Renter expectations

One of the most important roles as a realtor is to set expectations for rental clients with regards to

• Availability
• Budget
• Turn-around
• Space

Some of the biggest shocks to renters include:

• Having pets drastically reduces what's available.  Large pets narrow the selection even further
• Expecting a landlord to keep a rental vacant for over a month greatly reduces your chance of getting the unit
• Short term leases (less than a year) cost a landlord substantially, both due to lost income from vacancy and the cost of restoring and finding a new renter
• If you've looked at a half a dozen units and everything is way off the mark, then things are very unlikely to improve.

As a realtor it's important to convey this information.  As a renter it's important that your realize that ignoring your realtor's advice will quickly land you without a realtor.  No one likes to be ignored, but more importantly your realtor doesn't want to waste your time and the realtor's time chasing possibilities that will never happen.

Setting a rental budget

For many renters the most important consideration is how much they are willing to spend on a rental per month. For this reason it should come as no surprise that the first step in the rental process should include establishing a budget. Renters should consider their monthly income and subtract out all of their monthly expenses from this amount. Monthly expenses should include all bills which are paid regularly as well as money spent on food, entertainment and miscellaneous items each month. The renter may also wish to subtract out an additional amount to allow for some savings each month as well as emergencies. The total left after these subtractions is the amount the renter is able to spend on an rental per month. Once this amount is established the renter will have a better understanding of the type of rental they are able to afford. When you know you budget and you're ready to shop for a new home, contact an agent.  Rental agents cost the renter nothing and they don't work for one specific building. A rental agent can see all the rentals that are available to make sure that you get the best value for your money. [Learn more]