DC’s rental market is one of the most competitive in the country, which not only makes it harder for tenants to find what they’re looking for within their price range, but also increases the likelihood another interested party will beat them to the punch of renting the place they want.
Here is some insight from the leasing experts at EJF Real Estate Services to make the rental process work in your favor:
1. Be Prepared
All managers and landlords require most of the same things. Be proactive and have the following items ready before you view the apartment: proof of income, letter from your most recnt landlord, completed application, security deposit and application fee.
2. Act Fast
Know your budget and what you’re looking for. If you find a unit that fits your needs, get a jump on the application process, since it may not still be available if you hesitate.
3. Be the First to Know
A recent study suggests 90 percent of all rentals are generated from Internet searches and sites like Craigslist, Zillow and Trulia. EJF lists all new new and upcoming properties and showings on our Facebook page first, as well as on our website. By liking our Facebook page, updates on available units will go directly to your news feed before becoming searchable by anyone else.
4. DC’s Ever-Changing Market
In case you haven’t noticed the cranes in every direction, thousands of new and renovated apartment units are poised to hit the market in the next two years. We’re not sure yet if the surpluses will ease the frustrations and competition between potential applicants, or if demand will rise to meet the surplus. For now and the foreseeable future, however, we expect the environment to stay competitive, so stay ahead of the curve by heeding the above advice.