Rent is getting out of control, whether it’s for a home or business. If you want to rent property, you are going to pay twice what you had to pay even five years ago. This is the cost of how quickly our economy has expanded. However, it doesn’t mean everything is going to continue like this. Measures are being taken to lower rent costs throughout the country. However, while those measures take effect, the fact is that people need to find places to live now.
The quality of the place is going to influence its cost as well as its location. If you are more focused on the costs associated with renting a place then you need to understand that your limitations may have to bend a bit. What is a great deal for you may not work for someone else so you either have to pay more or lower your standards a bit.
Oh, one more thing before you read on. If you’re looking for someone to be in your corner, you’ve found the right place. If you’re a renter and are looking for assistance, you can try The Renter’s Best Friend Rental Assistance program right now.
How To Find Good Deals On Rent: 7 Great Ways
Along with having to be more realistic about your options, you will also have to be more realistic as far as the area you can find a place in, what kind of space you will be looking at, the monthly cost and other accommodations. Do not expect to find a two-bedroom for $1,000 a month if a one-bedroom in that area costs $2,000 a month. When you are focusing on finding a good deal, consider these ways to improve your strategy:
- Rent a condo: This is where people sometimes get confused about the terminology. For most, a condo is an apartment that is actually owned, not rented out. However, there are plenty of condo owners who rent out their property. The difference in renting a condo versus an apartment is that the condo association must approve you and you have to follow their rules, as well as your landlord. However, that also means that if you are a good tenant, the owner is less likely to charge more, especially if they have less headache from the association because they selected a more qualified candidate.
- Know the best seasons to look: Depending on what area you live, in or plan on living, you need to learn about which times of year renting and buying are at their peak. For example, if you live in Florida, the popular season for renters usually begins in October and runs through March. If that’s the case, trying to find a place to rent in Florida will be more expensive in October than in July.
- Focus on improving areas: There are plenty of areas in each established community that need improvement. Investing in them, even as a renter may not be ideal. However, there are other areas throughout that are trying to find quality renters and buyers. They will still have affordable properties and are on the upswing.
- Check online reviews: If you are looking at a couple of options and one has a lower price than the others, you may consider going online to see what others are saying about the real value of the property. Is there a reason why things are so much cheaper? What have past residents said about their experience at the property? This is valuable and free information to help you consider.
- Be open to one bedroom: Renters always seem to find difficulty selecting a good deal because of bias. You have to ask yourself what kind of space and accommodations you really need. For example, if you live alone you may not need a two-bedroom. Yes, the second bedroom can be an office or something else but you will find that there is plenty of space in a one bedroom and the rent can be substantially cheaper.
- Stay away from single units: One mistake renters always make is that they look for houses when they want to have more space. While houses are great, the added space might be over-valued, especially when you consider the cost for renting houses these days. Townhouses are a great and affordable alternative with their rent costing as much as $1,000 less in the same area or more. In fact, renting a townhouse may not only be cheaper, but more accommodating as many are now part of communities that include a pool, gym, and other accommodations.
- Consider rent-to-own: If you are focused on getting a house and you want to get a great deal on rent, the easiest way to do it may be to consider rent-to-own. Paying rent for a house is expensive but buying a house with inflated interest rates costs even more. If the owner is looking to rent because rates are too high to sell, talk to them about a rent-to-own situation. This allows you to pay the downpayment to the owner and then make routine payments to them until you have paid their asking price. Your advantage is that you do not have to pay interest if you are not borrowing the money and their advantage is they get a committed renter and full value for their property.
How To Be An Ideal Renting Candidate
Before you start grabbing applications, you need to make sure that you are presenting yourself in the best possible way. Remember, one of the reasons the cost of renting a place has increased so much is because there are fewer options and more candidates. Therefore, making yourself look better on paper has its value.
This is where you will need to work on your credit score, income, and also your renter’s history. If you can make all three of those areas look great, you will have a much easier time getting your ideal place. Consider the fact that this is a long-term relationship the owner of the property is looking to begin and therefore, they want to select the right person who will care for their property.
It’s difficult to find places that are easily available and of great value to a renter as far as quality and price because of the competition. If a great property is available, there will be plenty of other renters trying to get their applications in. Take your time but do not expect a better option to always be right around the corner. This process takes time and the more time you put into it, the happier you will be with your final selection.