6 Strategies to Finding an Apartment in a Competitive Market

Although in many cities we seem to be surrounded by apartment buildings, we’re met with a common problem when it comes down to finding one to rent: competition. 

In highly desirable areas, a lack of apartment vacancies and an influx of potential renters is a problem can slow the apartment search process and make it quite stressful. But if you approach the apartment search strategically, you’ll find that your dream apartment isn’t as far out-of-reach as you may have thought.

A quick search of your city’s rental climate will likely turn up useful information for your search. As soon as you decide to move, start keeping an eye out for headlines about the area’s housing. Is it a very competitive rental market? Are monthly rent prices going up rapidly, staying stable, or decreasing? Anecdotally, are you seeing social media posts about how difficult it is to find a rental property? If so, just know that you may have your work cut out for you and prepare to start your search for your rental home early. Following helpful blogs and social media pages like ApartmentAdvisor can also help give you an edge. These are places where you can get a sense of the cost of living in different neighborhoods and competition you may be up against.

For many renters, a main barrier to being strategic and methodical in their apartment hunt is that they don’t have enough time. Between browsing, touring, and submitting applications, considering even a handful of apartments can be time consuming. That’s why, especially if the rental market in your city is showing more demand than supply, you’ll likely want to start your apartment search early. If you don’t live in the city where you are looking for an apartment and don’t have any family or friends there, either, then plan a few apartment hunting trips out there where you spend a week or two touring places that catch your eye.

One of the most essential steps in the apartment search process is browsing your options. Using ApartmentAdvisor can help you narrow your search based on neighborhood preference, price range, bedrooms and bathrooms, transit stops, property type, move-in date, and pet policy. Plus, all rental listings on our site include an additional metric: whether that unit is a good, fair, or poor deal based on market value. In cities like Boston and New York, where rent is high in general, this indicator can help you save hundreds per month.

Of course, there are instances where your friends, family, or coworkers might connect you directly to the apartment of your dreams. But in these situations, it’s not just sheer luck at play; sometimes, you can extend your own reach and find friends of friends or friends of family in your city who are looking to move. You can also inquire at work and put out feelers for mutual friends. It’s important to be looking at online listings, but you never know whose friend or sibling could be about to vacate your next dream apartment. 

Having the support of a real estate agent during your apartment search is often a leg up. If you’re struggling to navigate the real estate market or feel a bit shaky about what to do with your market research, they’ll offer their knowledge and the best way forward. If you work with an ApartmentAdvisor agent (now available in Boston and NYC!), they will find you places to check out, schedule your tours, handle your paperwork, and ensure that your search is methodical, efficient, and organized. And, of course, successful.

If you do find that dream apartment listing, acting quickly is key to ensure you get it. You’ll want to tour apartments as soon as you can — although it may seem easier to wait for the weekend to tour, each day is precious in a high-demand housing market. In the long run, you'll be happy you blocked off an afternoon to tour a unit or two and be among the first to put your hat in the ring. Then, you’ll want to be prepared with your paperwork (credit report, pay stubs or bank statements, and previous addresses and phone numbers for previous landlords). Finally, make sure you have savings ready in case you get a rental application approved and need to make some payments upfront. It’s common to put down first month’s rent, last month’s rent, a security deposit — and in areas where rental brokers are common — a broker fee.

To learn more about how ApartmentAdvisor can revolutionize your apartment hunt in Boston and New York (coming soon to other markets!), click here.