Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 5, 2021

Preparing to Rent an Apartment or House

 

apartment in miami

There are many benefits that you can reap if you decide to rent an apartment, a house or condo unit.

For instance, you won’t have to worry about making necessary improvements to the property. Another thing is, renting often comes with a lower monthly cost since you, as a tenant, is not responsible for paying expensive property taxes. Also, renters have the option to renew or move at the end of the lease term

But whether it is your first time or not in the renting world, finding the perfect property that fits both your lifestyle and budget isn’t going to be easy.

Choosing the right property

There are many things involved when finding a place to rent. Here are some of the most important things that you need to consider before you sign away that lease:

1. The price

If you decide to rent an apartment or any type of property, it is important to review your finances before you go property hunting. Make sure you have a budget for the first month, last month and security deposit as most landlords require tenants to pay for them upfront. U.S. Department of Housing and Urban Development suggests that your lease should not cost more than 30% of your gross income.

2. Type of home

What type of home suits you? Apartment, house, or a condo unit? Many first timers in renting and people who live alone opt for apartments or condo units. But if you are with a family or starting a family then a house would be a preferable option.

3. Location

When you rent an apartment, another important factor to consider is the location. Of course, you would want an area that would make your life easier. Think if you prefer a quiet suburban street or an urban setting. Decide if you want a place that’s near your work, schools, shops and restaurants, and other attractions.

4. Size and layout

Before you begin your search, consider also the space that you want to have for your place. Think about how many bedrooms and bathrooms you need, if you want a small or big living room to receive guests, updated kitchen, outdoor space like a balcony and parking space if you have a car.

5. Amenities

List the extra features you want in your place. Consider if the community is pet-friendly, has swimming pool, fitness gym, tennis or basketball courts, children’s playground, etc.

Requirements to rent an apartment or house

Renter’s application form will be slightly different with each apartment (or property type) you are applying for but these are the common requirements included in every rental application:

1. Proof of income

Most landlords prefer that your income is three times the rent to qualify and you'll need to prove that you have indeed this income. They generally ask for two or three recent pay stubs, bank statements, tax statements or a W-2 if you've had your job for more than a year. They may also call your employer to get proof of your employment.

2. Credit score

Your credit score speaks a lot about how financially responsible you are. Of course, the higher your credit score the better as the landlord will be more comfortable renting the place to you. If your credit score is not that favorable, you may offer to pay additional security.

3. Background check

You are your background. Aside from your credit score, your background also shows your personality and dependability. With your permission, landlords will look into your criminal record and to see whether you’ve ever been evicted. Previous violent crimes, domestic abuse records, eviction and the likes may cause concern to landlords and won’t compromise. You will have a difficult time finding a place to rent.

4. Co-signer

You might need to secure a co-signer if you have new or low credit or if you are a first-time renter. Some landlords may also request this if your income is not at least 3 times the rent amount. A co-signer or a guarantor is someone with a good credit who signs your lease along with you and assumes financial and legal responsibility for paying the rent in case you don’t.

5. Reference letter

This letter can be from a previous landlord, property agent or someone from your network who can vouch for your good personality, work ethics and how responsible you are. A strong reference helps you be on top the game.  

Documents to prepare

Each landlord has different requirements but here are the paperwork that you will almost always need:

  • Photo ID (driver’s license or passport)
  • Letter of employment
  • Copies of last two pay stubs
  • Copies of last three bank statements
  • Copies of last two tax returns
  • Copies of last two W-2 forms
  • Asset documents (official documents with the value of assets, stocks, real estate, etc.)
  • Contact information (your social security number, email, addresses of previous landlords, your current employer and your guarantor, if applicable)
  • Recommendations from previous landlords/personal or professional references (optional)
  • Co-signer application (if applicable)
  • Vehicle information
  • Pet information (if any)

After completing the application process and passing the background check, you'll sign the lease agreement. Make sure to read everything carefully and that it includes the things you and the landlord agreed on if there were negotiations.

Ready to rent an apartment? Check out these available rental properties in Kendall, Miami.

Download our FREE Printable Apartment Guide.

Sources:
apartmentguide
homeguides
comparethemarket

Posted in Apartment Guide
July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates