- You should avoid rental scams that require you to wire money or pay a security deposit before you have signed a lease.
- Since most landlords check credit scores, it is important to strengthen your credit and establish savings goals. The Joint Center for Housing Studies at Harvard University reports nearly half of all renters are paying more than 30 percent of their incomes in rent.
- Acting like you are going to live there for a couple of years can lead to asking good questions, like how old are the appliances. “Doublecheck that you do want to rent versus own and compare prices and long-term investment of each route you could take. For example, at a time when rising home prices and rental rates are halting many people’s housing plans, manufactured housing can provide an affordable option. The newer models may be more energy-efficient and therefore save on utility costs.”
- Select a moving company carefully. Instead of marking boxes by their contents—cameras, shoes, silverware—use a sequential numbering system so you will know if box 14 did not make it and thereby ward off potential theft.
- Consider renters insurance. A nasty leak or a fire will protect the landlord’s property but not yours.
- Decide between a management company and an individual landlord. With an individual landlord, if there is a problem you can sometimes negotiate rent.
NeighborWorks America is a national nonprofit that promotes access to homeownership and affordable rental housing. ##
(Image credit: NeighborWorks America)
