Please note, this post is sponsored by Diamond Links. Thank you.
It’s official, 2020 is almost over. But before the holiday season, other important goals must be met. Including moving to your next apartment, and giving your new space an intense clean. Personally, I love the idea of cleaning up many facets of my life each Spring season. And not just the proverbial sprucing up of the interior of my home but the location of my home too!
Fall is arguably the best season when it comes to the new rentals this season. And I should know. As all of my best leasing opportunities have always occurred during the Fall of the year.
So if you too have the wanderlust for a new local, here are 5 ways to maximize your chances of moving into your new home:
1. Be decisive
With so much economic upheaval the nation over, apartment space is at a premium. Making this a landlord’s market, for sure. But just because it’s a seller’s market doesn’t mean renters are seeking to wait exasperatingly long periods of time to entertain applicant selection this season.
It’s also a buyers market. Which is why many homeowners are preferring to rent and not sell properties. Making them more likely to offer amenities, utility inclusion, application fee waiving, and even impromptu showings. As for cleaning, schedule disruption, and child and pet care arrangements that need to be made to accommodate potential renters.
Making it essential to be properly prepared to rent your next space this season. Including a copy of your credit report, explanations for a previous apartment/leasing-related offenses, pet disclosures, application fee money orders, and having your first and last month’s rent on-hand. Fall is not the season for hesitating when it comes to making housing offers. As the saying goes, fortune favors the bold.
2. Inventory can be an issue
When it comes to renting your next space, timing is key. As the most coveted leasing properties, in the best of neighborhoods and school districts, have been on a decline since 2016 and the trend will continue this season. According to Zillow, rentable inventory declined by 10.5% in the past 12 months.
With fewer homes being available for rental, now is the season to reassess your actual square footage needs. Gone are the days of living in McMansions and ethical, smaller footprint homes are all the rage. Which makes knowing how large a home you actually need a great asset to buyers as smaller homes will be easier to acquire at an affordable price than homes larger than 2,000 square feet in size according to Zumper and Apartments.com.
Consider that the costs of labor and millage continue to climb in the United States. Leaving landlords and leasing agents to raise the price of the home to cover the costs of land, skilled labor, building material, lack of buildable space, and density rates. This means that buyers can save money by opting to rent already constructed homes this Fall.
2. Prepare for disappointment
In a competitive market, it’s likely that there will be several applicants for each rentable space. With bidding wars becoming the new norm for many renters. Because unless you’re an applicant with impeccable credit and renting history, you face the very real possibility of not securing your rental of choice.
One way to lessen the blow of renters’ disappointment? Accept beforehand that this may be your renter’s outcome. It’s tough when you’ve fallen in love with a location, but it happens. Always be realistic about renting. As what you love about a particular apartment is also likely to also beloved by dozens of other prospective renters as well.
3. Know your budget
The best way to prevent the apartment of your dreams from slipping away is to be able to build strong offers for leasing agents.
Generally speaking, you should allocate no more than 30% of your gross monthly income. So, if you gross $5,000 per month, the max you should be paying for housing costs, including rent, is $1,500.
Knowing the exact amount of wiggle room in your budget will allow you to avoid having your budget-tight low-ball immediately rejected in this seller’s market. Because with multiple rental applications potentially on the table, agents and landlords are less inclined to play games with renters. Sometimes you just have to leverage your dream against your instinct to frugally haggle your way to your next home.
4. Be realistic
If there was ever a time to be financially realistic, it’s during a pandemic. Again, national home prices have climbed for 23 consecutive months. And the trend of high-value property rentals will also continue. Experts say prices will continue to increase in 2021. For some people, the uncertainty of the current market combined with rising prices may make renting more prudent in your area than buying. Knowing your personal rent versus buy equation could tilt toward renting in costly markets. Making you a more sought-after renter.
5. Get Pre-Approved
Because landlords live in the real world they know the world is full of unknowns, and have no idea about your income, credit score, or debt to income ratio. In this seller’s market, being a pre-approved renter, by way of your individual leasing agent’s requirements, will give you a leg-up in renting your next property. Reassure agents that you are are a qualified, serious renter.
All-in-all, remember that Fall is kicking up its heels making now the perfect time to start figuring out how you can best afford to buy your next home this season! But if you follow the tips outlined above, the only thing you’ll have to worry about when summer comes are tan lines and garden gatherings.
Now, friends, I want to ask, are you looking to relocate or rent your next home this season? Share your journey below!
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