Mistakes millennials make when renting an apartment
Millennials recently passed Baby Boomers as the prime rental group in the United States, comprising 20.8 percent of the population (roughly 68 million people). This means many of those aged 22 to 37 years old are finally moving out of their parents’ homes and renting for the first time. With a national shortage of rental units and price increases, it’s not easy finding a place to live, especially in high-cost cities like San Francisco and Washington D.C.
«Millennials make a lot of rookie mistakes when they are looking, because they don’t consider everything there is to know,» says Gary Saharov, a realtor with Caliber Associates in New York City, who sees about 20 young apartment hunters a week. Here are five mistakes to avoid, and what to do instead.
1. Instead of sticking to online listings, try different methods
According to Zillow Research, four out of five renters go online to search for apartments, the majority being millennials. This is because technology has changed the apartment rental experience, and even agents are spending less time at the desk and closing deals on their cell phones. There are a lot of helpful real estate sites like Renthop, HotPads and Naked Apartments.
However, you could be missing some listings. For example, brokers have access to the Residential Listing Service (RLS) database, which provides every listing available, even those you won’t find on a website. And according to Naked Apartments, 30 percent of renters find an apartment through a connection (like posting on Facebook that you’re looking for a place). And if you have a bigger budget, luxury condos generally have on-site leasing offices, and there’s no fee for rentals.
2. Forget high season. For cheaper rent, move during off-peak months
The rental market is seasonal, according to Saharov. High season is generally April to September, when the majority of apartment hunters, from recent graduates to those who want to move in better weather, look to sign a lease.
«Months like December and January are not as hectic, and you can find cheaper rentals, often $50 to $150 less a month,» says Saharov. Because there’s more availability and less demand, management offices tend to offer free months and no fees in slower months as opposed to high season.
3. Stop searching for apartments too early or late — there’s an ideal timeframe
Many young people look for apartments three months out or two weeks before moving, which is too far and near.
«They’ve heard stories regarding how quickly rentals go and how fast the market moves, so they think starting early will guarantee a spot,» explains Saharov. He’s also had people look for apartments at the very last minute because they’re not educated properly.
In reality, «The best time to make a decision is 30 to 24 days before move-in date,» says Saharov. «That’s when apartments typically come onto the market. For instance, an apartment available July 1 will most likely be listed June 1. You will see the most recent apartments available and can apply at that time, and it only takes a day for the application to process. The ideal apartment you found a week ago is probably not going to exist.»
4. Don’t get stuck on an amenity. Think about what it is you really need
Flexibility is key when searching for apartments. Do you really need a doorman or would another form of security be acceptable too?
«I had a client who strictly wanted a doorman. Based on her other preferences and getting to know her personality, I showed her a cool building with a virtual doorman, and she loved that the unit had a bigger space and cheap rent, so she took it,» says Saharov. «Some people set up standards but in reality they really don’t care when they actually see the places.»
5. Just because you think you can afford the rent doesn’t mean the landlord agrees. Have a guarantor ready
A guarantor is someone who signs their name to the rental contract and will pay the rent in the event you don’t.
It’s quite common for young people to need a gaurantor in major, metropolitan cities like New York City, San Francisco and Washington D.C. Jeffrey Geller, COO of Insurent, a private company that serves as a gaurantor for qualified renters, says approximately 55 percent of customers are young people.
«There’s been an increase in millennials since we launched in 2008, due to landlords wanting to further minimize their risk and definite need for an institutional guarantor.»
In New York City, a guarantor must have good credit, make 80 times the rent and can be a combination of people (like both your mom and uncle). Outside NYC, requirements for a guarantor vary, determined by landlords and management companies, who can tell you specific details when you inquire about a rental.
«It’s really only major metro cities that you need guarantors,» Geller says. «Smaller cities, like Saratoga, Florida, for instance, are much more open in rental requirements and require much less. «
Common customers Insurent works with are college grads and professionals entering the job market, international students, self-employed millennials who don’t have great credit, U.S. students whose parents don’t meet the guarantor requirements in their city and U.S. students who don’t necessarily want to go to their parents.
«College grads aren’t always going to make 40 times the rent, a common requirement in most metro cities in the U.S.,» Geller says. «In the past they took cheaper apartments or got roommates so they didn’t have to ask their parents. Now there are other ways.»
Don’t miss: Here’s how much you have to earn to live comfortably in the 15 largest US cities
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Registration of ownership
From January 11, 2023, we begin registration of ownership of apartments and parking garages located at the address: Kemerovo, Solnechny Boulevard, building 17 building 5-9
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From November 28, 2022, we begin the transfer for self-finishing of townhouses of residential building No. 21, buildings 6-10
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From November 22, 2022, we begin the transfer of apartments for self-finishing, located at the address: Kemerovo, Michurina street, house 58 building 1.
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From October 10, 2022, we begin the transfer of apartments for self-finishing of a residential building located at the address: Kemerovo, Bolshevistskaya St., 1A
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From October 5, 2022, we begin the transfer of apartments for self-finishing in residential buildings 24 building 1 and 25 building 1 of the Lesnaya Polyana residential area.
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The bus tour season is open! — “LSR. Real Estate-Ural»
May 21, 2019
LSR Group announces the start of bus tours of residential complexes! Every Saturday we will take you to Michurinsky and Meridian, every Sunday to Voskhod and Crystal Keys. nine0033
The first excursions, which will be conducted by Ruslan Muzafarov, commercial director of LSR Group in the Urals, will take place this coming weekend. Do not miss!
May 25, Saturday, we are going to the ecologically clean «Michurinsky» on the Shirokaya Rechka and to the promising «Meridian» in the Akademichesky microdistrict.
On May 26, Sunday, we invite everyone who is looking for housing to a sightseeing bus tour to the Crystal Keys residential area — the only complex development in Kompressorny. As part of this tour, we will also show you our Voskhod residential complex on reinforced concrete products.
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Tours start at 11:00 from the Estrada Theatre. A branded red and white LSR bus will be waiting for you at the bus stop.
Would you like to travel with us? Sign up for a tour by phone + 7 (343) 215 9 216. The number of places is limited. Pre-registration is required!
During the excursion to the Shirokaya Rechka, we will drive through the Michurinsky residential low-rise quarter so that you can see all its beauty and comfort, make sure that the forest and the lake are within walking distance, all the necessary infrastructure, exits to the Yekaterinburg Ring Road and the Novomoskovsky Trakt. We will be happy to show you a unique educational center that combines a kindergarten and a school, a park, a health path and a parking lot.
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On the way to Michurinsky, we will stop by the nearby Meridian, which is under construction, so that you can appreciate the full scale and potential of our project, which will include a second educational center with a separate swimming pool, and a pedestrian boulevard with sports grounds, bike paths, a modern court and a complex landscaping.
During the excursion to the residential complex «Crystal Keys» we will introduce you to the rich infrastructure of the Kompressorny microdistrict: we will show the Fakel sports complex with a luxurious indoor ice rink and stadium, the Olimp entertainment center with many sections, schools and kindergartens. You will clearly see the environmental friendliness of the complex, located near the forest, and the transport accessibility of the area. We will talk about a unique cascade gas boiler house, which allows the residents of Khrustalny Klyuch to save significantly on utility bills and not depend on city pressure tests.
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On the way to the «Crystal Keys» we will show you the «Voskhod» under construction on the concrete goods, which is located 10 minutes from the city center. Both houses of the complex will be commissioned this year.
Excursions, according to safety regulations, do not imply entry to the construction site. We only show completed homes.