By Cinthya Lavin, Better Business Bureau Serving Southeast Florida and the Caribbean
New data released by Realtor.com revealed that rent in South Florida rose about 50% in 2021, the most of anywhere in the nation. Median rent is now $2,800 a month. The increase means that many renters are looking for more affordable rental options and facing a lot of competition in a market with low supply and high demand. The rental process in South Florida can be as competitive as buying a house and the requirements by landlords and property management companies have become more rigorous than in previous years.
It is important for those who are thinking about moving to understand the rental process and to be cautious in order to avoid falling victim to scams. The following tips should be kept in mind when you are ready to start the search for a new rental.
Research the area where you want to live- Research neighborhood characteristics that are important to you whether it is walkability, good schools, or proximity to major highways, these are things you should consider when choosing where you want to live.
Be careful when doing your own property search– Sites like Facebook Marketplace and Craigslist will make it easy for you to search for rental properties. Although the majority of the listings on these sites are placed by landlords, realtors and property management companies there are also scammers who post fake listings.
Learn to spot a fake rental listing- A fake rental listing will usually offer you a wonderful and spacious property for an unbelievable price. If a listing looks too good to be true that is a red flag of a possible fake listing. Another red flag is listings with out-of-state phone numbers typed on the photos. Scammers are looking to get you on the phone to try and obtain personal information or get you to wire them money for a rental that doesn’t exist.
Obtain a copy of your credit report- Most landlords will require a copy of your credit report along with your rental application. You’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228.
Contact a trustworthy realtor- According to the National Association of Realtors® (NAR), there are 195,647 active Realtors in Florida as of February 2021. Visit BBB.org and search for an accredited realty firm that can pair you with a great realtor that can work with you. Understand that not all realtors work with rentals and those who do, should help you find a rental that fits your needs and budget. You will be sharing a lot of personal information with your realtor when applying for a property, this is why it’s important to work with a realtor you can trust.
Be wary of realtors who ask for money in advance- The realtor’s commission is paid by the landlord or property management who listed the rental property once a lease has been signed. Realtors will do a search based on your specifications and will send you a link with all the available properties. Don’t work with any realtor charging you for doing a property search.
Be timely– There’s a high demand for rental properties, if you see a rental you like, schedule a showing as soon as possible and have your landlord submit an application that same day.
Don’t pay for a property you haven’t seen- Scammers know just how competitive the market is and how eager renters are to secure a property. Don’t send money to someone you’ve never met for an apartment you haven’t seen. If you can’t visit an apartment or house yourself, ask someone you trust to go and confirm that it is what was advertised. Scammers will create a false sense of urgency by claiming that whoever sends the money first will win the bid, don’t fall for this tactic.
Do a general online search- When considering applying to an apartment do a general search of the building and property management. Various sites will have tenant reviews that can give you an idea of the conditions of the building and how responsive the management company is.
Take the time to read the rental offer and lease contract– Thoroughly review all documents that your realtor asks you to sign. If there are any discrepancies on the rental offer or lease, ask for the changes to be made prior to signing.
Do a final walkthrough of the property- Your realtor should be present when you receive the keys to your new rental to do a final walkthrough of the property with you. Check that all appliances, light fixtures, faucets and air conditioning work properly.
Monitor your credit report after your search is over- Inevitably you will submit more than one application to a property, applications contain a lot of personal information that can be used for identity theft. Monitor your credit report for any unusual activity.
Searching for rentals can be overwhelming, but exercising your due diligence can help the process become more bearable.
