Rent Affordable Properties in Pricey Neighborhoods
I found a really great article on how to find affordable properties in pricey neighborhoods. This is valuable for someone looking to rent, but is also very valuable to a landlord looking to find properties to purchase and may want to change up the type of neighborhoods that you are focusing in.
I hope this helps you like it helped me.
Enjoy.
How to Find an Affordable Rental in a Pricey Neighborhood
May 22, 2014 By: Angela Colley
Rent prices vary widely by area and sometimes even between neighborhoods. You can usually score a deal on a rental if you are willing to move outside the city limits or farther away from the hottest neighborhoods. But what if you can’t, or don’t want to move to another area for cheaper rent?
Whether you are trying to stay near work or you just want to live in a trendy neighborhood, you can still find affordable rentals in pricey neighborhoods. You just have to do the legwork.
Research Value
Learning the average rental rates in your area will make it easier to find a good deal. Research rentals online to get an idea of the price ranges that are too high, average and good deals. This way, you will know to jump on a good deal when you see one, and you will be able to spot a “too good to be true” deal.
Consider All Your Options
Don’t limit your rental search to one or two places. Instead, look through several different reputable rental ad sites and publications such as:
• Realtor.com®’s rental database and other online sources.
• The real estate section of your local newspaper.
• Bulletin boards around town or on college campuses.
If you can, spend a day driving through your target neighborhoods looking for “For Rent” signs. Some private landlords prefer to post signs instead of creating rental ads and you may find a gem that wasn’t listed online.
Seal the Deal
You may have to compete with other renters, so you’ll want to make yourself stand out. Before you go to a walk-through, make sure you have at least one (and preferably two or more) references willing to speak on your behalf. Try asking former landlords or your supervisor at work.
Creating a rental resume can also help you stand out against other similar applicants. Make sure your rental resume highlights why you’re a great renter. For example, including your steady employment, your rental history and your plans to stay in the area for at least a year will all impress a landlord.
Be Ready to Sign
Affordable rentals often go fast, especially in heavily populated urban areas. To keep from missing out on a good deal, come prepared. Have everything with you that you need to complete an application, including your driver’s license number, Social Security number, recent pay stubs and bank account information.
You should also be prepared to pay a security deposit, a pet deposit (if necessary), and your first month’s rent as soon as your application is approved. Some landlords may not want to wait if they have other interested applicants.
I found a really great article on how to find affordable properties in pricey neighborhoods. This is valuable for someone looking to rent, but is also very valuable to a landlord looking to find properties to purchase and may want to change up the type of neighborhoods that you are focusing in.
I hope this helps you like it helped me.
Enjoy.
How to Find an Affordable Rental in a Pricey Neighborhood
May 22, 2014 By: Angela Colley
Rent prices vary widely by area and sometimes even between neighborhoods. You can usually score a deal on a rental if you are willing to move outside the city limits or farther away from the hottest neighborhoods. But what if you can’t, or don’t want to move to another area for cheaper rent?
Whether you are trying to stay near work or you just want to live in a trendy neighborhood, you can still find affordable rentals in pricey neighborhoods. You just have to do the legwork.
Research Value
Learning the average rental rates in your area will make it easier to find a good deal. Research rentals online to get an idea of the price ranges that are too high, average and good deals. This way, you will know to jump on a good deal when you see one, and you will be able to spot a “too good to be true” deal.
Consider All Your Options
Don’t limit your rental search to one or two places. Instead, look through several different reputable rental ad sites and publications such as:
• Realtor.com®’s rental database and other online sources.
• The real estate section of your local newspaper.
• Bulletin boards around town or on college campuses.
If you can, spend a day driving through your target neighborhoods looking for “For Rent” signs. Some private landlords prefer to post signs instead of creating rental ads and you may find a gem that wasn’t listed online.
Seal the Deal
You may have to compete with other renters, so you’ll want to make yourself stand out. Before you go to a walk-through, make sure you have at least one (and preferably two or more) references willing to speak on your behalf. Try asking former landlords or your supervisor at work.
Creating a rental resume can also help you stand out against other similar applicants. Make sure your rental resume highlights why you’re a great renter. For example, including your steady employment, your rental history and your plans to stay in the area for at least a year will all impress a landlord.
Be Ready to Sign
Affordable rentals often go fast, especially in heavily populated urban areas. To keep from missing out on a good deal, come prepared. Have everything with you that you need to complete an application, including your driver’s license number, Social Security number, recent pay stubs and bank account information.
You should also be prepared to pay a security deposit, a pet deposit (if necessary), and your first month’s rent as soon as your application is approved. Some landlords may not want to wait if they have other interested applicants.
Happy Investing
Matt W.