As many have seen in the recent months, finding housing in a competitive rental market is no easy task. With high demand and low supply houses do not stay on the market very long. So you may be wondering how can tenants secure a lease when competition is so high? Keep reading as we go over some strategies to help secure a lease in a competitive rental market.
What Makes a Competitive Rental Market?
As we have seen, the DFW housing market is booming. Houses are going for above asking price, interest rates are climbing and with the number of people moving to Texas, the supply can’t keep up with the demand. The result of this is many people and families are wanting or needing to turn to renting due to lack of homes available or purchase prices being unattainable.
A competitive rental market primarily benefits landlords since renters are competing against each other to score a rental unit. That said, tenants who are competing for a rental home must work towards beating the competition. Now how do they do that?
How to Secure a Rental in This Market
Since you’re likely competing against several potential renters, it’s important to act fast! Renters need to utilize resources and learn how to stand out on a rental application. Try these tips:
1. Use Technology to Find Properties
2. Have References Ready
3. Be Honest About Rental History
4. Have Money Ready to Go
5. Take Care of Your Credit
6. Prepare for Tenant Screening
Use Technology to Find Properties
Finding housing in paper ads or yard signs is not a practical approach. Instead, most rentals are listed online on various sites such as Apartments.com, Zillow, or on a property management company’s website or social media pages! Searching the internet to find nearby housing is an excellent way to find deals quickly before another prospective tenant secures them.
Have References Ready
If you know that you’re looking for a new rental home, gather references before applying. Make sure your references are trustworthy and professional people such as your previous landlord or property management company. Also, make sure to add a full name, up-to-date phone number, and email address for your references. If you don’t have references or someone gives you a negative review this can disqualify you from the pool of potential renters.
Be Honest About Rental History
Your rental history is highly crucial for landlords to know. If you have been in a tight financial situation in the past and have struggled to make payments, it’s best to be truthful. Keep in mind that if you have a record of poor rental history, landlords may be hesitant in signing a lease with you.
Have Money Ready to Go
If you are confident that you’re signing a lease on a property, you need to be prepared financially. After all, in a competitive market, you need to secure a deal before another prospective renter does first. Keep in mind that most landlords require a security deposit along with the first month’s rent, so save up enough to cover these costs. Having the money ready to go will also tell landlords that you have the funds necessary to live in the property.
Take Care of Your Credit
Before renting to you, a landlord or property manager will look at your creditworthiness. It could be a red flag if you have a history of late payments and significant amounts of current debt. Even though this may not be a make or break in the final decision, be sure to keep an eye on your credit score and do what you can to take care of any issues.
Prepare for Tenant Screening
Before you get a lease, landlords or property managers will typically ask you several questions about you, your rental history, and why you’re looking for a new place to live. Make sure to have honest and reasonable answers to these questions. For instance, if they ask about pets, let them know how many and what kind of pets you have.
What Do Landlords/ Property Managers Look For in a Good Tenant?
• Satisfactory Credit History- Landlords typically look for tenants with good history and low current debt.
• Background Check- Be informed of what is on your record.
• Good Attitude- When dealing with landlords and property management professionals, it’s important to be respectful and accommodating.
• Adequate Income- Most landlords look for renters that make 3 times the monthly rent amount.
• Good Rental History and References- Your rental history can be a deciding factor between you and another applicant.
Are you looking for a rental property in DFW? Or do you need help finding quality renters for your property?
At All County Property Management Group, we help not only renters find their next home but also property investors looking for an experienced property management company to take over the hard work of property management. We offer up-to-date listings to suit a variety of needs and budgets. In addition, our dedicated leasing staff works with you every step of the way so you can feel confident in your home choice. Plus our team handles all property management needs from maintenance, leasing documents, marketing and more! For more information or to see our available listings in your area, check us out today!