As the head of LIve Urban's soon-to-be rental division, I have become versed in the woes and frustrations of rental clients who are trying to successfully navigate Denver's crazy rental waters. With low, quickly moving inventory and rising rental rates, many renters feel helpless in this market. Having been a property manager myself, I know what it is like to be on both sides of a leasing transaction. So, I would like to take a moment to outline some tips and techniques that have helped my rental clients win when competing with other renters who are actively searching for the same rental home.
Do Your Homework
Gone are the days when you can sit at your computer, type in "rentals" in a search engine, and have dozens of wonderful options pop up in front of you as if you were a kid in a candy store. Limited inventory situations require renters to spend some time researching neighborhoods, reading ratings and reviews, researching management companies, and truly identifying what they can and cannot live without in their rental home. Proper planning and research at the beginning of the rental process will help answer questions regarding the safety of neighborhoods, the maintenance services that a renter may expect, the fees associated with moving, and what may be required of the renter to secure a property when it surfaces. When a renter has done his or her research at the beginning of the process, he or she is better prepared to act quickly and confidently when they find the perfect property.
Review Your Finances
Prior to securing a rental, it is always wise to review your finances. In addition to paying for application fees, security deposits, pet fees and administrative fees, many landlords and property managers will require paystubs (or alternative proof of income) in order to ensure that tenants are not on a negative financial path which may adversely affect the lease. In order to be competitive in this market, it is imperative to know where you stand, and to have documentation ready to prove it.
Prepare Your œLeasing Packet
I always coach my renters to prepare a leasing packet to take with them when viewing rental properties. The packet should include:
- A copy of your Driver's License
- Proof of Rental Insurance
- Three Consecutive Paystubs or Alternative Proof of Income
- Pet Information Including Immunization Records, Proof of Spay/Neuter, License Information
- Vehicle Information and License Number
- A Copy of your Credit Report
- Your Checkbook (In order to secure the rental)
- A Completed Application (Which Can Be Requested Prior to a Showing)
When you enter a rental property or a management office and you are organized and have your œducks in a row, it makes the rental process smooth, quick and easy, and it quickly establishes your responsibility as a renter to the property manager, leasing professional or landlord.
Watch For Scams
If something seems too good to be true, or if you have a sense that something seems off..go with your gut! The rental market can be filled with scamming criminals, and the last thing you want to do is fall victim to these practices. If someone requests more than an application fee or security deposit upfront, do not pay it! An upstanding company will collect the application fee and security deposit and not move forward with any additional fee collection or lease signing until the application has been approved.
Be Prepared for the Interview
As much as you are interviewing the rental property and the professionals who will be managing your lease, they are interviewing you. Be polished, be professional and be prepared to answer questions in a clear and concise manner. Especially when renting a privately owned home, homeowners want to have peace of mind that their home will be well taken care of. As a result, it is critical that renters put their best foot forward when touring and œinterviewing for the opportunity to occupy a rental property.
It is my hope that these tips and techniques may make you a more savvy rental candidate. Althought Denver's rental market can be challenging, it is not impossible! Do your homework, be prepared, evaluate your finances, and you should be well on your way to successfully finding a rental property.
And of course....if the process seems impossible or too overwhelming, please reach out to me and my team! We would be happy to help you!
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