Great Advice for Anyone Looking to Rent a Home!
Great advice for anyone looking to rent!
Renting in a Landlord’s Market: Scoring a Great Apartment when Vacancies are Down
posted by Allison on Jul 09, 2014 1 Comment
Low vacancy rates are great news if you are a landlord, but significantly less so if you find yourself searching for a new apartment. Finding a good apartment at a reasonable price is significantly more difficult when rental units have a low vacancy rate. Not only will the prices for accommodation be higher, but the competition between renters to land a choice apartment can get fierce. What do you need to do to land a great pad when vacancy rates are low?
Be realistic. If you are moving out of your parents’ house, moving into a new city, or switching to a more central or expensive neighborhood, you may be in for a shock at the size of apartment your budget gets you, or the sticker price to live somewhere up to your current standard. Spend some time browsing apartments similar to what is within your budget on Kijiji before going to a showing so you have a good idea of what the market is like before you start going for showings – that way, you can identify a good deal when you come across one.
Separate wants from needs. Before seeing any apartments, figure out what you consider absolute must haves, and what you can live without. Is central air conditioning really a must have if you see a great unit that has good airflow? Do you need in unit laundry if there is a Laundromat in the building? Knowing what you will and will not compromise on before your search will help you make decisions on a tighter timeline.
Figure out the prices of all the things you think you need. Maybe you feel you need access to an underground parking spot, but have you looked into what the cost is for street parking in your city? How does the premium of having a reserved spot compare to a monthly parking pass in the area of the building? If parking is easy to come by in the blocks near your apartment, is it really worth shelling out the difference?
Be prepared to act. If you see a great place, assume landlords are telling the truth when they say they have a lot of interest. If you want to move in, be prepared to negotiate and lock down the agreement on the spot. Research what is standard in your province for documents required to sign a lease, and bring it with you to every showing. This may include a copy of your credit report, a letter of employment, bank statements or pay stubs, and the contact information of your current or past landlords. A reference letter from a prior landlord stating that you were a good tenant and paid on time may help you be more competitive as well.
Familiarize yourself with signs of rental fraud and local laws. Scams become more common when the competition for apartments is tight, because fraudsters know people are under pressure to lock down a good deal. Similarly, unscrupulous landlords may demand things that they have no right to, such as cash deposits before any binding agreement is signed. Be wary of any requests for cash or other similarly untraceable transactions. Stick to cheques, credit cards, certified cheques, and other traceable forms of payment, and never send money online for an apartment that you haven’t seen.
