Individuals and families searching for rental property in Minnesota need to be aware that their search might take longer than planned, and that’s because it’s a tight rental market statewide right now. Current tenants are holding onto their apartments instead of purchasing homes, while some homeowners are losing their homes due to foreclosures and entering back into the rental market.
That doesn’t mean that there aren’t apartments available, but you need to be ready to jump on the opportunities when they appear. Here are some tips:
* Making searching an everyday occurrence – With the market so tight, you’re going to be competing against other potential renters. Watch the advertisements in the newspaper and online carefully for new postings.
* Get your paperwork organized – If you find the perfect apartment, be ready to apply immediately. This means you should be ready to pay for the first month of a lease and security deposit, you should have your references prepped and listed, and you should be able to provide your future landlord with your rental history.
* Make your application look good – A landlord will likely check your credit when you submit your application, so make sure your credit is in good standing. You can receive a copy of your credit report with a rental history report, allowing you to correct errors on both reports before they’re seen by a potential landlord.
* Research the neighborhood – Apartments are more than just the unit you’re renting. They’re also your connection to the rest of the community – from public transportation to neighborhood schools. Research police reports for the neighborhood, talk to people who live in the area about the community, and visit the community several times before signing on the dotted line. Spread your visits over daytime and evening hours so you can experience how noisy or congested the area is.
The rental market could change soon, making it easier to find apartments in Minnesota, but until then, be sure to be prepared to jump on the perfect apartment when you discover it advertised.