5 Tips for Renting Your Dream Home in a Competitive Market
Renting
When it comes to finding a rental property in a competitive market like New York or San Francisco, the process can be intimidating. Fortunately, it’s not as hard as you think. Finding a place you love in an ultra-competitive market is all about standing out. Here are five tips to help you do just that:
Understand the climate
In order to prepare well for a competitive market, it’s important to know exactly what you’re getting into. For example, what’s most in-demand in the area you want to rent in? Are people looking for homes, apartments, or town houses? What are the requirements of most landlords? How much money can you expect to pay for a deposit? By knowing the answers to these questions before you start house hunting, you can arrive at showings more prepared, which helps you differentiate yourself from the crowd.
Develop a plan B
In some places, it’s nearly impossible to find a rental. In light of this, it’s wise to have a plan B. In the event that your top choice of neighborhood is just too competitive, a plan B prevents you from being disappointed and helps you continue your housing search without too much stress.
Stay organized
When you do find that house of a lifetime, it’s critical to act fast. This is much easier when you stay organized. Every time you head to a showing, you should be prepared to produce things like proof of income, references, and rental history. Having these things in your back pocket can mean the difference between getting the home and being nosed out by someone who was just a bit quicker on the draw.
Clear your schedule
Finding a rental in a hot neighborhood often requires a significant time investment. In light of this, be sure to clear your schedule on evenings and weekends so you can make time for showings and open houses. This ensures you’ll make even last-minute showings and that, when you do find a place you love, you’ll be one of the first in line. If you’re finding house hunting to be just a bit too stressful, consider taking one day a week off to relax and practice some self-care so you don’t get too overwhelmed.
Ask good questions
One of the most dangerous aspects of renting in a high-competition market is feeling pressured to move into the wrong place. To prevent yourself from jumping on a dingy, run-down apartment just because you can, be sure to make a list of priorities and ask plenty of questions during the showing. This can help you avoid being disappointed down the road and ensure that you wind up in a place you genuinely love for the long-term.
While renting in an ultra-competitive neighborhood may be difficult, it’s not impossible. These five tips can help you be better prepared to jump on that dream home when it presents itself.
