Can I Still Find a New Rental Home During the Pandemic?

The coronavirus pandemic has turned our world upside down. However, we are a resilient society, and there’s no need to postpone your dream home. Here are some steps for finding a new rental during the pandemic and ensuring the transaction is smooth and stable.

Searching for a New Apartment 

First of all, online resources will be your best friend.  An easy alternative to open houses are virtual tours.  Virtual tours can be conducted in 3D or through live video chats with the leasing agents showcasing the property.  The executive vice president of the rental listing company RentHop Evan Raciti, said that the majority of the market is adapting to offer virtual tours and post them online for public viewing.  These virtual tours are meant to be an easygoing guide to whichever house you may be interested in.  

Looking into the Stability of Online Transactions

For the majority of places, the online method is proving to be extremely effective.  Real estate websites, such as Apartments,com, have seen an increased number of users since mid March, and these websites contain property photos and online communication to possible landlords.  Not to mention, an enthusiastic realtor is a phone call away to aid you in this house-hunting adventure.  Virtual consultations with agents have proven to be an effective way of discussing your wants and needs in a dream home.  With the right realtor and effective online resources, your transaction will be smooth and secure. 

Finding An Affordable Unit 

A study conducted to convey the state of the real estate market revealed that 40% of people want to move in the next 6 weeks, and the number of sublet listings have spiked.  Since we are all spending much more time than usual stuck at home, many people are realizing that they’re ready for a change.  With new listings continuously going on the market, a cozy, affordable home is right around the corner. 

Let’s Talk About the Prices

Unit prices have remained steady and may drop in the future.  The use of “concession offers,” which are lower security deposits or free first month’s rent, have increased, especially in more urban areas.  As time passes, it has been predicted that incentives will increase, and rent will slightly lower.  

Other Things to Consider 

If your lease is close to expiring, there are many short term solutions to extend your stay.  Of course, it varies with each situation, but most landlords are willing to be flexible on short-term extensions during this chaotic time.  A couple months should be enough time for you to research potential houses and learn more information on where the market is.  If you take extra time to look into the real estate market before going headfirst into renting a new property, you’ll be much more relaxed and well-informed for the transaction.  

Positivity is Key

The most important thing for you to remember is to stay optimistic.  Even though our world has shifted to reliance on the online alternatives to everyday conduct, there are still a multitude of options for renters to find a great new unit before this pandemic is over.

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