Thinking About Renting A New Place

Dated: 04/23/2016

Views: 493

So You’re Thinking About Renting a New Place?

Right now the South Florida rental market seems to be on fire. Every day, your local realtors are getting requests for assistance in finding a new home from many prospective tenants, as most clients would like the opportunity to move out of the apartment complexes managed by conglomerates and corporations, and into condos, townhouses, and single family homes owned by individual investors.

What we’re finding is that we really are in a seller’s market with regard to most investor owned rental properties, and that investors can be very meticulous when selecting and approving a perspective tenant. They want to know who you are as a perspective tenant. They want to understand your credit score, and explanations of negative remarks. In most cases, they won’t even consider you unless you can show them a credit score above 600 or 650. If you have a pet, particularly one over 20 pounds, the field of available properties narrows considerably, as most property owners consider a pet as a property valuation destroyer. Other background issues that might pop up on a background check or an eviction report? Depending on how long ago and how severe they are, some landlords may be sympathetic to families trying to make a life in these tough economic times, but your realtor has to work hard to find those landlords

If you have a credit score above 700 and a steady income that shows you make 3 times the rent on the property you are applying for, chances are good you will be approved by the landlord. But wait, he may want to interview you to get a feel for your character and personality, to see if you and he may be a good fit in the tenant / landlord relationship. If there are several of you to choose from, he may go with the one he feels most comfortable.

Can he do that? Yes, he can, as long as he stays within the guidelines of the Fair Housing Act, which protects people from discrimination when they are renting, buying, or securing financing for any housing.

What can you do to help your local realtor help you?

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  1. Give him plenty of time, go visit your realtor at least 60 days prior to your current lease expiry. Ideally, you should visit your realtor at least a few weeks before your notification date to renew your current lease, so you know exactly what you will be up against, should you choose to make a move. The process of finding a home, applying for tenancy, and getting HOA approval could take up to 60 days.

  2. If you’re thinking of buying instead of renting your next home, you should really visit your realtor 90-120 days prior to your current lease expiry, as the home buying process is far more involved than the rental process. You may want to discuss various rent to own or owner financing options at this time, as an interim pathway to home ownership

  3. Be fair, patient, and up front with your realtor about your current situation, the more he knows and understands, the better he can help you. Remember, we are trained professionals that have been through hundreds of hours of training and years of experience, there’s not much we haven’t seen.

  4. Get enrolled in a credit restoration program. It is never too early to work on improving your credit score. Think of your credit score as the indicator of your financial health. The benefits of an improved credit score include more borrowing power, lower interest rates, smoother approval processes, and lower costs to you.

If you need help from your local realty professional, please contact us today for more information on rentals, rent to own programs, owner financing, first time home buying, listing services, mortgage programs, or concierge property search services.

Chris Rauch,
(561) 806-3391

Heath & Joseph Real Estate

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