Rental Pitfalls

When looking to rent a property there are many factors to consider and mistakes

can be easily made. As an experienced renter myself, I have identified five key

mistakes to avoid when looking for a rental. Follow my guidance to ensure you

don’t sign a lease that isn’t right for you; it might just save you time, money, and

unnecessary aggravation in the process.

Mistake #1: Neighborhood Research

Completing thorough research of neighborhoods you’d like to find a rental in

should be your primary focus. Prior to starting your research, I recommend

making a prioritized list of needs, wants, and “deal breakers” for the

neighborhood. This will ensure you look at all rental neighborhoods holistically vs.

being focused on only one aspect. For example - Being close to work - you find a

neighborhood that fits this need, but once you move in you find it’s difficult to

find parking, or you’ve settled in a neighborhood with a bustling nightlife that

makes it difficult to sleep at night. Outlining your needs before you start your

search will help you stay objective and ensure you find the best neighborhood for

your needs and lifestyle.

Mistake #2: Rental Prices

Understanding the “comps” or “comparables” of properties you are searching for

in each neighborhood is very important. Start with identifying the average rental

price by property type, then look at how amenities offered add to the property

value ie. parking, laundry, gym etc. Doing this valuation first will help you

compare what you are getting with each property. Important note - if you find a

property with a rental price significantly lower than similar units in the area, this

could be a red flag! Make sure you complete your due diligence to understand

what is driving the price differential and ensure you aren’t missing something

hidden in the fine print.

Mistake #3: Fine Print

Always, always, always, read everything on the property listing! Many renters fall

in love with pictures posted online and immediately are excited to have found the

perfect property, at an attractive price point, in the right neighborhood. Renter

beware - some apartment buildings post pictures to highlight the best features of

their building, not the actual apartment itself. For example - you think you are

going to see a spacious one-bedroom apartment, and in reality, the apartment for

rent is a studio.

Mistake #4: Square Footage

Many renters make square footage their highest priority, however as an informed

renter I urge you to look beyond these numbers! What most renters don’t

understand is there is not a universal way of measuring square footage nor is it a

requirement for listings to define how square footage has been measured. For

example - listing A (600 sq foot) defines square footage as “livable space” which

doesn’t include closets or hallways and Listing B (700 sq foot) defines square

footage as the entire footprint of the property. In this example, Listing B may

appear to be larger than Listing A initially, however when visiting the properties

you may be surprised! My recommendation is to look beyond square footage of

an apartment and alternatively focus on its layout. In my experience as a renter

and leasing agent, oftentimes properties with less square footage provided more

livable space based on the way the floor plan was laid out.

Mistake #5: Monthly Budget

One of the most vital items you need to understand prior to looking for a rental

property is your total monthly budget. This budget includes base monthly rent, as

well as associated living costs such as utilities, parking, pet fees, etc. Most rental

listings highlight the monthly rent and do not include associated living costs. For

this reason, when looking at a property listing you will need to understand what

is, and what is not, included in the rental price. This also is essential when

comparing properties. For example - two rentals at $1600/month but one rental

includes the cost of cable/internet and the other does not. Note: Some rental

properties will require income verification to prove you make 2-3 times the

monthly rent to assure your ability to pay the monthly rent. Renters should keep

this in mind when identifying their rental budget.