14.7% over last year. And in many places, there's a short supply of available units.  For those of you looking to brave the current rental climate, here are some critical strategies you'll need to beat out the competition

  1. Don't Put It Off Till The Weekend – Get a jump on the listing! Many units rent immediately, so don't fool yourself by thinking you can wait to preview a place when you're free on Sunday afternoon. Chances are, it will be gone by then. So carve out the time in your schedule, and take that long lunch during the week to meet with the landlord.
  2. Use Technology To Your Advantage! – Gone are the days of finding apartments via the classified pages. There are lots of great online tools now such as the Trulia Rentals app for iPhone and Android.  Not only can you customize your search and browse on the go, if you're on an iPhone, you can get real-time notifications as soon as something new hits the market. The lifecycle of a really good rental property can be as short as 1-2 hours in a super-hot market like the one we're in now, so take advantage of technology to get a leg up!
  3. Ready Yourself For The Paperwork – It is no longer a renter's market, so you need to be prepared to compete against multiple offers from others. On the low end, landlords now receive one to five applications per rental. If you find a unit you like, be ready to fill out the application on the spot, and don't forget your ID, and yes, even a credit report.
  4. Who Loves You? – Have a list of references ready. Make sure to include complete names, addresses, phone numbers, and even emails for your references. And make sure all that info is up to date. Landlords with a stack of applications are not going to call your references more than once or twice before they move on to the next applicant.
  5. Have The Money Ready And Bring A Check! – In a red-hot rental market, you're going to have to come up with a chunk of cash fast. Have it ready and waiting. I can't tell you how many times people have come to look at a unit only to miss out because they didn't have a check with them. Also, most landlords now want first and last month's rent on top of the security deposit (which can be up to 1 ½ months' rent in some markets). In Boston, for example, the move-in amount for a 2 bedroom at 2,500/ month would close to $9,000!
  6. Don't Stiff Your Last Landlord – Stay on good terms with your former landlord. You may need him as a reference, so don't burn any bridges.
  7. Be Up Front – If you have recently come out of a foreclosure or short sale, be up front. Chances are, the prospective landlord will find out when they check your credit. It is nothing to be ashamed of, but by neglecting to mention it, you will look deceitful. Always have a letter of explanation to accompany any lease application.
  8. Go On Credit Patrol – Make sure to check your credit before you go apartment hunting. Now is the exactly the time to try and get any mistakes taken care of.  And if there are any blemishes on your credit, have a letter of explanation handy.
  9. Brush Up – It never hurts to meet a prospective landlord with your best foot forward. Look presentable, and make a good first impression. Remember, these days you've got competition.
  10. Ask Questions – Remember, as much as a landlord is interviewing you, you're interviewing them. Ask about the building, other tenants, the management company, and whether or not the owner personally takes care of the building? And what about parking, laundry, and amenities?
  11. Have Your Answers Ready – Make sure you have reasonable and honest answers for these key questions.
    • Why do you want to rent this unit?
    • Where did you live before, and why are you leaving that place?
    • Do you have any pets?
    • Do you work from home or go to an office?
    • What are your regular hours?
    • Are you quiet?
  12. Who Pays For What? – Make sure you find out exactly what you're paying for and what the owner pays for. Do you pay all utilities? Or does the landlord or building pay the water bill? Who pays the gardener if there is one? If the answer gives you some extra wiggle room in your budget, you can always offer to pay a few dollars more to beat out the other 10 applicants.

RENTERS: What was the one thing you did that really helped you score your past or current rental?

ALL: You can get more information on my books here, follow me on Twitter@1MichaelCorbett and like me on Facebook!

This article 12 Strategies to Score a Rental in a Competitive Market originally appeared on Trulia Tip.

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Michael Corbett is Trulia's real estate and lifestyle expert. He hosts NBC's EXTRA's Mansions and Millionaires. In additional to his regular segments on ABC's The View and Fox News, he is a national best selling author with three critically acclaimed real estate books: Find It, Fix It, FLIP IT!; Ready, Set, SOLD! and Before You BUY!

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4 in 5 Americans Are Ignoring Buffett's Warning

Don't be one of them.

Jun 12, 2015 at 5:01PM

Admitting fear is difficult.

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KPMG advises we're "on the cusp of revolutionary change" coming much "sooner than you think."

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David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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