In a competitive market, finding apartments for rent can be a challenge. Not only are you competing with other renters to find housing, but you must stay focused on locating affordable housing. To help in your search, here are a few tips for looking in a competitive market:
Take a Prep Day
You might be anxious to start searching, but you must remember that you are competing against many other renters. You need an advantage. The edge you need could be having all the information that a prospective landlord would ask for ready to go when he or she asks for them.
For instance, having copies of your proof of income is important. The proof can include your paycheck statements, loan documentation, or an offer letter. If you plan to have a co-signer, you need to have documentation for his or her income, too.
If possible, have electronic forms of the documentation available. If you are submitting your application online or emailing it to a landlord, you can have it ready to go as soon as it is requested.
Be Prepared to Compromise
You have a right to live in comfort, but you might have to compromise on some of the amenities you want to find a good apartment. Although it is not impossible that you will find an apartment that has all the amenities that you are looking for, but you must remember that if you are looking for them, so are others. This can create a scarcity in apartments with certain amenities.
As part of your prep work, think about the amenities that you must have. For instance, a second bedroom for a home office could be considered a must-have. You also need to list amenities that you want, but that aren't necessary for you to be happy. For instance, a gym should not necessarily be a deal breaker.
One consideration you might not make until it is too late is the distance. Distance is often overlooked due to the various forms of transportation available, but long commutes daily between your apartment and job will take away from the joy of your new apartment. Choose an area that is near the places that are important to you and avoid going outside of it for your search.
Working with a real estate agent in a competitive market can increase the likelihood that you find an apartment that meets your needs and is within your budget.