Change is good, and the predicted 2013 Landlord's market promises to make some changes for both renters and Gilbert property management companies next year. Due to recent reports by the National Association of Realtors (NAR) which shows lowered vacancy rates and increased rent prices, these market deviations will especially affect tenants now more than ever. Here are three changes renters can expect next year.
1.) More Competition
Renters may be facing more competition for their next place, as the availability will be lowered. This means the more readily available apartments and homes for rent in Gilbert AZ of yesteryear will have dwindled. Be prepared to start your housing search months before you need to make your move, or you may find yourself without a place to go. You'll want to start putting feelers out for the areas you want to live and your price range at least three or four months before your anticipated moving date.
2.) More Money
Increased demand usually equals increased prices, so whether you're searching for a new place or renewing your existing lease, don't be surprised to see a higher bottom line. Landlords and Gilbert Property Managers know rental properties are a hot commodity due to the increased foreclosures and short sales, and that means you might need to stock a little extra away for the price increase. Don't be afraid to negotiate or ask for any available incentives, especially if you're bringing something valuable to the table like a perfect rental history, good credit, or rent pay in advance. You don't know if you don't ask!
3.) More Screening Standards
A few years ago the tenant screening process could afford to be a bit more lax. A couple late payments here or a little black mark on your credit there didn't necessarily mean you wouldn't land the Gilbert AZ rental you were after because there were so few available renters. But these days, the competition pairs with the demand for rentals and in turn gives birth to stricter background checks. That's right, the “boo boos” that were allowed a few years ago in the screening process, may not be acceptable now. Landlords and Gilbert Property Managers are now looking for higher quality tenants, not just one who will sign on the dotted line. It's in your best interest to obtain a recent copy of your credit report, and resolve any outstanding issues that could deter your chances of landing your next rental. Also, letters of recommendation from previous landlords can really help you stand out among your growing rental competition.
Renters may have to jump through a few more hurdles next year than you did before, but these changes will help prepare you for the next step of purchasing a home.