In the ever-changing real estate rental market, it can be a daunting task to know where to start. Living in Orlando, Florida can be a unique and exciting experience, with a lot of perks depending on what you’re looking for in a place to call home. The area has plenty of neighborhoods to choose from, ranging from suburban-style communities to urban areas closer to downtown. Mila Realty is here to assist you in finding the perfect rental home, whether you are just looking for a local change or are new to the area. A variety of homes and neighborhoods are at your fingertips when working with a property management team such as Mila Realty.
New renters may also lack some of the background required to help them find a place to call home. Here are some tips for preparing a renter’s portfolio to help give you the best chance possible at your top choice of rentals.
Know your budget: Before your search even begins, it’s best to design a budget to know what to look for on the market.
- Establish a monthly rent range you can comfortably afford; it is typical for your rent to be about 30% of your monthly income.
- Consider additional monthly costs: utilities, parking, pet fees, etc. You may want to put extra savings aside for a few months out to ease the cost of moving and getting settled in.
- Renter’s Insurance, once your application is accepted through a realtor, you may be required to purchase renters’ insurance to protect your belongings. This is something that can be done annually, or can be added on if you already have auto insurance in most cases.
- Confirm any application fees and how long the approval process will take. Set aside some of your budget just for fees, as apartments are often rented quickly and you may have to submit multiple applications at once.
Identify your needs and research the neighborhood you are most interested in. It may be in your best interest to visit those neighborhoods at different times of day, explore and find what conveniences are nearby such as shopping and entertainment. As you start to review available units and set up viewings, create a checklist of what you are looking for in a rental.
- Number of bedrooms and bathrooms.
- Desired location or neighborhood.
- Proximity to work, public transportation, schools, or amenities.
- Pet-friendly policies.
- Parking availability (if you have a car).
Start Searching Online: On your search, you may begin to notice duplicate listings on sites such as Zillow or apartments.com, a more convenient option would be to reach out directly to the agency to see what may be available on their site. Milarealty.com offers a search option for available units and can get you in contact with an agent to set up viewings as well as allowing you to apply directly. You may be able to take advantage of any renter’s specials that are available through their site by reaching out directly.
Preparing a renter’s portfolio is a great way to stay ahead of the game, when viewing and applying for a new apartment. Keeping all your documents up to date and ready to submit in a time-sensitive situation could be the thing that lands you your ideal residence.
Here is what to include:
- Cover Letter/Personal Introduction
- Briefly introduce yourself and your rental history.
- Rental History
- List previous rental properties, including addresses, landlords’ names, contact information, and the duration of your lease. If you have a record of your previous on-time payments, it would be ideal to include that as well.
- Employment History/Income Verification
- Provide proof of stable employment or a steady source of income: Include at least 3 months of recent pay stubs, an employment verification letter, and 3 months of your most recent bank statements.
- Credit Report
- A copy of your credit report, this can be provided by your bank and is usually offered in your banking app.
- References
- Provide at least two personal references who can vouch for your character. It is ideal to have a previous landlord as a reference as well, but if you are a first-time renter, these could be friends, co-workers, or mentors.
- Proof of Identity
- Include a photocopy of your driver’s license or passport for identity verification.
Searching for a new rental property can be overwhelming, but a checklist can help you stay organized and make sure you don’t miss any important details. Be prepared to act quickly. Good rental properties often don’t last long, so be ready to apply once you find the right place. With the help of a top realty team such as Mila Realty, you will be on your way to finding your new home in Orlando Florida.