Competition in the rental property market isn’t just between landlords. If you think about it, tenants are in competition with each other to secure a rental property, too. When you find a quality rental – whether it’s in terms of facilities, amenities, location, or even the price – it’s safe to assume that it gets numerous applications. Considering this, here’s a comprehensive guide to help you know how to secure a rental property effectively.
Main Takeaways
To help you secure a rental property:
1: Prepare Your Documentation in Advance
First things first, you should have all the necessary documents that you’re going to submit to secure a rental property. Coming from our experience in property services management, being prepared shows that you’re serious as an applicant.
Among your information should be a few specific materials: your completed application form, government-issued identification, details of your previous homes, employment information, and your proof of income.
Having all these ready shows that you are responsible and organized. Aside from that, it makes it easier for the landlord or property manager to proceed with the tenant screening process quickly. Plus, being proactive puts you ahead of other applicants who might be scrambling for documents at the last minute.
2: Show That You are Financially Stable
When it comes to securing a rental property, one of the first things that landlords and property managers look into is your financial status. Specifically, they want to verify if you can afford the rent comfortably. In our experience, many landlords follow a common rule of thumb that applicants should have a 30% rent-to-income ratio. So, you should be able to establish you can meet that standard (or whichever other one they have).
But how? First, you need to give your landlord proof that you have consistent income. To do this, you could provide your most recent pay stubs, employment offer letter, bank statements, and tax returns. To give you an idea, as property managers, we want to see your last 2-4 months’ worth of income in action. This shows that you have cash actively coming in.
3: Have a Good Credit Report
Your credit history will also play a key role in showcasing your financial history–and habits. Landlords run credit checks to gauge your ability to manage your finances and pay back debts. Building, or having, a satisfactory credit score can show that you’re a responsible and reliable spender.
But if you do have some red flags on your report that could potentially disqualify you from securing a rental property, make sure that you clarify each point to the landlord. Be honest and provide context so that they’ll have deeper insight into why each situation happened. Then, highlight what you’ve done to take responsibility for it and fix it–a little bit of accountability can go a long way.
4: Provide Solid References
Securing a rental property requires having a demonstrated history of following the rules, conduct-wise. After all, you’ll be caring for a property and living around neighbors. So, they’ll want a tenant who has shown they’re able to fulfill such responsibilities. References can paint a picture of how you have been able to do this in the past–and can continue to do in the future. Moreover, in our experience, strong references can end up as the final deciding, differentiating factor in a landlord’s choice if they’re choosing between you and another applicant with all-too-similar qualifications.
There are generally two types of references – professional and personal. For professional references, think of previous landlords who can talk about your trustworthiness and overall reliability as a long-term tenant. Employers could also serve as a professional reference, and they can talk about your ability to follow rules and stick to guidelines and regulations.
5: Offer Flexibility in Move-In Date or Lease Terms
In highly competitive markets, being a flexible tenant can do you wonders for securing a rental property. If you’re more flexible in terms of when you can move-in or what terms you’ll agree to, you can better fit into landlords’ needs. For instance, maybe their unit won’t be available for a couple more weeks, or they can only offer month-to-month leases. This way, you can meet them where they’re at. On a strategic level, too, this can help you stand out from the crowd. After all, landlords want to minimize vacancy periods quickly, and you can help them do that as soon as possible.
6: Follow Up Politely and Promptly
Let’s say that you found your ideal home, and you’re convinced you nailed your application. And yet, it’s been some time since you last heard from the landlord. If you feel like you’re being left in the dark or worried that they missed your materials, you can politely send a follow-up email.
That said, when you do, avoid sounding too pushy or entitled in your follow up letter. Instead, make sure that you sound professional and respectful, despite any delay or mishap along the way.
7: Apply as Early as Possible
As we mentioned earlier, the best rental properties most likely have numerous applicants. So, if you come across a good rental, send in your application as soon as possible. Not only will you be one of the first applications they’ll screen, but it can also be a signal that you are highly interested and committed to securing the property. Trust us: being among the first to apply immediately gives you an advantage over later submissions. We’ve seen it happen, time and time again. Like we said before, landlords want to usher in tenants as soon as they can, so they tend to take qualified applicants at a first come, first served basis.
8: Present Yourself Well at the Showing
At this point, there’s still more work to be done in securing a rental property. If you go to a showing, you need to make the most of this opportunity to boost your chances.
Remember: first impressions matter. So, show up on time and dress appropriately. Aside from your appearance, make sure that you engage with the landlord. Make it a meaningful interaction. Ask questions relevant to the property to show that you’re interested and want to know more, like when it comes to maintenance, property rules, and lease terms. Having that back-and-forth interaction can separate yourself from people who just look at the property and leave.
9: Be Transparent About Pets, Roommates, or Other Needs
As you try to secure a rental property, it’s essential to be honest with your landlord about your needs and preferences. For example, let’s say you found a great apartment in the middle of the city. It could’ve been perfect for you if it weren’t for the pet restriction the landlord has placed. Here, it would be a big mistake to try to hide that you’re a pet owner to secure a rental property, only to sneak your pets in without permission.
If you do this, then you’ll be starting off your lease by violating it. This could be grounds for your landlord to kick you out if they find out. And you can say the same thing about bringing in unauthorized roommates or hiding another issue just so that you secure your dream home.
If you find yourself in this situation, the best option is to simply be honest and upfront with your landlord about your housing needs and concerns. This way, you’ll have the opportunity to talk it out with your landlord. Together, you can find alternatives or come up with a compromise to accommodate you and your needs. This is the most effective way to build trust with your landlord and establish rapport with them.
Find The Next Place You’ll Call Home with Us
The rental property market is highly competitive. Luckily, there are several ways for you to stand out among the rest – from having the essential documents ready, to having good references, to being flexible about move-in dates or lease terms. It’s these little things that can boost your chances to secure a rental property.
In the meantime, if you want to secure a rental property that’s perfect for you, we’re here to help. At Bay Property Management Group, we offer San Antonio property management solutions designed to make your life easier– from connecting you to ideal homes, to processing your application quickly, to answering your questions and concerns upfront. If you want to know more, look at our listings today!
