Basics of Property Management: Screening Potential Tenants
Tips To Help You Find The Right Apartment For Your Budget And Needs
Jesse Obrien
Looking for a new place to rent and live does not have to be stressful or difficult, even considering your financial constraints. You should be able to find a place that provides you the space and location for your life with an affordable price tag. Here are some tips to help you find and select the right apartment for your needs.
Look at Your Budget
Your budget can be a big driving force when you are looking for a place to live. The apartment you find needs to be within your financial means so you can afford all your other living expenses on top of your rent. If, for example, your specific income leaves you with enough each month to pay up to $600 for rent, then, when you search for an apartment, you need to set your maximum at $600 or look into housing assistance.
There are several types of housing assistance programs available depending on your budget. First, you need to apply to see if you qualify to receive housing assistance. Then you can look into the various types of help. If you qualify for housing assistance through a state or local program, you may gain access to rent from a low-income housing community.
Other types of housing assistance can provide you with a monthly allowance for rent for you to put toward your own available funds. For example, if you qualify for a housing assistance credit of $500 each month, you could put that together with your $600 and find a more expensive apartment from a local landlord or property management company.
Consider Extra Expenses
Once you have determined how much you can afford in rent, another important part of the search is to consider any additional costs your new rental home may have. A rental house or apartment traditionally has utilities you need to pay for, such as electricity, gas, satellite television, and internet. And some rental properties include the home's trash, electricity, and water services with the rent.
Find out whether you will need a parking permit to park your vehicle. Some apartments don't provide parking spaces, and you will need to rent a parking slot from a city parking garage or a pass to park on the road. And does the apartment have laundry inside the unit, or will you need to pay for laundry at a laundromat? Ask the landlord which costs you are to be responsible for to make sure there are no surprises.
For more information, check out low-income housing options today.
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For the last several years, I've used a property management firm to help with my rental properties. One of the tasks that they handle for me is screening applicants who would like to move into one of my vacant units. Their expertise has helped me lower my tenant turnover and find people who want to stay with me for years. Part of the process is a tenant screening credit check. Before any further contact takes place, my manager orders credit reports from at least two agencies. That is enough to tell us if an applicant is a good financial risk. Assuming the references work out, I meet the candidate and make the final decision. If you own rental properties, let me tell you more about the benefits of having a property manager. I'm betting you'll find this type of arrangement will work for you too.