How to Rent a Home: 5 Tips on Finding the Best Rental Propety
The average price of a home in America is now well over $430,000 now.
With house prices so high and mortgage rates higher than they’ve been in some time, more people are choosing to keep renting. Fortunately, you can find a home for rent that checks every box because investors are scooping them all up.
Today, we’re going to help you settle into the perfect rental by telling you how to rent a home. With so many property types and options within each type, it can no doubt be daunting. Keep reading, however, and we’ll give you the 5 tips you need to secure a great rental.
Table of Contents
1. Keep a Positive Attitude
When you start looking at the rental options in your area, try to keep an open mind. One of the things you have to remember about buying vs renting a home is that you aren’t going to be in a rental forever.
Whether you decide to rent a manufactured home outside of town or a downtown condo, you can find something that works for you. Try to diligently look at the market every day so that you have a strong idea of what’s available and how much things cost.
2. Have a Priority List
Before you start your search, come up with a priority list for potential rental properties. It can be tricky to find a property within the budget that has everything you’d ever want, so prioritizing your needs and wants can help you make these important decisions.
For instance, you may want something in a certain area of town. You may want the property to have a washer and dryer or outdoor space. Order all of these things so you can narrow down your property choices quickly.
3. Budget Smartly
Know how much you can afford in monthly rent. Rent prices vary wildly even within the boundaries of a city, but the number of bedrooms and type of property will have a major effect as well.
Figure out your gross household income and follow the 30% rule that says you shouldn’t spend more than 30% of your income on rent. This should give you a good sense of which properties you can actually afford.
4. Choose a Property Manager
Consider working with a property manager to help you find the perfect rental property. Property managers are great because they carry a reputation with them. You can rest assured that the rental process will go smoothly because there’s a level of professionalism that is never guaranteed with independent landlords.
Plus, property managers make it easy to pick through the available rentals. You can see more here about the properties available in Memphis, for instance.
5. Have Good References
The rental market is competitive pretty much everywhere. Make sure that you’ve got all your ducks in a row before you apply for a rental. Get good references, check your credit, and make sure your financial situation is stable and you should be in good shape.
Now You Know How to Rent a Home
Now that you know how to rent a home the right way, you can start searching for the best rental property for your needs. Everyone dreams of owning their own home or condo, but there’s no denying the market is intimidating right now.
Renting is a great alternative that allows you to spend however much you can afford and save for your dream home. If you found this guide helpful, come back for more on real estate and business.
Last Updated on May 16, 2023
