More People Opt Out of Home Buying, Become Cautious Renters

The economic downturn of 2008 has altered the current generation in profound ways, one of which involves their choice of living situation. As more and more young adults begin to settle down, many are opting for rental properties, because they regard home ownership as less of a stable investment.

That’s changing the nature of housing. While the shift to rental properties from traditional housing may be good overall, it’s also causing another change, which relates to how landlords conduct business nowadays … and much of it that is not for the better.

Landlords are getting screened

Back in the day, renters could find a rental property fairly easily and go for it. But after recent changes, renters have developed a greater motivation to screen their potential landlords.

No one wants to find out that he or she has been scammed or discover there’s a deadbeat landlord in the picture after they’ve sign a rental agreement. MSN Real Estate Advice counsels renters to check out online resources that screen property owners for them.

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In addition to online resources, renters should also not hesitate to ask questions, talk to neighbors, find out how long the previous tenants were there, check property records, and drive by the landlord’s other properties.

Know the renters’ rights

Another extremely important aspect to renting is to be aware of one’s rental rights. As a renter, you are entitled to certain obligations from the landlord. If the landlord is unable to fulfill his or her duty, then the renter can take legal action.

MSN Real Estate recommends you read up on rental rights and be aware of them, so if the landlord does do something wrong, then you can refer to your rights immediately.

Keep the property in good condition

With the price of rent increasing due to high demand, one way to keep costs down is to ensure that as a renter, all your deposits and bonds get returned at the end of the lease. Cowdy & Company has a list of recommendations for renters, a few of which include washing the shower curtain, wiping down condensation, sweeping up leaves and rubbish, getting spare keys made, and washing windows inside and out.

While these might seem like inconsequential tasks, in the long run they are extremely beneficial because they can help ensure you receive your deposit back at the end of your lease. It’s better to be safe than sorry.

Rent a good place

Renting is a serious undertaking, so it requires some attention. When you’ve been renting, getting out of the lease can be very, very difficult.

Thus, when you decide to put down the money and rent, it’s vital to select a place that’s decent and likeable. After all, it is going to be your home for a while.

Also, to help ease the burden of rent, it’s a good idea to pick a place that includes utilities in your monthly payments. With this renters’ market, make it work in the favor yourself, the renter.