Here are some factors to keep in mind when renting.
They apply if you’re renewing or signing a new lease.
Rent prices have been on the rise, and the market is changing, so here are five factors to keep in mind when navigating the market. Read more about it here.
1. Decide on a budget
Owners and real estate agents want to rent a unit for as much as they can. Be sure to know your budget before you start searching
2.Don’t forget about application costs
You’ll have to apply to live in a unit, and you have to pay the application fee regardless if you qualify or not. Application fees can be around $30 per applicant, so be sure to factor in the cost.
Application fees do vary based on location, property type, and owner.
3. Brokers are expensive
A broker’s fee is much larger than an application fee. Brokers typically charge one month’s rent as a “finders fee.”
4. Remember- you’ll have to put down a security deposit
Security deposits are usually the same amount as one month’s rent. This is how you’ll secure the unit before the move-in date.
It also provides leeway for the property manager since the unit will be off of the market.
5. Credit score matters
Most applications require a credit check and it could make or break your living opportunities. If you plan on moving soon, do what you can to improve your credit score quickly. You could try:
- paying off credit card debt
- setting up automatic payments
- review your credit report and fix errors with an agency
- ask your bank to increase your credit limit
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