22 Dec Top 7 Things to Consider When Seeking Your Next Rental Home
By Kelly Simons, Assistant Property Manager
It’s no surprise that the Denver real estate market is hotter than Snooze’s kitchen griddles on a Saturday morning. Colorado saw roughly 400,000 new residents between 2010 and 2015. While construction companies scramble to build newer housing developments, it hasn’t yet caught up with the insane demand property management companies have seen in recent years. A loose estimate of 80,000 transplants a year moving into Colorado creates an absurd amount of competition for rental housing. How many new Colorado residents have had trouble securing a house? How many have been denied for one property but approved for another? Property management companies all have different requirements, but we want to make it easier to find the best fit for you; it starts with paying attention to the details, thoroughly reading ads, and asking the right questions. Assuming you prefer a privately owned home as opposed to apartment complex living, here are 8 things you should consider when searching for your next residence!
Contents
1. Read the availability dates of properties you like
Are you looking to move by the first of March? Don’t waste your time requesting to view a house that’s not available until May. If you’re flexible with your moving date, make sure you notify the property manager or landlord as some exceptions can be made, but you’ll be hard pressed to get them to hold a home rent-free for two months. In this market, chances are they can find someone else who can move sooner, so be sure to find homes that align with your timeline.
2. Research pet policies prior to viewing a home
Does this landlord take cats? Will this condo complex permit my puppy? Many property management companies have stringent pet policies dependent on age, size and breed of animal. You will aggravate the leasing agent, as well as waste your time, if you wait until the showing appointment to mention that you have a 200lb dog rather than beforehand.
3. Check if the parking situation works with your needs
Do you have more than one vehicle? Is street parking permitted? Are there options to rent additional spaces? Can I store my camper/ boat/ taco truck at the property? Some Homeowner Associations (HOAs) don’t permit street parking or more than a certain number of cars, so make sure you ask your Leasing Agent about what’s permissible and if it could be a good fit for you.
4. Ask if the rent includes HOA and what utilities are included
The total monthly expenses of some properties may surprise you when you add rent, utilities, renter’s insurance, pet rent, HOA dues, or other fees and charges. Many management companies will roll the association fees into the rent, but some properties are pretty specific about monthly/quarterly charges and whether or not they will be charged to the tenant or the landlord.
5. If the home is in a Common Interest Community (Condos, Townhomes, or Highrises) are there separate move-in fees
You found the perfect condo with hallways and elevators. What do you think the building does when a resident dents the the elevator door with their couch? Many move-ins and move-outs need to be scheduled with the building manager (separate of the landlord) so they can monitor the condition of the common spaces, and often that comes with a move-in fee and additional deposits for damages.
6. See what the credit/background requirements are to rent and if you qualify
Almost every management company will have published qualification criteria and quite often this is listed on their website. Many property management companies will have a minimum credit score requirement, but might make exceptions depending on other factors or with additional security deposits. The same goes for evictions, felonies, bankruptcies, judgements, etc. You may want to schedule a viewing and ask your leasing agent in person (or speak to the property manager) if you don’t feel comfortable conversing your history via telephone. It is recommended to get these concerns addressed before you submit an application as most application fees are non-refundable.
7. Thoroughly read your lease!
Enough said. If you sign a legal document short or long, you will want to know what you’re agreeing to. Many management companies will let you read the lease BEFORE paying your deposit so you can still opt out if the legal terms do not align with you or your needs. Study the lease! However realize that in a residential leasing situation, there is almost no chance that the property management company will make an modifications of any kind to the lease. Your reviewing of the lease is so you understand what is required of you; not to request changes to the lease as that will rarely be allowed.
