House Rental Competition In Minnesota
While showing a house I had for rent in Coon Rapids Minnesota, I noticed that there was more competition for a rental house than I had expected. I attribute this to the following factors. I'll also try and point out what might help you get a leg up on the competition should you be in the market for a house to rent in Minnesota. Here is your competition.
1: House Renters With Landlords In Foreclosure: I had many prospective renters visit my house who were happily renting a house but learned that their landlord had not paid the mortgage. The house they were renting was now in foreclosure and they were given notice they must leave. Sometimes these folks had just weeks to find a new house to rent.
2: Homeowners Performing A Short Sale: These folks are trying to sell their home for less than it's worth and less than they owe. They are hoping the bank will forgive the difference and avoid foreclosure. Being previous homeowners those performing a short sale want to live in another house not an apartment so they are actively looking for a house to rent.
3: Apartment Renters Looking For A House To Rent: Many who rent an apartment have previously rented or owned a home and want to return. Many times these are your toughest competition as they have a strong rental history and know the rental process.
4: House Renters Who Want To Move: These folks already rent a house and want to move. They may not have a landlord in foreclosure but may want to move for many other reasons. Better rental house, better neighborhood etc. A strong rental history will make these tenants strong competition depending on their credit.
To ensure you stand out among the competition try the following tips:
Improve Your Credit - Landlords see all kinds of bad credit. Make your credit as good as it can be, get a free credit report and review it for inaccuracies or things that are easy to pay off or settle.
Be ready to apply at the showing. - If you like the house apply on the spot and be prepared to provide photocopies of your drivers licenses.
Leave a deposit. - If you are applying to rent a house, consider offering a deposit to hold the property to show the landlord you mean business. Make sure the deposit is refundable should you be denied but allow the landlord to keep the deposit towards your first months rent if approved.