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RENTING IN PHILLY: WHAT YOU NEED TO KNOW TO MAKE THE PROCESS SMOOTHER

space-and-company-rentingBY JIVEY RIVAS (www.jivey.searchphillylistings.com)
 
So you’re not ready to buy in Philadelphia and you want to rent a new place? Ok. Before I tell you what you will need to accomplish that in this city, I will say this … why rent? Are you looking for a 3 bedroom rental between $1800-$2000? Well, let’s say you found a place for $1900. To sign your new lease, you’ll be dropping $5700 just to move in. You could use that as a 3% down payment toward your own home. And then your monthly mortgage, not rent, would be much lower than $1900, possibly close to $900 less. Just sayin’…. But, I digress.
 

Still want to rent? Ok, well, here’s what you need:

  • A completed PAR Rental Application. This is a standard application used by most brokerages in Pennsylvania. This can be provided by the listing brokerage, via hard copy or online link. ALWAYS ASK
  • Obviously, your next landlord is going to need to know that you’ll be able to afford and pay your rent. So, copies of at least a month of pay stubs, bank statements, even a copy of your 401K/IRA statement can help you prove your financial capability. ALWAYS ASK
  • A copy of your photo ID
  • A rental application fee (can be between $15 – $50, per applicant), which should be paid via money order, cashier’s check, or cash. The fee is usually used to cover a credit check and criminal background check. Some may accept personal checks, but that’s rare. ALWAYS ASK
  • If your credit score comes back as too low, or not enough credit on file, a landlord may ask for a co-signer. A co-signer will be asked to submit an additional co-signer application (with a possible additional fee). And the paperwork may need to be notarized. ALWAYS ASK

 
Although the process may seem like no big deal for some, for others, it can be a time consuming and overwhelming process. If that’s how it seems for you, find a real estate agent, that you like, to assist you. A licensed agent can navigate through the MLS and find listings that will fit your criteria. They may even know about unlisted rentals before they hit the market. They can make the appointments to show you your favorite places. They can communicate with landlords/listing agents and ALWAYS ASK the right questions that will help you move in to your best choice rental. How do rental real estate agents get paid? Well, the best part is that you don’t have to pay them a dime. They receive a commission directly from the listing brokerage for bringing the tenant to the property. If you need any help with your future rental in Philadelphia, feel free to contact me at jrivas@spaceandcompany.com. And if you want to bypass, and go right to house hunting, you can email me about that too.

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