Welcome to San Diego Blog | January 6, 2018

Rental Tips for 2018

No matter where you are coming from, finding the perfect blend of budget, time frame and wish list can seem like an struggle. Understanding the current market and search process can help alleviate some stress in finding your next home!

In many metro markets, and San Diego is no exception, renting is taking up a larger percentage of people’s income that in past years, largely because demand is far outpacing supply. Growing job markets and San Diego’s amazing weather are huge contributors to this shortage of supply, and most new construction projects are aimed at high-end buyers, and not necessarily renters. Unfortunately, while rental rates are climbing at a steady rate, income increases are not growing at a same rate, meaning that more and more of people’s income is going to their rental. 

So this is all bad news right? Not if you plan ahead, be realistic, and follow these tips:

  1. The first important thing to realize is you will need to move quickly. With the short supply of rentals available owners are able to more selective than before and you will face more competition for your dream home. Renters search for an average of 2.6 months; one-quarter search for less than a month.
  2. The next step is managing your expectations. I’m sure we would all love to live in a penthouse unit with a private entrance, or a beachfront mansion, but the sad reality is most people can’t afford to! It is important to enter a rental market with a full understanding of what you can afford, both so you don’t waste time in your search and so you don’t get into a bad situation down the road. Use a Zillow Rental Calculator to zero in on what you can afford and don’t forget to think about any additional fees such as deposit, some landlords require first and last months rent plus a security deposit, pet fees, utilities, parking fees, etc. 
  3. Don’t get Discouraged! With so much competition these days it is common for renters to contact over 5 landlords and submit an average of 2.5 applications before they find their next home. 
  4. If it sounds to good to be true: IT PROBABLY IS!!! If you see something that is hundreds of dollars below the market rate it may be too good to be true. Unfortunately there are still people trying to take advantage of inexperienced renters, in fact over 32 percent of renters indicated they had issues determining if a listing was legitimate. 
  5. Be Prepared! Get all your paperwork in order so that a landlord can process your application and make a decision quickly. This will separate your application from the crowd and help your chances of approval. Most landlords will require recent pay stubs, bank statements, contact for employer, and previous landlord contact information. Using the Zillow Rental Profile not only gives your landlord a good picture of who you are, but also saves you time as you only need to input the information once! 

Following these tips will help land you your dream home at a price you can afford! 

 

Source: Zillow Porchlight


Written by: admin

Categories: Property Management, Property Management, Real Estate Investment, Relocation, Renters

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