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business newsTen Ways to Score Your Dream Apartment
By
Scott Reeves Jul 08, 2009 2:30 pm
How to make the most of a renters' market.
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Nationwide, vacancies rose to the highest level in 22 years, climbing to 7.5%, up from 6.1% a year ago. This means rents are still falling as landlords scramble for tenants.
Apartments in new buildings continue to become available, adding to the market glut and forcing rents down in some areas, or at least moderating any rent increases at prime properties. The housing market has taken a hit, and many condo complexes now offer leases.
In short, it’s a renter’s market. Get out there.
Rule of thumb: Assume that just about everything is on the table. A reasonable proposal is likely to be met with a reasonable response.
Here are 10 things you need to know when searching for a dream apartment at a good price:
1. Pitch Yourself
Put together an apartment-hunting packet that includes last year’s tax returns, a current bank statement, a note from your employer certifying your current salary, and at least 2 letters of reference. This is a little over the top, but it will get you noticed -- and give you leverage when you negotiate your lease.
2. Don’t Show Up in Saturday Slobwear
In fact, consider overdressing a notch or 2. This will get you some positive attention, establish you as a thoughtful person, and make you a serious prospect. No need to overdo it -- just dress like the focused professional you are. Take notes, and be sure the landlord sees floor plans and information from competing complexes as you shuffle your papers.
3. Review Your Credit Report
Even in a downbeat market, you can bet the landlord will review these numbers. To download and print a copy of your credit history from Equifax (EFX), TransUnion, and Experian, go to the official website for free annual reports. Clean up any problems before starting your apartment search.
No positions in stocks mentioned.
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