7 Tenant Tips for Renting Smarter

Renting a home can be a challenging process. Having been both owner’s and renter’s ourselves, we have put together a quick list of tips to help you find your next dream home

Tip 1 – The Rental Budget
Consider how much you can afford to pay when renting. Most financial advisors recommend not exceeding 35 percent of your monthly income. Focus your search according to your budget and though you may be forced to compromise when finding a bigger apartment in a better area, make sure it’s worth spending the extra money. If you’re looking for a cheaper place to rent, try roommate services to share an apartment, but make sure you know what types of people or habits you’d prefer to avoid.

Tip 2 – Negotiating your Lease Agreement
In the business of rentals, lease agreements are often referred back to when something is not being delivered as agreed or going as planned. We recommend all renters be clear on their requirements before signing the lease agreement, obtain the owner/agent’s approval on these items and if possible, to have them included in the lease as so to avoid any confusion and or friction in the future. A very important aspect of negotiating your lease is to be polite and not give ultimatums because you may get a quick negative answer.

Tip 3 – Communicate with your Landlord
It’s very important to know some basic information about your landlord or property manager, and most importantly their preferred method of communication when applying to, or when renting the unit. Having access to this information can ensure a timely exchange of vital information related to the status of your application or in the future, the status of a repair/maintenance request.

Tip 4- The Applicant Summary
Similar to a job application; prospects interested in renting an apartment are subject to a significant degree of scrutiny in deciding who would be the best fit. It is always helpful to have a detailed summary of your candidature that is aimed at convincing the landlord that you would be a trustworthy tenant. Items like Personal references, last addresses with landlord phone numbers, your monthly income or a copy of your credit report prove as serious and confident applications that are likely to be processed quicker.

Tip 5 – What to search for
Knowing the type of rental you are looking for, before engaging with an agent has a direct relationship to how quickly you would be able to find the rental of your dreams. Understanding your requirements for space, the number of bedrooms, the type of rental (House, Condo, Basement Suite etc.) and as to whether there are any special yard, storage or parking requirements will allow you to streamline your search to a select number of properties within your budget rather than having you viewing a countless number of homes making all the more harder to close.

Tip 6 – Look for your housing in advance
In some cities it can be really hard to find your ideal housing if you look the week before your current lease expires, so it’s always a good idea to look for your new home way in advance (or at least some weeks before). Only then are the apartments with the best value for money are still available and have not been rented out yet.

Tip 7 – Be water, my friend…
Aim for a goal of 70% of your must-have list being checked off. Each rental that you see will offer you pro’s and con’s and it is rare for someone to find a listing that is perfect on all fronts. The important elements to keep top of mind are price, location, safety, and comfort…the rest are wants. The best practice is to be patient and flexible and remember that in a competitive rental market more is lost in indecision than in a wrong decision.

PRO TIP – Working with a professional property management company like the Sycamore Property Management Group representing the home is a surefire way to ensure a smoother application process and an improved rental experience.