Tenant Tips to Beat Competition and Find the Rental of Your Dreams
It’s no secret that the rental market can be competitive. With demand outpacing supply in many real estate markets, finding and securing the rental of your dreams can be tough. Especially when everybody is flocking to the same quality neighbourhoods.
However, with a little bit of strategy and know-how, you can beat out the competition and live in the rental of your dreams. Here are 3 tenant tips to get you started.
How to Gain a Competitive Edge When Renting
The idea is to get in the head of the landlord and think of what they want in a tenant. After all, your goal is to get on their good side, proving that you’re the tenant of their dreams.
1. Anticipate, Organize, and Prepare for Everything
Whether it’s your first time renting a home or not, you probably know that the landlord will ask for a lot of information and documentation. Landlords are geeks when it comes to thorough tenant screening, so it’s best that you prepare for the inevitable investigation and see it as a chance to impress the landlord.
Here is a list of what a landlord may ask for:
- Income Verification: Pay stubs, Bank statements
- Identity Verification: Proof of identification
- Job reference
- Landlord reference
- Pet information
And here’s what you want to achieve:
- Show the landlord that you’re organized and proactive for the interview.
- Show that you’re honest and comprehensive with your personal information.
- Show that you’re collaborative—not argumentative.
- Show that you’re responsible, reputable, and renting with good intentions.
Your goal is to build a good reputation with the landlord, giving an impression that you’ll be a quality tenant for them to have. Think about the information you’ll provide and what the landlord might ask so that you can prepare for the questions ahead of time.
If there is anything that you think might make the not want to rent to you, just be honest up front. If you plan to have a cosigner or a guarantor, bring along your pets, or plan to sublet they need to know from the start. Otherwise, you’ll have a much more difficult conversation down the road—or worse—right before you sign the lease.
2. Bring Cash and Prove Your Capability
Remember that landlords will always prioritize someone who is financially capable of paying monthly rent. If you find a rental you love, then bringing along a damage deposit can help you secure it right away and you might be able to sign a lease after your viewing.
Of course, landlords will still want to check your monthly income to be sure that you can afford to pay your rent. After all, unreliable tenants are their ultimate source of stress—where chasing up payments and evicting non-paying tenants is expensive and time-consuming.
But remember, you don’t want to be too pushy. Landlords consider tenants based not just on financial capabilities but on your personality as well. They want to rent to a tenant who is easy-going, reliable and will take care of the property. If you have any handy skills, you might even mention the ways you can help them improve the property in the future.
Highlighting the ways you plan to take care of the rental and that you’re willing to pay the deposit right away can seriously help you stand out in a crowded market.
3. Opt for Longer Leases to Show Your Commitment
The average length of time a rental is on the market is 52 to 90 days. Landlords are losing money the longer their property is on the market, so you can entice the landlord by opting for longer leases to make their job easier.
Of course, that’ll take a bit more planning from your end. But if you have all your ducks in a row and can foresee staying in the rental for more than a year, by all means, tell the landlord that they don’t have to worry about finding a new tenant for the next few years!
As we all know, vacancies are terrible for landlords.
Vacancies mean they still have to spend for property maintenance, taxes, and utilities when it’s empty. Plus, tenant turnover is also expensive, as they have to deep-clean the unit, repaint the walls, and repair any damages.
Advertising the rental, interviewing prospects, and going through tenant screening is also a pain—especially when there’s no rental income being generated while all of that is happening. So if you can commit to renting there in the long term—you’ll increase your desirability without having to pay any more than the rent as advertised.
Based on our experience, this is one of the most effective ways to convince the landlord to accept you over other applicants. That being the case, take the time to plan your future for the next 3 to 4 years and prove to the landlord that you’re their best bet for securing regular, strong cash flow.
Find the Perfect Rental for You
Preparing everything may seem tedious, but it’ll all be worth it when you secure your dream apartment or home. Bringing cash and proving your capability are also important factors to achieve, especially since landlords will always prefer financially capable tenants.
And remember to opt for longer leases if you can—something that can go a long way in helping you win over potential landlords.
At the end of the day, you need to make yourself look better than other tenants. Show the landlord that they’ve hit the jackpot with you and should quickly proceed with moving you in before you decide to go somewhere else!
Any other questions you’d like to ask? Perhaps you have your own tricks that you’d like to share?