Be Ready for the Rental Competition

Searching for a rental unit can be a discouraging task.  You may find yourself having to compromise and sacrifice some of your “wants” in order to find a place that fits your needs.  The rental market is a very competitive one and good properties usually go fast, so if you find one that you like, be sure to start the application process immediately.  Get all of the paperwork and any additional required documentation in right away so you don’t miss out on a great opportunity.

***Remember… Many landlords require additional documentation along with the application such as a recent credit report, bank statement, copies of your driver’s license or state ID and an application fee.  Ensure the landlord that you express serious interest in the property before it is occupied by someone else by submitting everything on the same day, if possible, because many landlords will not evaluate an application without it.

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Rental Fact: What type of housing do renters live in?

According to the National Multi-Housing Council, people who rent in the US live in the following housing structures:

• Single-family home: 34%

• Structures with 2-4 units: 19%

• Structures with 5 or more units: 43%

• Mobile Homes: 4%

Location, personal preference and income are all factors that can influence one’s decision on the type of rental housing that they choose to live in.  What type of rental housing do you prefer and why???

 

Thank you for visiting Renting Tips, Sponsored by Gold Tree Properties, LLC.

*Information provided by the NMHC (http://www.nmhc.org/Content/ServeContent.cfm?ContentItemID=1152)

 

Rental Fact: How many people rent?

According to the National Multi-Housing Council, 33% of the US population lives in renter-occupied housing.

In the city of Chicago, 55% of people rent! Whether it’s an apartment in the city or a single-family home in the suburbs, renting can be a short-term or long-term living situation. Are you looking for temporary housing?  Do you want flexibility to move or less home maintenance responsibility? Are you looking to live in a location with prime real estate like the city of Chicago? Do you lack decent credit or a down payment for a mortgage? Ask yourself these questions to find out if renting is the right option for you.

Thank you for visiting Renting Tips, Sponsored by Gold Tree Properties, LLC.

*Information provided by the NMHC (http://www.nmhc.org/Content/ServeContent.cfm?ContentItemID=1152)

 

Looking to rent? Check out these helpful tools to aid in your search!

Searching for an apartment or home to rent can be a daunting task.  It is a competitive rental market, and although there are many rental units available, it can be time-consuming and stressful to find one that fits your budget and your needs.  To aid in your search, it can be helpful to work with a realtor and search the MLS.  They can help modify your search and schedule showings at your convenience.  Another useful tool is www.craigslist.com.  Click on the Housing section to find available rentals in your area.  And of course, don’t forget to keep in touch with Gold Tree Properties, LLC at www.goldtreeproperties.com to stay updated on any upcoming properties that will be available for rent.  It is our goal to provide quality, affordable housing, and we look forward to presenting more properties to come!

Thank you for visiting Renting Tips, Sponsored by Gold Tree Properties, LLC.

*We are in no way affiliated with Craigs List, http://www.craiglist.com.  Please be aware of internet scams.

Keeping Up With Your Credit Score

Establishing good credit is essential when considering investing in major purchases such as a house or a car. Credit reports are required by banks when looking to obtain a loan and also by some businesses to evaluate a person’s financial status and payment history.

In today’s economy, good credit is not always easy to come by. Loss of jobs, pay cuts and unexpected emergencies have made it difficult for many Americans to keep up with paying their bills on time, which has a negative impact on a person’s credit score. Knowing what your credit score is, can make all the difference when making major financial decisions. The Fair Credit Reporting Act (FCRA) states that each person is allowed one free credit report in a 12 month period.

Lenders are reluctant to grant mortgages to those with low credit scores, but in this situation, renting is a great option. Many potential landlords will require a recent copy of the applicant’s credit report, within 30 days the application is submitted, in order to assess the potential tenant’s ability to make timely monthly payments. It is common in today’s society that many renters have a less desirable credit score, but most landlords take many other factors into consideration when evaluating applications such as employment status, income to debt ratio, payment history and/or evictions with previous landlords and background checks, in order to find the best fit for each rental property. Renting allows a person to live relatively comfortably while working to improve their credit, so they may purchase a home in the future if they so desire.

Keep up with what your credit score is, and take the necessary steps to repair and improve your score if needed so you are not faced with unwanted limitations. To learn more about your credit score, visit:

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm

Or, to learn how to improve your score go to…

http://www.myfico.com/crediteducation/improveyourscore.aspx

..for other helpful tips.

Thank you for visiting Renting Tips, Sponsored by Gold Tree Properties, LLC.

Planning to move?

If you are looking for a change in your current housing situation there are some major factors you need to consider before you sign on any dotted line.

1)   The location you plan to move to…

• Think about things like your commute time to work, school, shopping, your family, etc.  An attractive rental price or fancy features may not outweigh the additional expense / inconvenience for an extended commute.

2)   Your budget…

• While seemingly obvious, it’s a good idea to sit down and take a financial snapshot of where you’re at and make projections as to where you would be in the future based on the move. Also be sure to factor in additional expenses, emergency funds and most importantly savings!

3)   Lifestyle…

• Look for a location that works for your lifestyle. Are you a city person, the suburban type or want your closest neighbor in the next county.

4)   What are your needs and wants…

• How many bedrooms and bathrooms do you need? How many garage spaces would you require? Are you ok with living on the 50^th floor? What are some things you just cant live with or without?

Make sure you have done your research and have all the ducks in a row before you make a decision. Learn about the areas you are interested in. Take a trip there both during the day and at night. Make sure you know what that area has to offer.

At days end when all the cards on are on the table go with you gut feeling. At this point you should have enough of a knowledge base that the decision is clear.

Thank you for visiting Renting Tips, Sponsored by Gold Tree Properties, LLC.