Expert Advice on Choosing the Right Rental

Estimated reading time: 7 minutes
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If you are in the market to rent a home, you know the features and prices seem endless depending on your budget and location. How do you know which one is right for you? With nearly 45.5 Million residential housing units at the end of 2024, it isn’t hard to imagine there’s a space for rent that will meet your needs. The trick is to find what you need in your given price range, with the features you need, and in the location you desire. Sometimes that isn’t so easy.

When searching for a property to rent, it’s important to have a pretty clear idea of what you’re looking for. This article discusses how to identify your most important criteria in a rental so that you focus only on those that meet your needs.


PRICE
Aside from the monthly rental amount, will the lease include water, sewer, heat, or other utilities, such as trash collection, wifi, or cable TV? Will it include a parking space or extra storage? Is there an extra fee for laundry, using any gym equipment, or pool fees? These expenses can add up to big costs – or savings if some or all of them are included in the price. Before looking for a rental, know your highest “all-in” monthly budget on housing so that you aren’t tempted to spend more. Then, while looking for a rental, be sure to know what the total cost of living will be for that property.

PROPERTY TYPE
Do you prefer to live in a large apartment building with secure access, or would you rather live in a single-family home, duplex, or townhouse for more privacy? There are usually more amenities with larger apartment complexes, but they may not be as quiet or private as you like. Keep this in mind as you begin to search for your perfect rental, making note of what you can or cannot tolerate.

Other than the type of property, these may be a determining factor in your rental choice.

  • Square footage – You may already have some requirements for size in terms of square footage, but keep in mind that creative layouts and good use of available space may be used to your advantage over size. Don’t rule out a slightly smaller unit without looking at the floor plan with room sizes. Measure some key pieces of furniture such as a bed, large armoire or bookcase unit, table, sofa, and more to compare against floor plans. 
  • Bedrooms and Bathrooms – How many bedrooms and bathrooms will be required, and is there a bathroom suitable for guests? Does each bedroom meet your size needs, and will your furniture fit? Many apartments use baseboard heating, so be sure to get a good understanding of how items will be situated in those rooms where furniture should be kept away from a heat source.

LOCATION
Is it important that you have a fast or easy commute to work, that you live near shopping centers, restaurants, or entertainment, or that you are near parks or other outdoor spaces? Location should be taken into consideration as you search for a rental that suits you. Make sure you map out the drive to/from each frequently visited areaon different days or even times of the day to get a true understanding of how far away you would be from these important locations.

Also, be sure to research any crime rates in the area – especially if you must park outside. Will the rental unit have any type of security, including locked doors in entry areas, deadbolts on your front door, or functional, monitored security cameras?

Lastly, if looking for a space within a multi-unit building, does living on a lower or higher floor matter, and where are the shared walls?

FEATURES
In many cases, the additional features or allowances are what makes or breaks a rental possibility. One helpful approach is to narrow things down by separating your needs from your wants. Begin by understanding your “must-have,” some “like-to-have,” and any “wish-to-have” features. Obviously, each rental space you view should, at a minimum, cover the “must-have” items. Some of the more common features include:

  • Pet Allowances– As much as 66% of households have a pet, with the vast majority of them having a cat or dog. Make sure you understand any additional pet security deposits or monthly rental amounts as well as the limit in either the number of pets or size of each. Because pets can cause significant damage, don’t be surprised to learn that finding the right rental allowing for your pets may take some time.
  • Amenities – Do you need a covered parking space, an exercise room and/or a pool, or additional storage? These are some examples of amenities that could add to (or subtract from) your standard of living. Be sure to understand exactly what’s included with a rental and whether or not there will be an additional charge.

To help you narrow down which rental may work best for you, consider writing a list of all of your priorities in order of importance, then use that when comparing rental properties.

LEASE DETAILS

  • Lease Terms – How long do you anticipate needing to rent? The length of the lease can be negotiated, but often times requires a minimum number of months. Usually, leases are in effect for 1 year, but they can be shorter or longer based on the market, the landlord, or the demand for rental housing. How much notice will you need to provide to end the lease? The typical notice is given in writing 30 or 60 days prior to the lease period ending, but make sure you understand what will be required in the lease agreement. Will you need to sign a new lease after the current one expires, or will the landlord accept a month-to-month tenancy? If so, is there a clause that spells out the cap for increases in rental amounts? Lastly, what will be the required security deposit, and in what manner will the current and final condition of the rental unit be documented?
  • Landlord/Property Manager – Last but not least, what can you find out about the landlord or property manager in terms of management style? Will you receive a warning every time you make a little noise? Will necessary repairs be timely, or will you need to make multiple requests? Try to speak with current residents, if possible, to get a clear picture of how management will treat you after the lease is signed.

As you can see, there are many factors to consider when looking for a rental. It’s important to remember that finding a rental that meets every item on your list is rare. However, you’ll be better equipped to make the right decision by analyzing your list and prioritizing your needs and wants when choosing a property.

Most people think that real estate agents only work with buyers and sellers of properties and not renters. But did you know that licensed real estate agents are also able to help people with their rental needs? However, not every real estate agent has experience in property rentals in every area. If I am not able to help you in the area you need, I would be happy to find the right agent to assist you when looking for your next rental home.