The biggest mistake apartment searchers make is failing to focus on a small number of ideal and affordable neighborhoods. The second biggest mistake is waiting too long to begin searching. The third biggest mistake that apartment hunters make is searching only online and often in the wrong places. The fourth biggest mistake is ignoring warning signs.
The next big mistake renters often make is making unwarranted assumptions about typical landlord rental policies.
Landlord requirements for income, credit scores, security deposits, upfront fees, pets, etc. vary widely but most professional landlords and management companies have policies that are very similar. Renters need to understand these policies before applying for an apartment or run a high risk of rejection or nasty surprises in the way of unexpected fees that leave them scrambling to find a different apartment.
First-time renters sharing an apartment with one or more roommates often assume that landlords will qualify them for an apartment based on their collective income. That’s simply not true in many cases. Each tenant in a roommate situation is individually liable for the full rent if one of them fails to pay, so most landlords want each tenant to be able to pay the full rent before accepting a roommate situation. In other words, two roommates will not qualify for a $2,000 a month apartment if one or both of them can only afford $1,000 a month.
Realty & Mortgage‘s Harold Rider Jr explains typical landlord policies in the above video.
Next big mistake: not having a fallback strategy.