You don’t know why, but you know it feels nearly impossible to find an apartment. Rent is rising, options are limited, and everything moves quickly. If you’re having a hard time finding an apartment right now, read on to find out what you can do.
Why Is It So Hard to Find an Apartment?
Blame it on supply and demand, a too-hot real estate market, or the volatility of mortgage rates, but you can’t seem to find someone to rent to you — at least not in the area you want and within your budget. Rent increased nearly everywhere this year, and low inventory in housing markets has made for excessive competition in both cities and suburban areas. Some factors are out of your control, but even as rent rates continue to rise, it IS possible to find your next place. Read on for help making the process a little easier.
Ask Yourself: What Important Apartment Amenities Matter Most?
Sure, the market is crazy. But maybe it would be easier to find an apartment if you did a bit of prioritizing. Which community amenities are you willing to compromise on? If you definitely need a certain amenity like central air conditioning or a pet-friendly apartment, you may have to compromise on other things. Do you absolutely have to have that extra bedroom? Are fitness centers really a must for you? Could you live without in-unit laundry? If you’re willing to sacrifice certain perks or amenities, it may be easier to find an apartment in your desired location and price range.
How Early Should You Apply for Apartments?
When you’re looking for an apartment, time is of the essence. In theory, you should be able to move into an apartment within 1-2 months of beginning the application process. But in a competitive housing market, you may want to start applying even earlier to increase your chances of finding the perfect place.
The rental application process may be shorter with private landlords, but larger apartment complexes tend to need more time to verify your proof of income, collect your application fees and security deposit, and check your credit score. Sometimes, rental property managers or apartment complexes will run apartment specials to help you get in faster, but you shouldn’t count on those expediting the process. Stay ahead of the game when you apply early.
What If I Don’t Make 3 Times the Rent?
Maybe you’ve heard that you can’t rent an apartment unless your monthly income is 3 times as much as the rent rate. Has this stopped you from applying for certain apartments? It’s time to rethink that mindset.
Many landlords use the “3 times the rent” rule as a guideline, but it isn’t a hard-and-fast measure. Future landlords will probably need to verify your income, but that doesn’t mean they’ll turn you down if you make less than 3 times the rent. As long as you know your financial habits are sound enough to make your rent and still cover your other expenses, don’t be afraid to apply for an apartment with rent higher than one-third of your income.
When Will Apartment Rent Prices Go Down?
It’s no secret that rent rose to record high levels over the summer of 2022. So, will they continue to rise? It’s anyone’s guess as to when supply and demand will level out and bring rent rates back down. But even if the rental market cools in several months or a year, you need a place to live NOW.
Turn to ApartmentSearch for Help Finding an Apartment ASAP
Finding an apartment isn’t always easy, but ApartmentSearch is here to help. Use our advanced filters to search apartments in your area that fit your needs and your budget.