Rentals 101

Although I don't often go out in search of rental listings I often get calls and referrals to list these homes, I always than receive calls from potential tenants often times a bit frustrated with their search.  I wanted to take the time and give some quick pointers and tips to finding the right rental for you, and what you should do to prepare for when presenting your application.  

How Long In Advance Should You Begin Looking For Your Next Rental ? 

• If your looking for a rental in a very specific area (School District, Neighborhood) than you should begin your search 3 months prior to your lease being up.  Keep in mind not all landlords will be willing to wait for a tenant, but often times your current landlord will allow you to move a bit early if they are aware of you needing to stay in the specific area.  Speak to your landlord sometimes they might not allow you leave early but they will allow you to stay on a month-month basis after your lease is up to find a new place.  
• If your looking within an area less specific than usually starting the month before your current lease is up provides you with enough time, although I still recommend speaking with your landlord about you choosing not to renew the lease.  This way if you do need a bit longer because you were unable to find a new apartment or you may need time for an existing tenant to vacate the house they might be more willing to be flexible with a month-month.  

What Should You Prepare To Have When Putting In An Application ? 

• Name, Number, Employment Information (Including Manager Or Human Resources Contact Number) On ALL parties who will be living in the apartment.  
• References should be at minimum of 2 non-family members.  You will want to inform that they will be getting calls from potential landlords so they return the call promptly.  
• Current Landlord Information, Length Of Time Living In Apartment, Reason For Leaving
• 1st Page Of Credit Report, Landlords are only entitled to see the score and you obviously will be allowed to black out your personal information such as your social security number.  
• Proof Of Income can be provided with either 2 recent pay stubs or a letter from your company confirming your employment & yearly salary.  

Should You Hire An Agent & Where Should You Look ! 

• If your looking in a very specific area or have specific needs your looking for (pets, whole house rental, adult community) than I recommend finding an agent that your comfortable with and using them.  Keep in mind they will be doing quite a bit of legwork for you, so there needs to be a mutual agreement to work exclusively with them.  
• If your looking for a smaller rental within a few towns than many times you can find a suitable apartment thru a complex that has numerous locations through-out Long Island, and example of this is the Fairfield Apartments which will only charge you an application fee.  
• You can look on MLS, but many Realtors will keep their listings on exclusive and advertise them on their company website, and commonly CraigsList keep in mind even those will include the 1 months broker fee.  If your working with a broker and come across one listed that way pass it along and allow them to call the agent directly.  

If your in the process of deciding whether you want to buy or rent but are not sure I have written a full blog to help explain the benefits of renting and buying HERE: Deciding Whether To Buy Or Rent !   

Here is a helpful calculator provided by yahoo to help you decide if buying or renting is good for you ! Click HERE For Calculator