When you live in a competitive rental market such as New York City, renting an apartment that you love can feel impossible. But, you can make the impossible come true. Here’s how to start.
Preparation is the key
When renting in desirable places such as NYC, make sure you have all your documents in order. Remember that every landlord has different requirements. Documents are only a part of your winning preparation. There’s the human aspect.
If a landlord likes you you’ll almost always have a better chance of renting. So, prepare your “elevator speech” to ensure that you make the best possible first impression.
Don’t be afraid to ask questions. Renters in a competitive market can feel afraid of asking tough questions about the apartment and the neighborhood, so bring a checklist, remain objective, and get the information that you need to make an informed decision.
Similarly, make sure you know your rights so you don’t get taken advantage of. Do your research and know what landlords and realtors can ask you, and can’t ask you, so you don’t fall victim to illegal demands.
If you’re attending open houses a real estate representative may ask you questions. Always take with you your ID, credit score, proof of employment, household income, and rental insurance policy information. You should also have a completed rental application if the realtor requires one.
It seems like it’s only about money
You might also need to be prepared to put down a big deposit, so start saving before you begin looking into renting a new place. Speaking of money, do your math first. Make sure that you can afford rent, utilities, and any other associated costs.
Have a “Plan B”
It’s also important to recognize that you’re likely to miss out on places. Sadly, disappointment is part of the renting process. So, make sure you have a backup plan for the area you want to live in or the type of housing you’re looking for. Being flexible will give you a much better chance of success.
Begin with these steps for renting in a competitive market and you’ll be in a much better position to secure your ideal home in your dream location.