If you read my blog a couple months ago you might remember that I said rent prices in Lakeview increased by over 15% from the same time period the previous year (March 1st to May 15th). Since some time has passed I decided to run numbers again and here is what I found out….
I used the Month of June to pull data. June 1st to June 30th. Here it is:
June 2010: 177 Units rented during this time with an average price of $1,672.06
June 2011: 216 Units rented during this time with an average price of $1,895.78
This is an increase of roughly 13.3%. Not as high as the 15%+ we saw a couple months ago but still very high. Typically we will see June rents higher than earlier months as we are starting to see less supply on the market and more renters in the market. From March 1st to May 15th of this year the average rent was $1,797.15.
With apartments being snatched up left and right what can you do to make sure you get the place you really want?
1 – Check your Credit! The first thing a landlord wants to know is how good your credit is. If you have bad credit, then you better start putting together a battle plan. Get a Co-Signer, save some money so you can pay a few months in advance to show good faith, etc.
2 – Have Paystubs / Proof of Employment in order! Most landlords will require that you provide proof of employment which can come in multiple forms but the most common are paystubs. Get these items in order before you apply for a place so as soon as you see a place you like you can jump on it!
3 – Be Willing to Move in ASAP! Right now Landlords have the luxury of not having to worry about their place being vacant. Which means if it is empty on July 1st they will more than likely not take a tenant any later than a July 15th move in. You may have to move in a couple weeks earlier than you truly need in order to secure the place.
4 – Be Up Front about Pets! If you have a Dog or a Cat know that this will limit your options. While many people may love dogs, they may not trust their owners and may not want them in their rental property. The best thing to do is to make sure you are up front about the type of pet that you have and explain it right away in the application process. Landlords do not like to be blind-sided and if they are, they will automatically start thinking the applicant is dishonest.
5 – Be able to turn over $$$ right away! Typically once a lease is signed First Months rent AND Security Deposit, along with any additional fees are turned over right away. Make sure you are in a position to do this. Unless checks are turned over the lease can be thrown away, so make sure you have the money ready to go so you don’t lose the place you love.