Tips for a Tight Rental Market
There is an incredibly tight rental market right now – which is no secret to those of us in the real estate profession. A recent report by Moody’s Analystics shows this trend is nationwide, and is expected to persist for the next two years at least. To read the full article by Esther Cho, of DSNews.com, click here…
There are several major demographic trends contributing to this trend. Younger folks entering the real estate market (the under 30′s) may choose to rent rather than own. This generation came to adulthood in the teeth of the recent economic crisis. They may find it difficult to accumulate the funds for a down payment and/or to meet the new, tougher mortgage criteria.
Be warned that this is definitely a sellers’ market for landlords, and they can afford to be picky. So here are some tips for surviving in a tight rental market…
- Be prepared to move fast when you spot the place you want – it may not be there tomorrow.
- If your credit is iffy, clean it up first.
- Have your tenant application ready and filled out, and
- Please, please, please think twice before adopting that adorable kitten or puppy. A pet makes you a much less desirable tenant, so be prepared for stiff (and sometimes non-refundable) pet deposits.
All in all, it might really be easier and cheaper to buy the place you want than to fight with this tight rental market. So come on in…. the water’s fine!
Roger Martin
You can follow any responses to this entry through the RSS 2.0 feed.