What You Need to Know About Housing and Apartment Rent in the USA
If you’re looking to rent an apartment or house in the United States, here are some things you need to know. First, housing and apartment rent has been on the rise. Here are the reasons for the increase and some tips to win over a landlord. You can also find out how to save money on your apartment or house rent with these tips.
Information required for housing and apartment rent
When you apply for housing and apartment rent in the USA, you’ll need to provide certain types of information. This information may be necessary in case you need to apply for a loan or to get a credit check.
Ensure that all of the information is accurate. In addition, you’ll be required to give the property manager your current and previous addresses.
Some landlords require you to provide your social security number when you apply for an apartment. This is a necessary part of a background check, and the landlord may also request to see your driver’s license or car insurance information. Additionally, some landlords may also require a government-issued photo ID, such as a driver’s license or a passport.
A rental application will also require you to provide information about your income and employment history. Although this information is not essential, it’s helpful to have on hand. For instance, if your applicant is self-employed, you may need to gather their employer information.
Reasons for rising rent
With more Americans looking for apartments, rents are rising faster than ever. The reasons behind this rise include low supply and high demand. The average rent in the United States was $1,717 in July, an increase of 12.6% from July of last year. And the number of newly available apartments is limited as well.
Rising rents are due to several factors, including inflation, shortage of housing, and interest rates. Rising rents are also a result of lack of affordable housing. The demand for rental properties is also rising due to an increased desire for flexibility. Regardless of the reasons, the overall trend is likely to continue.
Rents are increasing in most major metropolitan areas in the U.S., but most cities are not seeing an increase of more than 10%. Florida, for example, is leading the nation with a projected 28% increase in the median rent from 2022 to 2023. Other big cities with increasing rents include Los Angeles, Minnesota, and Atlanta.
Tips to win over a prospective landlord
Besides paying rent on time, prospective tenants should also offer extras to win the landlord’s attention. An ideal tenant would be reliable, stay in the apartment for a long time, and treat the property with respect. They could offer services such as renters’ insurance or a professional cleaning service when they move out. But remember to be realistic about what you can offer.
It is imperative to get a copy of your current credit score and credit history. This will show the landlord that you have good credit and are willing to pay your rent on time. If you have bad credit, prepare an explanation and provide proof of current employment. Additionally, dress professionally and presentable for the landlord.
Always be on your best “good tenant” behavior when you visit the rental property. Arrive on time, dress neatly, and show up at the start of the open house. Avoid being demanding and overbearing. Make sure that the apartment is clean and tidy and that the appliances are working. Even the most seemingly minor issues can turn off quality tenants.
Cost of renting an apartment
While renting an apartment in the USA can be affordable, there are a few factors you need to keep in mind. These include the base rent, move-in fees, monthly fees, and included utilities. Apartment Finder’s cost calculator tool can give you a breakdown of the cost to move into a particular rental unit.
Costs for renting an apartment in the USA vary greatly by state. Rents in California are the highest in the country, with a median monthly cost of $2,542 per month. By contrast, renting an apartment in West Virginia costs $866 per month, which is one-third of California’s average rent.
The median rent in Arkansas is $1,026 per month, which is the third lowest in the country. Only Lake Charles, Louisiana, was lower, with a median rent of $693. Across the country, rents are on the rise, but incomes aren’t keeping up. For these reasons, having a good credit score is a major factor in renting an apartment in any state.
