In the us, around 21% of the people are millennials, which means more and more people are moving out of their parent’s homes and renting for the first time before they can purchase their own homes. Shortage in rental units in major cities and towns has led to increases in price making it harder for people to find the perfect place to live in. like most first times, millennials makes plenty of mistakes when apartment searching. Below are some of the major mistakes to avoid when apartment hunting.
Sticking to online shopping/online listings – more than 90% of people looking for real estate property do their apartment/house searching online and majority of them are the younger generation. Tech development has changed the way people shop for housing and apartment.
Nowadays, most people do an online search and close the deal through their cell phone; a dangerous thing to do if you ask me. This increases the risk of dealing with fraudulent lenders and scammers from the internet. It could also be as simple as edited listing photos or emitted information. You do not have to do everything the modern way, getting a real estate broker will do plenty for you in terms of getting an affordable apartment in a convenient location.
Shop in off-peak months – forget the high seasons- just like most markets, the rental market is seasons. There are high and low seasons depending on several factors. Holiday months like January and December are great for people looking for cheaper rentals. High seasons come with certain school seasons. You will be better off and save more cash by getting an apartment in the low season.
Searching for an apartment too late or early- to get the best deals, you need to find your apartment in the ideal timeframe. People tend to search for apartments two week/ 4 months before moving; which is never great. While apartments go fast, especially in busy cities, starting apartment shopping too early will not guarantee you a spot while searching too late means you will need to search extra hard to get the perfect apartment. the best time to do it is one month before you move in. this way, you have just enough time to get the right apartment.
Obsessing over one amenity- amenities are a big part of an apartment and could help you determine if you like a certain home or not. Luxury features mean you have to look for a slightly expensive apartment but should not change the way you view a certain home. if you find the perfect house, is lacking one simple amenity that you can live without there is no reason to obsess over it.
Searching without a down payments and guarantor – just because you think/know that you can afford a certain apartment doesn’t mean you will get it. Some landlords and real estate owners are pretty difficult to convince. A guarantor will make it easier for you to get an apartment anywhere in the city as long as your pay check and down payment fit the qualifications.