Rental Market is Tight!

Are you thinking about renting?  If you’re not quite ready to commit to purchasing a home, renting may be an option for you.  If that’s the case, here’s a bit of advice–be ready to make a decision NOW!

The rental market in San Antonio and other cities is tight, tight, tight!  Homes in certain areas, in good condition, do not stay on the market very long these days.  If you’re out looking at homes to rent and you find one you like, be prepared to submit an application and the required fees immediately!  If you like it, I can almost guarantee that others do too!   You may be competing with other applicants for a particular home, so your credit, your rental history, your employment status and history, and other things may play a strong role in a landlord’s decision on whose application gets approved.

Before you start looking, get your records ready–pay stubs, employment verification, ID, etc.  Have money available for a money order, cashier’s check, or other certified funds.  If you have pets, take a picture and be prepared to submit that–some landlords are getting particular about what kinds of pets they’ll allow, which breeds, etc.

Keep in mind that all adults over 18 who will be living in the house need to submit a separate application, including the application fee.  Some landlords/property managers will give a fee concession to a married couple, but that’s an individual decision.  If you’re sharing with a roommate or someone who’s not your spouse, each person has to submit an application.  This includes adult kids who are still living at home.

If you’re working with a REALTOR®, and I hope you are, ask him or her to verify that the property is still available before you take your time and his or hers to go look.  As an agent, one of the biggest frustrations I encounter when showing homes is that the status has not been updated in the MLS.  A property shows as active, I show the home, the client wants to submit an application, and then we discover that there’s already an application in process.  Aarrgh!!  Sometimes no matter how hard I try to contact the listing agent, my calls are not returned so I have no way to know.  This seems to be especially true on weekends when most clients are available to look at homes!  It’s frustrating, so we just have to do the best we can, but ask  your REALTOR® to at least try to verify.

So, there are a few tips to make your rental search more productive.  There’s definitely competition out there!   Get yourself prepared and start your search!  Good luck!!