How to Get Your Dream Apartment in a Competitive City
When you live in a competitive rental market like San Francisco or New York, finding a great (or even decent) home can seem impossible. Preparation is everything, so here are some tips and tools to help you get what you’re looking for.
Of course, it is possible to move to a cheaper and less competitive city, but this is not always possible. Maybe you have a job in the city or a family nearby. As long as you can afford to live there, big cities can be great, but finding an apartment can get insanely competitive and you need all the benefits you can get.
Know what you are getting into and get ready
It is much more difficult to find a place in the competitive rental market. This can be due to a variety of factors, but the bottom line is that you (the renter) may have to jump through hoops to be considered a job seeker. Every homeowner has different requirements, but more often than not, these hoops are due to the fact that you bring an excessive amount of paperwork to open houses, are willing to shell out large sums of money up front, and go to much more effort to convince someone to rent you a lease (even if you have stellar reputation, stable performance and good personal hygiene). Even if you are just trying to rent a room in a house, you will face many of the same problems.
Before looking through the ads, you need to prepare both mentally and in terms of paperwork.
- Before viewing ads, start with a little research . Talk to friends, family, or search online forums like Quora for stories about other people’s experiences in the same market. You should also look for blogs about local culture (for example, here in San Francisco we have The Bold Italic ) that can provide information on what it looks like from a renter’s perspective (and maybe add a little humor to situation).
- Make sure you can cover the financial costs . Aside from basics like estimating rent, deposit, and travel costs, you’ll want to save some money in case other issues arise. Check the listings in your chosen area to see if there is anything out of the ordinary, such as docking fees or truck relocations, that concern you so you have some cash.
- Prepare a package of documents . You will want to bring any documents that need to be submitted with you onsite during the open house. You need this package in a competitive market because you want to be able to submit your application as quickly as possible in order to stay ahead of other stakeholders. This package should include:
- A renter’s resume that includes your credit score, family income, occupation, pet information, and rental insurance policy information.
- Completed rental application
- A copy of your credit report
- Copy of your ID
- Proof of income level
- All pets must have training certificates, vaccination certificates and letters of recommendation from previous homeowners.
- Your checkbook (so you can pay the application fees)
- Make a contingency plan . If your preferred area is too hot for you to get inside, consider other neighborhoods that might be slightly more accessible. You can also make life easier by being flexible about the type of housing you want. If you are trying to live with other people and the search has not been easy, consider taking a break from yourself to improve your chances.
Once you have it all in place, only then can you start looking through the lists.
Walk through open houses like a pro
To gain an advantage over other tenants, you need to take advantage of all the tools at your disposal. This includes:
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Automate whatever you can . Decide how you will find ads ( check out our favorite offers). Then, take a few minutes to create accounts for each at once so you can use them as soon as possible. You also need to create a way to keep track of the rental information (like in this spreadsheet that I used). Using a tracking system, you can keep all your information in one place and record contact information for every place you like – in case an ad expires or is removed.
Watch out for fraud . Nikkol Shrek, writes in US News , uses the New York City rental market as an example of a scam you may encounter:
Does the deal seem too good to be true? Look for words like cozy, charming, or unique. They can be converted into shoebox-sized apartments, old and outdated parts, or fancy layouts that make furniture installation impossible.
Another term to keep in mind is “converted,” which means that the extra bedroom was created using a fake or temporary wall. So a converted two-bedroom apartment means you’re actually renting a one-bedroom apartment that had walls that didn’t originally exist. Other warning signs that you should avoid: if you are asked to transfer funds; if the landlord or broker uses high pressure tactics; or if someone is trying to sublet or rent out a place owned by a “friend”. These are all signs that something is wrong and you should take precautions.
Prepare an “elevator presentation” . Practice quickly describing yourself and your housemates to make a good impression when talking to the landlord or agent. During the chat, a potential landlord may ask you questions such as “Why do you want to move out of your current location?” Prepare answers to these questions so you can answer with confidence. You can also try to stand out among the job seekers by sending a thank you letter afterward and linking to what you both talked about.
Don’t be afraid to ask questions . While a competitive rental market may make you feel like you should do your best to have a good relationship with a potential landlord, you shouldn’t be afraid to ask him questions about the house, neighborhood, or past tenants. You are the one who will end up paying to live somewhere, you don’t want to be stuck in a bad apartment just to have a roof over your head. Take a checklist with you to mark everything you see (good or bad).
Know your rights . Check the tenant rights in your state and county to know what landlords can and cannot ask of you. Arm yourself with this information before you even go to open houses to weed out lists of homeowners making illegal claims.
Preparing all of this in advance makes a huge difference when you start digging through the lists. You can clear your social media accounts and check your privacy settings in case the landlord finds your name. The last thing you want them to do is see the pictures from that wild New Years party you threw in your last apartment.
Make it a priority and act quickly
The higher the competition in your rental market, the faster you need to go through the listings that interest you, even if it’s just a guided tour. After all, in a competitive marketplace, you don’t have the luxury of waiting for the weekend to look at the place you saw on Craigslist on Tuesday.
Clean up your evenings and weekends so you have time to go to shows – even at the last minute. You will likely find the entire process intense, so take the time to look after yourself as you search. This is even more important if you are looking with someone else, as the stress of a competitive rental market can greatly affect your relationship . Remember, you want to find a place to be happy, and for that you need to keep a clear head.
Whatever one may say, be on the alert to respond to landlords and agents. They likely have several people interested in their ad, and if you don’t answer quickly enough, they’ll move on to the next person. Set up push notifications from your apartment finder app or just follow your email like a hawk. … Once you contact them about the lease, please clarify … For example, I applied for a place on Friday and signed the lease next Wednesday. In part, I was able to convince the landlord to move so quickly because I emailed them that I was ready to sign the lease and give them bond and rent now. Understand that, unlike in the “regular” rental market, you may not be able to do things like negotiate a lease or other parts of your lease prior to signing because you have a lot of competition.
So much time and money goes into finding and creating the perfect home. With this guide, you can now dive into the competitive rental market and find the location you like.