Selecting rental property in a Hot market. As tenants are finding out the rental market has grown over the years and the pace has taken over those people purchasing property making the rental market a much more Hot commodity than in the past.
As a tenant you want to make sure you are finding the property that best fits your needs, price point, location etc., but in a Hot rental market this may have become a much more daunting task. Have you lost out on what you thought might have been your perfect rental just to have to secure something that was just adequate, not in your preferred area, not quite in the price range you wanted etc.
Here are a couple tips to hopefully help you the next time you are in need of more appropriate accommodations. The 1st item of recommendation is not to wait until your notice period on your current rental is to expire. Many renters are in a 30-60 day notice period of which you want to capitalize on using this time as far out in advance to secure the most appropriate accommodations. So if you are in a 60 day notice termination period you want to start looking for your new accommodations the day this time period starts not wait until you are down to the last two weeks of the notice period. This will allow you to secure more desirable accommodations as it will afford you more options etc. This may also mean you have to take possession of a property sooner than expected to get that perfect rental. Be flexible when at all possible.
The second items to note is to have a complete list of what you need vs what you want. You may find the needs will out way the wants in a Hot rental market. Don’t be so picky that everything you see becomes an obstacle. Be realistic for your area, price point, features, etc.
Another item to address is limit the amount of property on your viewing list. If you have 15 properties on your list and end up liking the very 1st couple, but by the time you get back to these properties they will have already been leased. Time is of the essence and if you have not secured a property within the 1st 3-5 viewings you are not focused enough on what is need vs want. In a Hot market this is the #1 reason that renters lose out on securing their more desirable rental.
When viewing a property be as flexible as possible when it comes to scheduling a personal viewing, those who are more flexible in viewing a property are those who will secure the most desirable properties first. Don’t put off viewings either, if the property is available to view make sure to due so within 24-48 hrs when at all possible. Property can lease even on the same day as when it is listed. If the property is represented by an agency make sure to know their hours of operations and times for viewings. Be flexible with your viewing schedule.
The last item to note at this time is to make sure you have all the necessary qualifications and documents ready when viewing. Always ask and share details as to what is needed to qualify and what you have to offer as a Tenant. Those who do not again will lose out to those that do and the more prepared and qualified you are the sooner you will secure those perfect accommodations.
These are just a few items to consider in securing the best possible accommodations and always remember time of of the essence in a Hot rental market.
Also, if you have a topic or question(s) as a Tenant or Landlord you would like to ask feel free to send us a response and we will do our best to address it in a future blog.