In 2019, more than 44.1 million households were occupied by renters. If you're a tenant seeking the next rental property where you'll live, you might be wondering how to find a property that would make you jump to rent it.
We've taken the time to list some real estate tips and tricks that will not only help you find the right rental property but one that offers rent at the right price for all its tenants.
Read on now and get ready to become a tenant at a property you can call home.
Be Honest About What You Can Afford
The first thing tenants do when they begin their property searches is get wrapped up in looking at photos. The problem is that you're falling in love with what you could have instead of being realistic about what you can afford.
The last thing you want to do is live in a place you love but struggle to pay your monthly rent. Instead, before you begin hunting for your next rental property, determine what you're willing to spend to love there.
This means doing some research about the average prices of utilities in your area and the total amount people in the area pay monthly to rent there.
Make a List of Wants & Needs
While there are some things you might be able to settle for when searching for a rental property, other things may be dealbreakers. Before you get locked into a rental contract, take some time to create a list of your wants and needs.
This will help you determine add-ons that could attract you to a specific property. It also makes it clear the dealbreakers that would force you to reconsider living in an area at all costs.
Consider Potential Tradeoffs
Unless you find the home of your dreams to rent or decide to build your own property, the chances that you'll find a property with everything you want are slim to none. This means that before you make your final decision, you need to determine what you're willing to tradeoff.
For example, if you want a home with three bathrooms, but to do so, you'd have to accept a smaller master bathroom, you might reconsider. In this situation, having a larger bathroom is more important than the extra bedroom.
Again, this goes back to the wants and needs you have listed when searching for a rental property.
Research and Learn About the Property
There are times when you're searching for rental properties, you get wrapped up in what it looks like and ignore the surrounding area. Before you know it, you've signed a lease for a property more than an hour away from your job, and there's nothing to do in the area.
When dealing with the real estate industry, you've got to do your research. Here are some questions you should ask yourself:
- Who is the person renting the property?
- What's the price range for renting the property?
- How long has it been on the market?
- When was the last time it was occupied?
- What schools and shopping centers are in the area?
Want to Become a Tenant: Here's What to Consider When Searching for Rental Properties
As a tenant, the place you live is just as important as the surrounding area. Ensure you take time to learn and research more about the property, and don't forget to consider the tradeoffs you're willing to make.
Whether you're looking for a place to rent or want to list your home for rent, contact the Harrisburg Property Management Group for expert real estate help.