If you’re finding yourself not quite ready to buy, renting makes for a great alternative. It leaves a little time for saving and it also gives the opportunity to get to know a new area.

 

There are 3 Options for Finding a Rental Property

Rent an apartment – Just go to the leasing office and the leasing agent will do the rest for you.  The advantages to this option are that an apartment will typically require a smaller deposit than a home, there are more to choose from and they will often offer more flexible lease duration.

Find a home on your own through newspaper ads or websites – In this case, you would work directly with the home owner.  There are really no advantages to this method other than there may be homes in an area you like that are not listed with an agent. If you go this route, make sure you have your lease reviewed by an attorney before signing it.

Find a home with a Realtor –  Many landlords will list their home with an agent so it will appear in the Multiple Listing Service and to have a professional represent him/her.  This option gives you free professional representation too (the landlord pays the agent’s commission).  Also, landlords who go this route tend to be higher quality than those who try to rent on their own.

 

What You Need to Know About Renting a Home Listed with an Agent

The default lease term is one year.  Occasionally you will find a landlord that will request a month to month lease or a 6 month lease.  Sometimes they will request a lease longer than a year, but generally speaking, plan on a one year lease term that will automatically roll to month to month after the year is up unless the landlord insists you sign another one year term.

The move in amount is typically (but not always) 3 times the monthly rent.  In other words, if your monthly rent is $3500, you would need $10,500 to move in.  That would include the first month’s rent and a $7000 security deposit.  The security deposit can never be more than 2x the rent, however in many cases it’s less.

There are no hard and fast rules regarding what a landlord will require in order to accept you.  Some landlords that I’ve worked with have wanted to see credit reports, pay stubs, tax returns, and bank statements and would only accept someone with perfect credit.  Others have been happy to accept someone with average credit and good income with no verification required.  It just depends on the landlord.  Generally speaking, plan on providing your credit scores and income verification at a minimum.

You’ll pay your monthly rent and your utilities and that’s it.  Any and all repairs are paid by the landlord.  If you rent a condo or townhome, frequently the trash and water is included.  Sometimes a gardener will be provided by the landlord, other times it’s up to you to maintain the landscaping.  These are questions you would want answered up front.

The rent amount is negotiable.  The rental market is very hot so there’s not always a lot of room for negotiation, but you can often negotiate a slightly lower amount.

You may need a cosigner.  If your credit is completely shot or you don’t have enough credit, the landlord may accept a cosigner.  A cosigner will be required to fill out an application and provide anything the landlord requires as if he were renting the property for himself.  Some landlords won’t accept a cosigner, but most will.

Pets can be tricky.  You never know 100% for sure if a landlord will accept pets or not.  It depends on what you have and how many.  I recently represented a renter on a house that originally stated no pets allowed, but ultimately accepted my renter with a small dog and cat.  You really don’t know for sure until you ask.

If you’re ready to get started finding a rental home, please contact me today (818) 384-9929.




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