Due to the current property market we Realtors® are getting more and more rental clients. Who are these people? They may be downsizing, short selling their home, moving to the area and unsure of where they want to live...
Finding a rental that meets certain requirements, size, condition, affordability, pet-friendly, etc. is extremely difficult, and when one does come on the market it is leased immediately.
Westwood is no exception, and it is one of the areas for which I get the most inquiries.
Below is an overview of the past month's rental activity from the Multiple Listing Service (those given to Realtors® to market).Building Active High Low Leased High Low SF 13 $16,000 $4,900 4 $25,000 $3,720 Condo 53 $15,395 $1,650 13 $8,500 $1,800
The median price for the available properties above is $4,800 per month.
Of course you can find less properties on sites such as Craigslist and Westside Rentals, but the competition is fierce there too.
Prospective tenants need to be prepared to provided the following:
- Full credit report on all three bureaus: freecreditreport.com and creditscore.com are two good sites.
- You will be filling out an application which will include past residences, employment history, personal references, and possibly proof of funds (W2s, 1099s, bank statements, etc.). If you do not have good credit, and low funds you may consider asking someone to sign as a guarantor.
- Many landlords ask for two months security in addition to the first month up front. So factor this into your cost.
- Some condominium buildings have a move-in/move-out fee and many require a refundable move-in deposit in addition.
Most importantly, when you see something you like, don't wait. He who hesitates may lose out.