Rental Tips For Any Market
While renters looking for a home in some West Coast markets got a breather from escalating rents, some rental housing hunters in the East Coast and South were digging deeper into their wallets to cover the cost of housing.
Price inflation outpaced apartment rent growth in much of the nation last year but that didn't keep some households from spending more than they'd planned, according to M/PF Research.
In either case, apartment hunters who take time to prepare for the apartment hunt can maximize their chances of finding the best apartment at a rent they can afford.
Carrollton, TX-based M/PF Research surveyed more than 3 million apartments nationwide and revealed rents fell by an average of 0.5 percent overall. In comparison, the U.S. Labor Department's Consumer Price Index -- a measure of inflation -- registered a 1.6 percent increase from December 2000 to December 2001.
The greatest declines in rent came from the San Francisco Bay Area where rents plummeted more than 20 percent in 2001 in some markets after rising by as much as 33.8 percent in 2000. The declines were largely due to young workers and others with little time in the technology industry's work force suddenly finding themselves out of work facing record high rents and a general price inflation rate of 5.4 percent that was among the highest in the nation last year. Many of them either left town for a cheaper home or returned to school to retool their skills, in both cases pushing up rental vacancy rates. Other renters decided enough was enough and purchased a home to escape the often unrewarding cost of renting.
Rent growth in both the Northeast and South was another story. The Northeast posted an inflation rate of 1.6 percent compared to rent increases that averaged 2.2 percent. In the South a 1.1 percent inflation rate was less than the 2.1 percent increase in rents, M/PF reported.
It was worse in the East. Washington D.C.'s rents, up 4.9 percent, more than doubled that area's 2.2 percent rate of inflation. Houston registered a 4.7 percent increase in rents, compared to a 3.0 overall price inflation rate. Philadelphia's rents rose 4.4 percent as inflation jumped only 2.7 percent, M/PF said.
San Jose, CA's Tri-County Apartment Association prepared a list of rental home hunting tips at the peak of the Silicon Valley market when it wasn't easy finding a home and rents were at record highs.
The same list is applicable for other markets facing high occupancy rates as well as cooler markets.
Approach your rental-housing search like you would a job search. Be organized, serious, professional, and make sure you stand out as the best applicant. You want to make a good impression and demonstrate that you will be a good steward for the landlord's property.
Contact your references ahead of time to be sure your information on them is current and that you have their permission to use them as a reference.
Keep your credit in good standing. Obtain a free copy of your credit report, correct any errors, and make sure what you say in the rental application is consistent with what the landlord will see on the credit report.
Be prepared with all the information you need to complete a rental application. That includes, full, prior addresses, bank account and credit card numbers, a list of references. Landlords will not respond to incomplete applications.
Consider preparing a renter's resume. You may have to repeat the information on the application, but you will stand out as well-organized and prepared.
Let all your friends and associates know that you are looking for a rental home and what you want in a rental home. Explore newspaper classified ads, renter magazines and the Internet for listings. Post notes on bulletin boards at public places you frequent.
Check the latest listings first thing every day, and call early. Respond quickly when a landlord calls you back. If you have a cellular phone, leave that number and have it on while you are out looking at other apartments.
If you leave a message on an answering machine, be sure to speak clearly and slowly, and repeat your name and phone number. Be available to accept or return calls, or state in your message when you will be available.
Know what you really want, and what you don't want. Be flexible with the rest of your criteria. Be prepared to decide on the spot and be prepared to leave a deposit and/or credit check fee.
Written by Broderick Perkins
March 22, 2002
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