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Eleven Tips for Surviving a Tight Rental Market – How to Find an Apartment for Rent Online  

July 23rd 2006

Eleven Tips for Surviving a Tight Rental Market – How to Find an Apartment for Rent Online  


For the first time in years, renters are finding that rents are on the rise and good deals don’t last long.

For the past six years, the booming housing market and low interest rates kept apartment vacancies high and depressed their prices.  But as the housing market has cooled due to higher interest rates, the population of renters has grown.  According to MP/F Yieldstar, average vacancy rates nationally have dropped 40% since 2003.

Fewer vacant apartments means higher rents and more pressure to sign leases quickly.  ApartmentRatings.com, the nation’s leading website where renters can share opinions about apartment nationwide, today published a list of strategies to help renters cope with the tight rental market.


Eleven Tips for Surviving a Tight Rental Market

1. Rent from an individual landlord. Individual owners will value a reliable, long-term tenant and are less likely to raise rent quickly.

2. Look for a condo for rent.  Some condo investors bought with the intention to flip, but now cannot find a buyer.  If they paying back a mortgage, they may be motivated to rent it quickly to avoid losing more money.

3. Search in the middle of the month. Most renters lease at the beginning of the month, which leaves relatively little interest for vacancies that arise mid-month.  Landlords may be willing to cut a deal to avoid multiple weeks of vacancy.


4. Move away from the city center.  New apartment developments built outside city limits tend to offer the most aggressive discounts.

5. Split rent with a roommate. You’ll save on both rent and utilities.

6. Clean up your credit so you can have maximum choice of available apartments.

7. Read apartment ratings and reviews online.  When apartments are moving quickly, it’s even more important to check online reviews to avoid regretting your choice.  ApartmentRatings.com offers over 400,000 ratings and reviews of apartments nationwide.

8. Research the rent. ApartmentRatings.com offers reports of the rents paid by other tenants that will help you research whether you're about to pay too much.

9. Sign the longest lease you can afford. Landlords continue to discount for long-term tenants.
10. Don't forget your rebate. New web sites are bidding up the move-in rebate offered to renters, some as high as $200 if you rent an apartment using their site.

11. Start apartment hunting early.  Visit apartments before you’re ready to sign a lease so you’ll have time to consider all your choices.

“While the rental market is tight, it’s not possible to find deals.  But it’s important for renters not to be pressured into signing a lease too quickly.  Especially now, renters should go online and check ratings and reviews of apartments before they sign a lease.  Many important factors in apartment satisfaction may not be visible when renters visit a property on a Saturday afternoon.
“How quickly and effectively does maintenance respond?  How available and friendly is the office staff?  How thin are the walls?  How is parking on a Monday night?  Renters need to know the answers, and can use www.apartmentratings.com to find out what kind of experience former residents have had at an apartment community.”


Links to recent related news stories
Tips for Surviving a Tight Rental Market
ApartmentRatings.com Site Usage Statistics:
* 1.5 million visitors per month
* Over 400,000 reviews of apartments nationwide
* Listings of over 54,000 apartments representing over 6 million rental units
* Approximately 15,000 new reviews added per month
Company Information:
* Privately held
* Profitable
* Founded in 2000
* 2005 Inman Innovator Award

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Jeremy Bencken
ApartmentRatings.com is the nation’s largest online rating community for rental housing and the only unbiased resource in the online apartment market.  ApartmentRatings.com lets renters share their experiences and give apartment hunters the information necessary to make an informed renting decision. The site combines the convenience of online apartment listings with the Internet’s capabilities for peer recommendations. Apartment Ratings, Inc. was founded in 2000, has been recognized with an Innovator Award by Inman News, and is located in Austin, TX. 
512-366-9506 x109

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