Renting in the US: Everything You Need to Know
Updated: Nov 24, 2022
Both renting and housing are the oldest ways to invest in real estate. While some say renting is better than owning, no fixed rule applies to everyone.
Whichever option you choose, it's essential to learn some necessary pointers before you step into the game.
9 Things To Consider When Renting In The US
1. Cost of renting
In the US, the cost of renting is much lower than buying.
However, other expenses are involved in living on your own, including utilities and maintenance.
2. Availability
Speaking of renting, many different types of apartments are available across the country. At the same time, most of them are apartments with one or two bedrooms with attached bathrooms.
3. Affordability
If you are looking for affordable rent farther from city centers, check out neighborhoods like Westchester County, NY, or San Francisco, CA.
If you want something within walking distance and in your range, look no further than Manhattan, NY, where prices start around $700k per unit!
4. Price hikes
Major cities like New York City and Los Angeles are often crowded with tourists during festive seasons. During peak season months, finding housing in these areas becomes hard.
4. Do your homework
It might hurt, but the US housing market is complicated.
While it's true that renting apartments in the US is not as expensive as in other countries, it still requires proper research to land on the best property investment.
5. Check the location
If you want to find a place to live, your best bet will be to research local listings. If this gives you any sense of a surety, the next step is to visit them at least once before making an offer. This will help you determine if there are any issues with the building or neighborhood and make the offer accordingly.
6. Get a lease
No lease always means no guarantee of being able to stay. If you don't opt for a lease on your apartment, you will have no rights to live there. Also, the landlord may ask you to move out or sell the apartment anytime they want.
7. Find a good landlord
A good landlord is hard to find, but a small share of homework may help. Landlords are excellent at assisting new renters in getting settled and navigating any problems. They'll also be available for questions or concerns about their property to get everything right in the first place.
8. Save money
Renting a room is a great way to save money and cut corners at the end of every month. You can rent a room in someone's house, apartment or condo. When you live with other people, it's called "doubling up and lets you save a big chunk of money.
Conclusion
Overall, the US rental market is complicated. But the good news is that there are many options for finding one that works for your situation.
Whether renting or housing, you need a reliable real estate broker to take care of the legal & side matters. Gosen Properties is one of the best homes for top-qualified and experienced real estate investors for your next property investment.
From buying, selling, and leasing to renting, the brokers are well-versed in any property investment and take all the burden off your shoulders. So, please don't wait any longer and keep your real estate safe with real estate brokers who invest like it's theirs.