The most common mistakes renters make
Oct 21, 2022
New York
By   Internet
  • Guide
  • Landlords
  • rentals
  • credit
  • inspections
Abstract: Some of the common mistakes that new renters make today that can be costly.

1. Not checking credit scores


While checking credit scores may not be a top priority for renters, it is now more important than ever.


Due to the large number of renters, landlords are becoming more stringent about creditworthiness.


People with great jobs, good credit and high incomes will be more likely to get an apartment than those with very low or no credit.


The good news is that all renters can easily check their credit through many free services, which also provide a way to fix credit if problems arise.


2. Not preparing rental documents.


Many first-time renters mistakenly think they'll be able to look at the property and then send out their application documents in order. But the information is not complete and the landlord will not wait for you to go home and organize your documents.


If you don't have a complete application with six months of pay stubs, tax returns and references, your application will usually be thrown out at the end of the line.


It is recommended to bring scanned or electronic copies of all documents required by most landlords.


3. Not an application will get you.


It is not uncommon to receive more than one application that will show the landlord the advantages of each for their decision.


4. Rent is higher than you can afford.


In a tight market, many renters make the mistake of not considering how much they can actually afford to pay up front each month.


To avoid this trap, renters are advised to use the 30% rule.


For example, if you make $75,000 a year, you can pay about $1,875 a month in rent.


5. Rental panic


Many renters just grab what they can get, without considering what they really need.


Put together a list of needs and necessities to make sure you're asking the right questions.

6. Search terms are too narrow.


Renters stick to what they want without flexibility, which limits their options to the point where they may not find any place at all.


7. Fees exist in unclear places


Many renters believe that rent is all they have to pay. However, this is a mistake.


Today, landlords write into their rental agreements that tenants are responsible for certain things, including service calls that may need to be repaired, up to a certain amount.


So, you need to be sure of what you are renting.


8. Not inspecting the rental property


Renters should check everything in the house with the landlord before moving in.


The landlord has to provide it in writing and you both have to pay attention to any problems that exist in the unit.


This way the landlord cannot hold the tenant responsible for any damage caused, and vice versa.


Also, have photos taken of your rental with a time watermark before you move in.