While home ownership is a goal for many, it may not fit into your current plans or lifestyle at the moment. If this is the case, renting is often the best choice. If you are a renter, you are in good company. Currently just over 36 percent of all households are renters. Renting is especially common in large crowded cities. Renting is also common in areas with sky-high property values. In these areas you may find that finding an apartment rental is difficult. If you are struggling to find an apartment to rent, here are three things you should consider.
Hiring A Real Estate Agent
If you are struggling to find an apartment to rent, hiring a real estate agent may help. Real estate agents aren't just for buying a home. They can help you find a rental property that suits your needs and your budget. In fact, some real estate agents specialize in placing renters, especially in cities where rentals are in high demand. You will have to pay a fee for these services. Typically real estate agents charge between 25 and 50 percent of the cost of one month's rent. In very high-demand areas, this fee may be much higher.
Being Ready With The Paperwork
When you are searching for an apartment rental in a hot rental market, you will want to make sure that you have everything you need ready in order to get approval. Landlords often require some proof of income, such as recent pay stubs or a W2 form. You will also need photo identification and proof of employment is often required. Having these documents on hand and ready to go may make a difference when you are competing with other renters for the same apartment.
Renting an apartment also requires being able to pay a security deposit along with the first and last month's rent. How much you end up paying can vary from landlord to landlord. However, it's important to have enough funds on hand to meet these requirements before you move in. In many areas where it's difficult to find an apartment for rent, being able to pay multiple month's rent ahead of time may make a big difference. Saving up can give you an advantage when you are looking for a rental.
If you are struggling to find an apartment rental, there are a few things that you can do. First, hiring a real estate agent can help you find a place to live in areas where obtaining a rental can be a competitive process. Having the necessary paperwork ready and enough funds to cover a security deposits and other fees can also help ensure that you find an apartment rental in a competitive rental market.