Renting a home can be an exciting opportunity to find a place that meets your needs and provides a comfortable living space. However, the process is not without its challenges. In this blog post, we will explore three common hurdles faced by renters: filtering through spam, meeting specific requirements set by landlords, and dealing with fierce competition. By understanding these obstacles, you can better prepare yourself for a successful renting experience.

Filtering through the Spam:

The rise of online platforms has made searching for rental properties more convenient, but it has also led to an influx of spam listings. Sorting through these fraudulent or irrelevant listings can be time-consuming and frustrating. Here are a few tips to help you filter through the spam and find legitimate rental opportunities:

• Stick to reputable platforms: Focus your search on well-known websites or rental apps with trusted reviews and robust security measures. A few of the most popular rental companies in the Triad are: 
  • Real Property Management of the Triad
  • Acorn & Oak Triad
  • Palmetto Equity 
  • Main Street Renewal
  • A realtors search page - this would include listings from the MLS
• Be cautious of suspicious listings: Watch out for unusually low prices, vague descriptions, or requests for personal information upfront. These can be warning signs of fraudulent listings.

Meeting Landlord Requirements:

Landlords often have specific requirements that applicants must meet to qualify for a rental property. Two common criteria include the income-to-rent ratio and pet policies. Here's what you need to know:

• Income-to-rent ratio: Many landlords require applicants to have a monthly income at least 3.5 times the rental amount. This ensures that tenants have a stable financial standing and can afford the monthly rent.
• Pet policies and restrictions: If you have pets, it's crucial to understand the rental property's pet policies. Some landlords may allow a maximum of two pets, while others may have breed restrictions or require additional pet deposits. Make sure to inquire about these details before applying for a rental.
• Building a strong rental application: To increase your chances of being approved, gather all the necessary documents, such as proof of income, employment verification, and references, and submit a complete and well-organized rental application.
• Call the property manager: The property manager can answer all of your burning questions such as, would the owner allow 4 pets, can I get a credit exception?

Facing Rental Competition:

The demand for rental properties can create intense competition, especially in popular areas or during peak rental seasons (summer). Here's how you can navigate the competitive rental market:

•  Act quickly: When you find a suitable property, submit your application promptly. Delaying your response may result in losing out to other interested parties.
• Be prepared financially: Have your financial documents ready in advance, such as bank statements, pay stubs, and a copy of your credit report. Being financially prepared can give you an edge over other applicants. 
• Consider professional help: Working with a real estate agent or a rental agency can provide you with insider knowledge and access to exclusive rental listings, giving you a competitive advantage.

Other questions you may have: 

Don't have a job yet but sold your home? Proof of funds can help get a rental.

Haven't started your job yet? Show a letter of employment.

Have low credit? Talk to a lender about how to improve your score.

Good luck!

- Evan