Current Apartment Market

Hi Everyone!

Whether it's the high inflation or higher interest rates affecting everyone right now, these current real estate market issues, are also affecting the current apartment market. Rents are still rising everywhere, and to navigate through these real estate issues if you're apartment renting, the key advice here would be to make sure you find out;

1. If your landlord has already raised the rental rates for the entire apartment complex? If not are the rental rates only being raised as the tenants move out?

2. Ask is your current apartment rental rate you're being advertised, going to be the "true market rental apartment rate" you will be signing the lease on?

Getting these questions answered before you sign the lease, is the key here, and this will also better allow you to budget for your apartment rent. 

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Is Your Landlord Raising Your Rent?

Hi Everyone!

Majority of everyone across the nation, are experiencing rent increases on the property they rent. Many are choosing to move, while others are accepting the new rent, while the other few are getting creative on the new rent changes. The best thing to do if your landlord is raising your rent to a price you can no longer afford, is to go ahead and give your required notice, and not renew. To prevent this from happening to your next apartment, the key here is to become detective, and seek out questions that ask the property manager of the apartment complex you're wanting to move in, when was the last time the landlord raised the rents on this apartment complex? If the property manager says, they don't have an exact number, then request they just give you the rent range instead. Here is an example of a renter getting creative, because of not wanting to move;

Sam just received his notice, he had been living in the apartment of his for 2 years paying $1,200. The landlord notified him his rent is going to $1,450. Sam is very angry and upset, and only has about 30 days to make up his mind in order to get the answer in writing back to his landlord. Understand not all landlords give 30 day notice renewals, some give 45 days or 60 days, so knowing this information is a key point also for your next move. So Sam decides to get really creative, and since he can't afford the extra $250, instead of advertising for a roommate to split the new rent of $1,450 and each pay $725 each, Sam decides to just advertise "Need Roommate ASAP Rent Only $250 Per Month" which is the additional costs of what the landlord is asking him. Sam gets his notice back to the landlord and says he will renew for another year. Sam heads back to his apartment, and instantly he receives over 50 prospects wanting to be his roommate for the costs of his fee of $250 per month. Sam didn't realize he would receive so many calls, and is very happy of the outcome. So Sam narrows it down, and finds a potential roommate similar to him, and informs his new roommate his rental rate will be only $250 per month and he can share at no costs the rest of the apartment. The roommate is stunned of these generous perks, and realizes he has to do more than pay Sam $250 per month, because he too had to leave his apartment, because of his landlord raising his rent from $1,400 to $1,560. Sam doesn't know his roommate is saving nearly $1,310 extra per month just paying him only the $250 per month for his apartment. So Sam's roommate informs him he wants to pay him some additional money per month, but Sam still says no. The roommate and Sam continue on with their lives while still being roommates, and 1 year later, Sam informs his roommate he will need an additional $200 per month so now he will be at $450 per month instead of $250 per month, the roommate agrees and accepts. So Sam informed his landlord he would renew from $1,450 to the new $1,650 for 1 more year. Conclusion here is Sam got creative instead of moving, and just offset his additional rent increases on his roommate. Sam knows he is comfortable with $1,200 and anything beyond that would make his finances spiral out of control. So because Sam loves his apartment, doesn't want to move, and has 4 more years of college left, Sam realized he could keep a long-term roommate with his creative apartment technique versus putting up with taking on risks finding roommates paying half his rent of new rent of $825, when at anytime they could jump ship, because they're sick of paying half that rent amount. So Sam doesn't care what's going on beyond his rent of $1,200 because at end of day he knows he doesn't have to ever pay the landlords rent increases ever again, since his roommate will pay them, and once Sam graduates college and buys his home he will say goodbye to his landlord permanently.

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Furnished Apartment Building

Hi Everyone!

Whether you're apartment searching or hunting for your next apartment, you probably run across from time to time others mentioning furnished apartments, and wondering what they're. Furnished apartment buildings or another name for them are furnished apartments are just apartments that are fully furnished. If you just don't want the hassles of decorating or buying furniture, then renting a furnished apartment would make better sense for you. Another thing to know is not all apartments offer furnished apartments, so a wise solution for you to do, would be make sure when you hire your apartment locator, they have the ability of locating you furnished apartments. Furnished apartments are not similar to hotel rooms in any fashion even though hotel rooms are furnished too. Hotel rooms are furnished yes, but they're on daily rates, while no leases are signed, and the longer you stay the more it may cost you. Furnished apartments are either fixed short-term leases or long-term leases, and aren't on daily rates like hotels, and yes they're too furnished just like hotels, but key difference is hotels are on daily rates, furnished apartments are on fixed short-term or long-term leases. So next time you're thinking of a furnished apartment make sure;

• Its actually offered furnished 
• Its on a fixed short-term or long-term lease just like regular apartments
• If your apartment locator has the ability to locate you fully furnished apartments
• If it actually fits in your budget, and makes sense to rent it

So once you've compiled these key factors, then you will be well on your way to getting your fully furnished apartment.

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Apartment Rental Agency

Hi Everyone

When apartment searching for an apartment by yourself, sometimes it can become overwhelming and you lose track of what to do next. The best option for you to do is hire an apartment rental agency, to handle these tasks, because within these companies are licensed apartment locators who have a job to do nothing but search for your apartment. Whether you're searching for;

• Efficiencies
• 1 Bedrooms
• 2 Bedrooms
• 3 Bedrooms
• Furnished Apartments
• Corporate Apartments
• Short-Term Lease Apartments
• Senior Living Apartments
• Rent Subsidized Apartments
• All Bills Paid Apartments

apartment rental agencies will provide you the foundation for assisting you in locating you an apartment. At times you will run across on a google search companies being labeled as "Real Estate Agency" or "Real Estate Brokerage" these companies may offer apartment locating services too, because within their companies they offer dedicated apartment departments, so make sure to check their services they provide so you don't waste time trying to chose one or the wrong one. As for the company I work for which is A. Colette Harris Properties, LLC, this company is a real estate agency, but within this company is also a dedicated apartment locating department which has a dedicated apartment locator available 24/7. So this is a good example of not all companies are called apartment rental agencies that offer apartment locating services, so do your apartment research thoroughly to get the best results. Some more examples you could apply for your apartment search are possibly;

1. Apartment Agency Near me
2. Apartment Broker Near Me
3. Apartment Brokerage Near Me

These are just a few examples, but you can apply any apartment locating search that works best for you, to get your apartment locator.

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Steps To Renting An Apartment

Hi Everyone!

When apartment searching/hunting for your apartment, you need to know the basic steps to renting an apartment. The main ones you need to focus on are;

1. Hire apartment locator
2. Know what's on your credit & background, before you even apply to apartment complex or even talk to the apartment locator (example of credit is it good or bad or in between and know your score, example of background evictions, broken leases, felonies, bankruptcies, etc.
3. Know if you will lack rental history & job history in advance by asking yourself (Have I paid rent somewhere for at least 1 year?) (Is my most recent job I'm working have I already received at least 2 or more paychecks?)
4. Is my budget planned and the apartments I want to request from apartment locator, fit in it?
5. Do I have the application fees, administration fees, prorated rent, renters insurance, and possible pet deposit calculations all projected and the funds in my bank account in advance?
6. Do I even have renters insurance, and if not will I be ready to provide it if the apartment I like, makes it a requirement?
7. Have backup plan if rejected by providing a cosigner or just seek out 2nd chance apartments
8. Avoid at all cost applying to multiple apartment complexes, since they run your credit each time, and your credit score is dropped, as well as these hard inquiries remain on credit report for 2 years
9. Know in advance before you apply, which fees will be refunded if you're rejected

These steps are pretty much the basics, you need to apply and know, since they will help guide you to your apartment more smoothly. 

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Things to Ask When Renting An Apartment

Hi Everyone!

Do you know what things to ask, when renting an apartment, before you do the application? Here are a few questions to start with;

• Do I have an apartment locator yet?
• Does the apartments I like have available units in my move out date range?
• Have I seen the unit yet, beyond online?
• Do I know what apartment fees will I be refunded, if I'm not approved?
• How often does the landlord raise rents in my complex?
• Did I get a range percentage from the property manager when they were showing me the apartment, for possible rent increases done here at this apartment complex, before I signed the lease, and if so will I be able to afford a rent increase if I stay another year, by projecting this range percentage on my rental rate now?
• Has it ever flooded here before?
• If I lose my job or even relocated, will my landlord offer me a relet option?
• Do I even know what is a relet fee, and how they work?
• When I'm touring the apartments, did I even ask the property manager or leasing agent what are other owners paying here for their light bills to similar units at what I'm looking at in a range, if can't release the accurate numbers?
• Have I researched the apartment complex on Google?
• Is the parking horrible, and do I have a backup plan, if I really love the complex by just getting reserved parking added to my rent, and it fits in my rent budget?
• Will I be allowed to waive the maintenance crew from coming in my apartment, if I'm not home, by allowing them to come when I at home?
• If I have more than 1 vehicle, how do I handle the parking by not getting my vehicles towed, if I don't want to pay for reserve parking or a garage?
• Did I find out how many parking spaces I'm entitled to, when the leasing agent or property manager first showed me the available unit?
• Do you take video recordings along with my inventory and condition form that's due immediately within 24 hours of move-in?
• How many days does the landlord give me on notice when my rent is being raised?
• How long does it take for the maintenance men to handle my repair request, if I can't get exact timeframe, can I get a max day range?
• What are the maximum late fees I can occur per month if I'm late starting at 30 days?

These are just a few questions I listed that may help assist you to ask before you do your application. Its always wise to know this kind of stuff in advance so when or if you may experience it, you wont be surprised from the possible ramifications of ignoring it, before you signed the lease.

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Apartment Relocation

Hi Everyone!

In today's working economy, many of us move from time to time whenever we decide to, while others are moving because of a job relocation. If you have a job relocating you to another state, then they will most likely provide you with a corporate apartment rental, which is fully furnished, and payed for by the company. If you're moving on your own, because of a job offer that pays better and has benefits in another state, then you're most likely going to apartment search/hunt for another apartment in the new state, and pay for it yourself. So during the relocating phase to the new state, a wise tip would be, just make sure you contact the apartment locator in the state you're moving too, before you move from your current state, in order to save from having to rent a hotel while have to wait for something to come available. This technique can be done if its planned accordingly along with the relocation move. Example would be you get a job offer in Texas, and you decide your state New York, isn't working anymore and take the offer. While your still paying rent at your current place, just make sure you don't run into paying double rent while moving to the new apartment in the new state. So in this case let's say your lease is up August 31, and the new job in the new state location wants you to start September 1, best thing to do is to start apartment searching 30-60 days in advance from the September 1 date, so you will be prepared with all the;

• Administration Fees
• Application Fees
• Security Deposits
• Prorated Rent
• Possibly 1st months rent or more (if required based from rental, credit, background and income checks)
• Pet Fees (if have pets)

Once you have all this figured out, and have accurate numbers make sure the apartment in the new state you want has the units available that fit your moveout window for August 31. So if you're getting all boxed up, and you've contacted the apartment locator to locate you some apartments, and you like a few by your new job in the new state, then it would be wise to find out well in advance if the complex has anything available before August 31, because if you don't get this information before you do the application, and you wait till after, and the apartment locator says you been approved, but the apartment complex says they will have something available after August 31, which will be on September 5 for you, then this will mess up your timeline. Also this is a major issue since your job starts on September 1, and your lease is up August 31, and you can't drive to the new job since its in another state, and to top it off you're now in a month to month territory with your landlord since your lease isn't past August 31. As I mentioned plan all this before you move to the new state, and do your diligence, so this apartment example won't happen to you. So in conclusion follow this order;

1. Contact apartment locator in the new state moving to
2. Get the apartments you like from them, and then pick which ones will work in your budget, and be close to your new job
3. Find out from these you like which ones have available units within your apartment relocation move date range (use 30-60 day window)
4. View them all if have more than 1, then pick the best one you liked
5. Then apply to the application immediately after seeing the one you liked best. (you shouldn't be applying to different apartment complex applications ever only one, so read the post & tips on here to understand why)
6. Lastly take a deep breath, and give yourself a pat on the back for now looking forward to your new apartment & new job in the new state you've relocated to, once you're approved, and get the keys.

Following this list will put you well on your way to the right road to take before you leave your current apartment, while also prepping you for the arrival to your new state apartment relocation.

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