Tips For Finding Rental Homes During A Supply Shortage

Tips for finding rental homes during a supply shortage are simple.Moving and finding a rental property can be stressful when things are normal, not to mention when the economy is struggling and the rental market is limited. So how do renters in the California area increase the chances of finding a rental property when there are so few available? Here are a few things you can do to find a rental home during a supply shortage:

 

Finding Rental Homes During A Supply Shortage Requires You To Do Your Research

If you’re going to find a rental property when there are so few available, you’re going to have to do some of the work yourself. This means learning about the neighborhoods that you like and don’t like, so that when a property becomes available you will know right away whether you want to be there or not. Oftentimes, renters get so excited when a home becomes available that they act without doing careful research about the areas, and end up in a place that isn’t conducive to their lifestyle.

 

Keep an eye on current rental listings and get an idea of how long properties are staying on the market, rental rates, and other market trends. Having this information puts more power in your hand and will help you make fast (but informed) decisions.

 

Get Organized

Things happen very quickly in the California rental market, so it is in your best interest to have all documentation prepared and organized for easy access. Look carefully at what landlords are looking for and make sure it’s all up to date. In the hours or days it takes for you to collect the necessary paperwork, the landlord will most likely move on to a renter who is better prepared. If you’re looking to rent with pets, have all of their shot records and documentation up to date as well.

 

Re-Evaluate Your Needs Vs. Wants When Finding Rental Homes During A Supply Shortage

Unfortunately, when demand is high and supply is low, renters don’t always have the luxury of being picky. If you’re in need of a rental property in Temecula, Murrieta or the surrounding areas, you may need to reevaluate your list of wants vs. needs. While it’s important to find a home that fits your lifestyle, it may not be the best time to be a stickler for small details.

 

• Would three bedrooms work instead of four?
• Could you manage without a home office or a fenced in backyard for the time being?
• Can you compromise on things like paint colors, the layout, or the overall design theme of the home?
• Could you manage a longer commute time to work or school?
• Would you consider a different type of home altogether? Like an apartment instead of a single family home?

 

Expand Your Search Area When Searching For Rental Homes During A Supply Shortage

If you’re having trouble finding rental properties in your desired area, it may help to expand your search parameters a bit. If possible, consider looking 10-15 miles further than your preferred city to see if that opens up any new rental possibilities. It may mean being further from work, family, or friends, but it could also be the difference between finding a rental and not. If you’re looking in places where everyone else is looking, your prospects for finding the right rental decrease. However, by expanding your search area, you open up new possibilities.

Come To The Table Prepared When Searching For Rental Homes

Looking for a rental home in the same area where thousands of other people are looking for rental homes? Chances are you’ll find yourself in a bidding war. This happens when a landlord has competing offers. Having to decide which tenant will be the best fit for the property. If you want to win this bidding war, here are a few things to keep in mind:

 

• Landlords are not likely to negotiate on rent. If you can’t afford the listed rent price, chances are you won’t get the house
• Your credit score will play a significant role in whether or not the landlord chooses you. If your credit score is below-average, do what you can to improve it.
• Save money. If you can show a landlord that you have enough cash reserves to afford the rent plus some
• Have a reference letter from your previous landlord. This small gesture can make a big difference when it comes to making a good impression on the new landlord. Ensuring them that you’re the right choice.

 

Your Next Steps

Want to know more about the rental market in Temecula, Lake Elsinore, Murrieta and the surrounding areas? Your first step should be to have a conversation with the professionals who know the area best. Finding a rental property in Southern California can be tricky, but it’s not impossible. To get started, contact a premier Temecula Property Management Company today!