I know what you’re thinking; “It’s not buying a house, how much can I REALLY prepare for an apartment search?” Of course a security deposit and first months rent must be saved and you’ll probably need a moving truck. In this piece, we’ll skip the obvious and focus on advanced tactics for conquering your search.
Written by Lance Camby of Exclusive Properties CT
Hire a Licensed CT Real Estate Broker
For starters, this post would be worthless to all readers if I didn’t mention hiring a real estate agent! To some, it may seem like overkill to hire a real estate professional to aid in an apartment search. But on the contrary, this will only help protect your interests and promote your preparedness to the prospective landlord. Be sure to do a little research on your agent of choice. Selecting a leasing/rental specialist is not required, but can afford you certain benefits such as off-market opportunities with rental contacts.
Any experienced real estate professional will offer you a number of tools to utilize in your search such as an MLS portal; which takes your criteria into account while scanning all apartments listed in the state. If it is set up correctly, the portal will email you daily with the results matching your described criteria.
Complete your Screening
Now, if your agent is experienced in renting apartments, they may suggest you run a screening yourself before you begin physically viewing apartments in person. Great advice, thank you experienced agent! A screening is a credit check, eviction check, criminal record check, and a scan of pending liens/lawsuits.
Ponder it for a moment; The prospective landlord will be screening you regardless, right? If he/she doesn’t, that implies a lack of interest in who occupies their rental property. If that is the case, do you really want to live somewhere like that?
Obtaining a screening prior is crucial simply because it will show you (or your real estate professional) everything the landlord will be looking for. If you hired an agent, it will give your agent key details for the gameplan. Your agent won’t be much help if he/she isn’t aware of all the facts. Screening yourself and saving a copy for landlords eliminates the need stomping your credit with inquiries and prevents the need for paying landlords multiple “application fees” (which they actually use to pay for your screening).
Take the steps to avoid a situation where prior screening is neglected and find the PERFECT place, only to get denied because the landlord found an inaccurate eviction or collections on your screening. If you ran that screening before them, there’d be no surprises on your report and can properly dispute all misinformation.
Make Considerations for Pets
If your pets are coming with you, be prepared to pay a separate deposit for your animals. Some landlords will even charge monthly on top of rent for pets. It may seem unfair at first, but if you consider things from the perspective of the landlord, it’s easy to realize they are taking a chance on you. Regardless of your financial situation, properly supervising pets and avoiding damage to the property is not a trait all tenants possess. Be sure to iron out all the details with your landlord before signing the lease. Your Realtor® will guide you through negotiations if there are any unfavorable terms in the lease drawn up by the landlord.
Manage your Expectations
Lastly, it is vital that expectations remain realistic. It’s not hard to get emotional about real estate, but the ones who can navigate successfully realize, at the end of the day, it’s just business. Be sure all documents related to verifying income are valid. Landlords typically search for applicants making two or three times more monthly than the rent. (For example, if rent is $1000, landlords may be looking for monthly household income of $2000-$3000). If you receive section 8 or government assistance, have all verifying document ready. Bad credit will not necessarily disqualify you from an apartment. Sidenote: In Connecticut, it is illegal for any landlord to deny an applicant strictly based on prejudice against section 8. After all, you’re not applying for a mortgage, just a lease. Income can surely save you when shoddy credit gets in the way. Pick trustworthy references, and above all else, trust your instincts!