Looking for a Rental? Prepare to Move Quickly Once You Find One

Being wishy-washy could hurt you in today's rental market.

There's a reason so many people are clamoring to rent homes today rather than buy them. For one thing, home prices are still quite elevated on a national level, so anyone who buys a home today is likely looking at a sizable mortgage payment.

Plus, mortgage rates are considerably higher these days than they were at the start of 2022. That, combined with higher home prices, is putting many would-be buyers in a position where they simply can't afford to make an offer on a home today.

Not surprisingly, a tough housing market and an uptick in rental demand is putting higher profits into landlords' pockets. The median rent price across the U.S. was $2,305 as of the end of 2022, according to new data from HouseCanary, a national real estate brokerage.

But it's not just that landlords are able to charge more for their properties. Rental units are also getting scooped up really quickly. Rental properties stayed on the market for an average of just 22.6 days in late 2022, so if you're looking for a new place to live, it's important to put yourself in a position to be able to move quickly.

Go in prepared

There was a point in 2021 when prospective home buyers pretty much had to make an offer to purchase a home on the spot or otherwise get shut out. Today's rental market is actually pretty similar. And so if you're eager to rent a home, you should be prepared to ask to sign a lease on the spot if you come across a place that checks off the right boxes and is also affordable.

Keep in mind that rental inventory is lower in some cities than others right now. If you're using the services of a broker to find a rental, they should be able to advise you as to how much time you have to ask to sign a lease after seeing a rental unit. But if you're going through the process alone, assume that you need to pounce.

Now that said, to be able to sign a lease on the spot, you'll need to do a few things. First, you should access a copy of your credit report and credit score, and bring that information with you. Your landlord, or the property manager who shows you a rental, might opt to do their own credit check anyway. But that way, you're at least giving them some information to work with.

At the same time, get a letter from your employer stating you're gainfully employed, and bring it along. You should also bring a reference letter from a current or former landlord if you have one (meaning, if it's not your first time renting).

Finally, bring copies of your most recent pay stubs and a copy of your most recent savings account statement. You'll generally need to provide proof you're in a strong enough financial position to cover the rent at hand, so that information is crucial.

Act quickly

Clearly, there's plenty of competition these days when it comes to snagging a rental. If you don't want to miss out on a suitable home, be prepared to act quickly when a great rental hits your radar. That could, in many cases, mean offering to sign a lease on the spot, or at least within 24 hours.