Tips for Hopeful Renters
Continuing into 2023, the rental housing market vacancy rates are low.
And while renters expect rent prices to fall, they aren’t by much as yet. In fact, in some cities year over year rent growth in January was above 30%.
The competition among renters is intense and will continue to be. What plagues renters is that they don’t put much effort into being the best tenant. Because landlords are screening applicants to ensure they get the ideal tenant.
It seems as though no one is coming to the rescue and renters are left to fend for themselves.
Here are some signals that let renters know they need to up their rental game:
- new supply is flat
- low vacancy continues
- screening criteria may not be fair
- more people staying put where they are
- extra competition arising from priced-out home buyers and those who sold their houses
- rent prices continue rising in many regions (competition/low supply)
- overcrowding means families and family members always looking for new vacancies for more room or an office
- increasing immigration into the country
Empowering the Renter
With little support, it’s vital for renters to take control of their destiny. Improving every aspect of how they present themselves to landlords is a good practice to begin.
Smart tenants will be those who win the rental lease. They take the competition seriously. They’re often people who strategically research available rentals, present themselves professionally as the best fit, and even negotiate a reasonable rent price and better amenities. And they are usually well-prepared to apply for the rental lease and be picked. Fortune favors the prepared.
Those who don’t empower themselves this way, find themselves continuously on the verge of homelessness.
Competing Smartly for Rental Housing
Millions of renters make changes in their home location every year. They may be forced out of their current rental, need to relocate for a job, or can’t pay the rent. At some point most will have to compete hard for an available rental unit. Too often unfortunately, renters aren’t well prepared to compete for units.
If you’re a tenant and this is your issue, you’ll enjoy some of the posts here to help uou get you in the landlord’s good books.
With so much competition, rents will rise, and many will not acquire the apartment or house they were hoping for. Landlords can select from the best rental profiles and avoid those who appear to be uncertain or unable to pay rent.
Landlords are looking for renters who can prove they are reliable, trustworthy, honest, and financially enabled. This means you must prepare yourself for everything from efficient online searches to completing applications with accurate, prepared personal info, including credit ratings, and references, and then to pass the personal interview with the landlord.
9 Things Successful Renters Do:
- provide a complete, consistent and transparent view of themselves and their financial situation in documentation and conversations
- apply for rentals they can reasonably afford
- have a system of search and personal connections to help them find a place to rent
- maintain good relationships with past landlords
- always pay rent on time, and keep finances in good order
- keep good communications with landlords and avoid friction
- take good care of landlord’s property and home interior
- avoid breaking the agreed upon lease in any way
- keep their job
Helpful Tips for Renters
And to help you compete better for available rental apartments and houses, we’ve listed some insightful articles below for your enjoyment.
These posts directly discuss what you can do to appeal to future landlords and property managers. And there are other articles created for landlords, which you should be aware of too. Being sensitive to landlord’s needs and goals means you can position yourself better to be the one who wins the lease. Be the tenant they’re looking for.
The posts are presented in random order, because it’s worth it to peruse all the topics.
- Apartment Listing Sites — find a great apartment to rent
- House Hunting – how to find a great place to rent
- The 12 Best Apartment Listing Sites – maximize your reach to landlords and rentals
- How to be a Good Tenant – find out how you can be their dream tenant
- Rental Applications — how to apply for a vacancy the right way
- Credit Checks — keep your credit rating sparkling clean
- Tenant Background Checks — what are landlords looking at?
- Tenant Screening with Social Media — how are landlords using social media to learn more about you?
- Renters Insurance — what is the full value of renters insurance and why you should have it
- Tenant Selection — how do landlords discover which tenants are the better choice?
- Finding Good Tenants — how do landlords find great tenants to rent to?
- What Tenants Want — what do most tenants ideally want in their rental?
- How do Tenants Manage their Bills? — electric bills, inflation, employment posing issues
- Types of Renters — how might landlords group renters to understand them?
- Rent Negotiation — how landlords negotiate rent
- Tenant Landlord Communications — how to keep communication smooth
- Apartment Transfers — how to move to a better apartment in your building
- Apartment Lease Transfer — how to get someone to take over your lease
- Tenants Benefits Packages — how some landlords will try to entice you to move to their units
- How Landlords Will Handle the Eviction Process — cover yourself and stay on their good side!
- Disability Accommodation Requests —
- How Landlords Spot Fraudulent Rental Applications — make sure your application and documentation are accurate.
Successful tenants might follow a process of collecting and organizing information for applications, establishing what they want to rent and where, followed by arranging showings, asking good questions, and making a solid impression of yourself as their ideal tenant.
The more you know about what landlords actually do want, the better you can compete for that vacancy.
Good luck in your apartment/house rental search. We do hope the rental market can be improved and we urge you to speak to your elected representatives about doing more increase supply and end homelessness.
* opinions expressed in this post are those of the author and do not necessarily reflect the views of ManageCasa, and its partners, investors and associates.
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