The Minnesota rental market continues to grow, as the pool of renters has become much bigger through foreclosures and the housing downfall. Rental properties are being filled in record times and many are not able to buy homes, so the pool of renters is going to continue to grow. Renters have to take additional steps in order to get into rentals that fit their needs.
Below are 5 steps you can take as a renter in order to get into the rental property you want:
1. Location Flexibility: Choosing to find a rental property in a non mainstream city will not only help you find a better deal, but also mean less competition for those rentals you are looking for.
2. Search Early: Since you’re competing with a much larger pool of renters, be prepared to give yourself a little more time to find a rental that meets your needs and be ready to put a hold on the property right away.
3. Have Your Paperwork With You: If you are going to look at a rental property and end up liking it, being prepared with your income verification and past rental history will help speed up the process and get you approved before others look at the property.
4. Know your credit: Knowing your credit score makes a huge difference for renters. Many landlords or Minnesota property management companies use credit scores as a benchmark for approving renters. If you have credit blemishes, offering an honest and upfront explanation may help you stand out from the crowd.
5. Consider moving in earlier than planned: If you’re willing to sign a lease that goes into effect even just a week earlier, you may significantly increase your appeal to a landlord. Landlords and Minnesota property managers want to fill vacancies quickly, so they’re looking for renters who are willing to begin paying as soon as possible.