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Rentals at Premium in Today’s Real Estate Market

Given the tightened restrictions on mortgage lending, it’s no surprise to find the number of people renting has significantly increased. But are our perceptions of the affordability of the rental market skewed? A new study out of Harvard this week indicates that one out of four renters is shelling out nearly half of what they make for rent each month. That’s 25 percent of the renter market. It got us wondering – how can we help our readers rethink the rental market?

We put together a list of tips for those seeking rental homes. Arm yourself with a good list of questions and get the best deal possible, especially in today’s economy.

  • Incentives: Ask about deposit incentives, willingness to waive pet deposits for certain length lease terms, free rent, included utilities like WiFi, electric, gas and water. The worst that can happen is they say “no.”
  • Know your credit: If you have bad credit, you’re probably going to find your housing choices limited. In these cases, it might be best to stick with properties with advertised deposit incentives like apartment complexes than private homes for rent.
  • References: Are you a great tenant? Have letters of reference from current and past landlords. Landlords are looking for reliable tenants. Show them what they want to see.
  • Don’t be late: Why spend more than you have to with late fees? Give your landlord a stack of pre-dated rent checks and never, ever pay a late fee again.

As spring rolls in, we hope you’re out enjoying the beautiful weather! Check out our local events calendar for things to do in the San Juans – we’ve got you covered from Telluride to Ouray. We’ll see you next week and have an incredible weekend!

The Staff at San Juan Realty, Inc.

Ouray Redcliff Condo Unit B

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