Tips For Renters In a Tight Market

Renting is tough. Especially when you’re on a tight budget and the market is saturated with renters looking for cheap housing. Here are some tips to help you secure your new place.

Tips For Renters In a Tight Market

Renting can be challenging, especially when you’re on a tight budget and the market is saturated with renters looking for cheap housing. Here are some tips to help you secure your new place.

Be realistic about what you can afford. Don’t stretch your budget to the point where you’re barely able to cover your rent every month. You’ll only be putting yourself at risk of being homeless or in debt.

Be flexible about yourself at school.

Be flexible about your requirements. If there’s something specific that you’re looking for in a rental, be willing to compromise on it. Maybe the apartment isn’t in the best neighborhood, but it’s close to public transportation.

Keep an open mind.

If you have your heart set on a specific apartment, you may be tempted to jump at it right away without considering other options. Instead, consider the alternative options and weigh the pros and cons of each before making a decision.

Be patient!

Rental units go quickly because so many people are looking for housing. Be prepared to wait for a few weeks or even months before you find what you’re looking for.

Clean up your references

Many landlords nowadays check credit and background references, so make sure you have them ready when applying for housing. If you have no credit, it’s time to build some so that you can qualify for a rental.

Be proactive.

Once you know the area you want to live in, go out and get familiar with the facts about it. Where is public transportation? Where are the schools and hospitals located? Where are grocery stores and banks that close at night? Knowing these facts can help give you an edge when applying for housing.

Be wary of landlords who ask for too much information upfront or those who refuse to even consider the possibility of a co-signer on your rental agreement. They could be trying to see how desperate you are for housing, and thus they can use that against you later. On the other hand, some may just be trying to protect themselves from financial liability. Ask yourself if it’s worth the risk – or find another option.

Get creative with your housing options.

Look at room rentals, getting a roommate(s), or living in a co-op setting where you can share rent among other tenants. Another alternative is to become an “illegal” tenant. This often happens in university cities where students rent out their basement or spare room to other students looking for housing but are willing to pay extra to have more privacy. Becoming an illegal tenant means you risk being kicked out by your landlord if they find out, so weigh the pros and cons before choosing that option.

Don’t forget your credit!

If you have an otherwise good credit rating, landlords may be willing to look past a few blemishes in your rental history. It could make the difference between getting approved for housing or not, so keep that in mind when applying.

Don’t be afraid to negotiate with your landlord!

If you are already on good terms with your landlord, they may be willing to make some concessions for you. They could reduce the deposit or even waive your application fee altogether. This is especially true if it’s a home rental where they have an extra room sitting empty while they look for a tenant.

Summary

It’s not easy to find affordable housing in a tight market. With that said, you can take steps to secure your new place and ensure that it meets all of the requirements you need. Be realistic about what you can afford (don’t stretch your budget!), be flexible with your needs, keep an open mind when looking at other options, wait patiently for the suitable apartment to come along, clean up any references before applying for rental properties or consider having one co-signer on the lease agreement which has good credit standing – these may seem like small precautions, but they could make all the difference!