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HOW TO RENT AN APARTMENT IN VALPARAISO DURING A CROWDED HOUSING MARKET
Rental properties are becoming harder to find in Valparaiso, Indiana, even for qualified renters with good credit and a stable income. In a time with record breaking occupancy rates, it’s no wonder rental rates are skyrocketing… demand is just too high. But what does this mean for people that aren’t ready to purchase their own home and need a place to rent?
The majority of local property managers are taking vacant rental properties off the market as soon as they get their very first rental application. We reviewed some statistics from 5236 rental applications received during the first two months of last year. Of those applications, 56% of the units we rented after receiving just one application. The remaining units received between 2 and 63 applicants per unit. The average overall was only 3.54 applicants per unit to find and place a tenant.
With competition this tough, you need to give yourself the best chances of getting approved so you can secure the an apartment or rental house in Valparaiso that meets your needs.
HERE ARE SOME GREAT TIPS FOR FINDING AN APARTMENT IN A TIGHT MARKET
Apply Only For Apartments of Which You Meet the Requirements
If you keep getting rejected, it may be because you don’t meet the minimum requirements. When you apply for properties for which you know you won’t qualify, you waste your own time and the manager’s time. Take the time to make sure you pass their income requirements and other policies, such as allowable pets… even if you have a well-behaved pooch.
Turn In A Rental Application Even If There Are No Available Units
Submit your rental application to a property manager even if nothing is available. This will increase your chances of being first on their list once a property does pop up. If a property manager already has a qualified renter on the waiting list, that means less work for them once a property becomes vacant! To truly stand out, consider submitting a full rental resume along with the standard application. Calling in every couple of weeks and building report with the property manager can go a long way. Setting yourself apart as a prepared and professional renter can go a long way in the application process.
Don’t Be Turned Off By the Rental Application Fee
Property managers do not make a profit on application fees. The money goes to the credit reporting agencies and screening companies used to access background reports on renters. Rental applicants should be glad that their potential manager is screening all renters which will help keep the property safer. If you understand the benefit of application fees and are open to paying them, you will be more likely to find a higher quality place that suits your needs much better than those that don’t.
Be Ready To Pay
Once you pass the screening process be ready to pay all the upfront costs like security deposit, first and last month rent. If you tell your future property manager that you need a week to come up the move-in funds, he or she will likely move on to the next qualified applicant. Be prepared by researching the cost of renting an apartment (beyond just rent) to ensure you are ready for all costs associated with renting and moving in quickly.
Be A Great Renter Now
References are an important part of the screening process for your future property manager. If your current property manager has glowing remarks to make about you as a renter, it will be more likely that you will stand out as the first qualified applicant and you’ll score that dream apartment far easier than someone who has consistently paid their rent late, or been a nuisance to their current property manager.
It’s hard to be extremely picky in a tight rental market. That might mean giving up your dream of living right downtown where rents are known to be the highest, or maybe you’ll have to compromise on shared walls instead of a detached single family home. Make a list of absolute must-have features that fit your maximum budget and the be willing to compromise on the non-necessities.
Apartment Rentals Valparaiso, Indiana 46383 46385
The Valparaiso, Indiana apartment rental market is red hot. We hope you enjoyed this months blog post and that it has helped you with your current apartment rental search and living. We aim to bring you helpful, entertaining, and money saving articles. If you have any questions or would like to view one of our apartment rentals, townhome rentals, or a house for rent in Valparaiso, Indiana 46383 46385 please call us today to speak with one of our friendly MJF Rentals property managers at (219) 477-4555
