Renting a property is a big step in everyone’s life, and the process of making it happen can be super stressful. You’ll discover the hidden costs that come with renting, the stress of an application process in competitive property markets, and realizing how the new household responsibilities work within that new life.
Here in Buffalo and Western New York, it’s our job at Nickel City Property Management to help you fit into this new lifestyle change. When you need our help, we will be there!
In this blog, we will run through what it’s like to rent with Nickel City and give you rental property tips that will help in the long term.
The List of Experiences You Will Face While Renting
We just listed a few of the most important experiences that you will face when renting a property, and we want to go more in-depth on that and explain how it will relate to our work with you as a property management company:
The Hidden Costs of Renting Your Property
With renting a property, you are going to be working with a much more complex budget, whether it’s spending money on stuff that seems obvious, or the stuff that is hidden and you won’t consider until you realize that you have to pay.
Upfront fees like application and security deposits are one of the many costs that come with not even renting the property to start; they’ll come before anything huge comes your way to pay for. You are normally required to pay a nonrefundable management or ownership fee to process your property application.
You can be required to pay this even if you aren’t approved or ready to rent the apartment. It’s those kinds of hidden costs that can sneak up on you if you don’t know about them.
Everyone knows that they have to pay rent when living in these properties, but what if we told you there’s more to paying that rent than when you have landlords require the first and last month’s rent upfront.
Renters’ insurance is a common hidden cost that many people forget about when they are preparing to pay the rent. It’s a form of rent collection that landlords ask for because of liability protection, even if it is usually an inexpensive payment. We also want to make sure the process of paying is done correctly, and you’ll find out what that process is on our tenants page for current tenants.
Applying to Rent in a Competitive Market
Something else that everyone knows a lot about in recent years is that we are currently living in a competitive market for properties, and people are finding something that works for them. This can be really tricky with applying for rent, and there are some reasons for this.
Limited housing supply and increasing demand mean that landlords can be extremely selective with how they control rent collection and rent reporting. On top of this, you will be competing with a lot of people for the property you want to rent. So what can you do?
Try your best to look as good as possible for that landlord by showing a professional attitude, making sure your credit history reflects your reliability as a tenant, and most importantly, making sure your income is adjusted well enough that you can afford to rent. If they see that you can’t, then they won’t accept you.
Adjusting to New Household Responsibilities
Finally, let’s talk about your everyday life, monthly life, and maybe even yearly life as you prepare to make this journey happen for as long as you can. When you’re ready to rent, you will be met with a lot of personal responsibilities required with living in a property.
Other than some of the normal tasks like paying your monthly rent, getting your utilities in order, or adhering to maintenance policies, you will have to deal with other tasks that are not to your usual routine when living with someone else in a non-rental property unit.
Routinely inspect your property for maintenance purposes, which can sometimes be something that people forget to do. Figure out your parking situations with where your property is so that you don’t get hit with an unnecessary charge based on where you parked your car, and something as simple as being aware of scams. Renter fraud happens more than you may think it does, so always be aware of who you talk to.
Some other tips we have for you revolve around how we can help, as you’ll see on our prospective tenant page. Much of it is to do with preparing to be a property renter, and at the end of the day, that’s how you get a foot in the door and establish a great relationship with us as your property management company of choice.
A lot of these different circumstances are what we tackle head-on every day. As your potential preferred property management company, we aim to provide a positive and responsive rental experience. Great communication, timely maintenance, and respectful service are what we pride ourselves on. This will allow you to feel confident and comfortable throughout your time renting with us.
If you have any questions regarding this process, please don’t hesitate to contact us. The best way to reach out is through our contact form, and don’t be afraid to ask us ANY questions you might have. This will ensure you have a great experience with us as your professional property management partners.
