ApartmentRatings.com's Tips for Surviving a Tight Rental Market

According to MP/F Yieldstar, national vacancy rates dropped 40% over the past two years. With fewer vacant apartments, renters can expect the remaining ones to move fast and be priced higher than before.

In the spirit of helping apartment hunters deal with this new environment, ApartmentRatings.com offers the following tips to save money and get the most out of renting:

  1. Rent from an individual landlord. Individual owners will value a reliable, long-term tenant and are less likely to raise rent quickly.

  2. Look for a condo for rent. Some condo investors bought with the intention to flip, but now cannot find a buyer. If they are paying back a mortgage, they may be motivated to rent it quickly to avoid losing more money.

  3. Search in the middle of the month. Most renters lease at the beginning of the month, which leaves relatively little interest for vacancies that arise mid-month. Landlords may be willing to cut a deal to avoid multiple weeks of vacancy.

  4. Move away from the city center. New apartment developments built outside city limits tend to offer the most aggressive discounts.

  5. Split rent with a roommate. You’ll save on both rent and utilities.

  6. Clean up your credit so you can have maximum choice of available apartments.

  7. Read apartment ratings and reviews online. When apartments are moving quickly, it’s even more important to check online reviews to avoid regretting your choice. ApartmentRatings.com offers over 400,000 ratings and reviews of apartments nationwide.

  8. Research the rent. ApartmentRatings.com offers reports of the rents paid by other tenants that will help you research whether you're about to pay too much.

  9. Sign the longest lease you can afford. Landlords continue to discount for long-term tenants.

  10. Don't forget your rebate. New web sites are bidding up the move-in rebate offered to renters, some as high as $200 if you rent an apartment using their site.

  11. Start apartment hunting early. Visit apartments before you’re ready to sign a lease so you’ll have time to consider all your choices.
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