Eight Reasons Apartment Seekers Need an Expert’s Help

In a rental market that’s more expensive, competitive, and complex than ever, Jonas Bordo explains how expert advice can transform the rental experience.

LOS ALTOS, CA, USA, December 21, 2023 /EINPresswire.com/ — The process of renting a new apartment can be lengthy and stressful, but boiled down, it seems fairly straightforward: All prospective renters need to do is look through listings, contact landlords to set up a few tours, and—assuming they can afford it—apply for the unit(s) they like best.

It’s not quite that simple, says Jonas Bordo, CEO and cofounder of Dwellsy. In recent years, renting has become more competitive, more expensive, and exponentially more complex to navigate.

“Renters who don’t take the time to educate themselves are at a disadvantage in a high-stakes process where quality of life and (potentially) thousands of dollars are on the line,” says Bordo, coauthor along with Hannah Hildebolt of Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster (Matt Holt, August 2023, ISBN: 978-1-6377439-2-8, $21.95). “We’re accustomed to using expert advice to help us navigate other big-ticket purchases like cars, electronics, and appliances—we must do the same to create the best odds when renting.”

One big-ticket purchase Americans regularly receive expert help with is buying a home. Most people rely on a realtor to shepherd them through this lengthy, often-confusing process. However, at a time when buying a house is 52 percent more expensive than renting, many would-be homeowners are choosing to rent instead—at least until inflation and interest rates abate.

“Still others are recognizing that renting just makes better sense for them than owning because it saves money, time, and stress,” Bordo points out. “Whatever your reasons, if you’re choosing to rent, you don’t want to make a mistake.”

Apartment hunting has become not just an art but a science, and that’s why Bordo wrote Everything You Need to Know About Renting But Didn’t Know to Ask. The book is a comprehensive guide to help people “win” at renting. It covers the entire process, from preparing for the rental search to getting a renter’s security deposit back after their lease is up.

“I saw a need for this book because the deck is stacked against renters, and most people go into this process blindly,” Bordo explains. “They lack the knowledge to uncover all available rentals, and they’re unsure of their rights. They may be targeted by scammers. Many end up paying more than they’d intended, or settle for a rental they’re unhappy with.”

Knowledge can change all that. When renters are armed with background knowledge, proven strategies, and best practices, their renting experience will be a whole different ball game.

With several decades’ experience as a renter, landlord, property manager, and current CEO of the largest U.S. rental marketplace, Bordo is a trusted authority on all things rental-related. Here, he explains why it’s so important for renters to seek out information from the experts (instead of gaining it through painful personal experience):

Not all rental listing platforms are created equal. Some sites are unsafe because they’re heavily utilized by scammers. Others may have a limited number of listings because they charge landlords to post their properties. Still others—like Dwellsy—allow landlords to list properties free of charge, while actively working to prevent fraud. Those interested in renting an apartment would benefit from knowing which platform is which and making themselves aware of all the options.

“If you stick to one small corner of the rental marketplace, or use unsafe or outdated sites for your search, you’re at a disadvantage from the beginning,” says Bordo. “It’s important to learn about the tools available to you, their strengths and weaknesses, and how to use them effectively. It would be a shame to miss out on the perfect apartment because you were looking in the wrong place.”

Scams are becoming more common. According to a 2022 Dwellsy survey, 44 percent of respondents said that they or someone they knew had lost money due to rental fraud, with the average renter losing $2,890. Scammers are adept at pretending to be convincing landlords, and they shamelessly take advantage of the urgency many renters feel.

“The online marketplace, combined with the ability to instantly transfer money via tools like Zelle and Venmo, has played right into the hands of fraudsters,” Bordo notes. “If you don’t recognize red flags that might signal a scam, you’re more likely to become a victim.

“Using a feature like SafeSearch from Dwellsy Edge ($29.99 per year, https://dwellsy.com/account/dwellsy-edge) provides an extra layer of protection,” he adds. “While Dwellsy requires all listings to pass a multi-step authentication process before being posted, if you do experience fraud on a listing found through Dwellsy, you’re covered for up to $2,000.”

In many markets, those interested in securing a rental need to be first—or they will likely lose the rental. Those who haven’t searched for an apartment in recent years, might be surprised by how tight the competition can be—especially in markets where certain types of rentals are in high demand. Prospective renters need to have their paperwork ready, know how to submit an inquiry to a landlord, and be poised to book the first available showing…where they will ideally submit a strong application. Being unsure or uninformed about this process will work against potential renters.

“You may not have time to figure out everything as you go,” warns Bordo. “Finding a rental is very much a first-come, first-served process. If you’re second in line to see a place, your odds of getting it aren’t as high as they would be if you were first. If you’re fifth in line, your odds are 5 percent or less. And here’s the thing: In a really hot market, the difference between first and fifth place can be just a few minutes.

“This is another way Dwellsy Edge can help,” he adds. “You’ll receive a text alert the moment a new property that meets your criteria becomes available. The burden won’t be on you to constantly monitor new listings.”

Rentals have gotten (crazy) expensive. The rental market has undergone a roller-coaster ride in the past few years. Some markets have seen asking rent rise over 100 percent in twelve months. Prices for certain property types (for example, single-family home rentals) have skyrocketed nationwide. Especially given high interest rates and inflation, most people literally can’t afford to deviate from their budgets.

“The good news is, you have more control over your rent than most people think,” says Bordo. “By knowing where to search for listings and when to begin a lease, you could potentially save hundreds or even thousands of dollars on yearly rent. It’s even possible to negotiate your lease and maximize rental benefits. You just have to know how to access and utilize this information—and most people don’t.

“Incidentally…if you’re flexible on your location, rental data (which Dwellsy tracks and publishes monthly, and which you can explore on this interactive map: https://dwellsy.com/rentmaps) can tell you which areas of the country are most affordable,” adds Bordo.

Leases have become increasingly complicated. When those interested in renting view a rental listing, the property’s rental rate is clearly advertised. But often, there are additional fees and costs that may not be thoroughly disclosed, ranging from one-time move-in fees to recurring pet or parking fees. The White House calls these “junk fees,” (https://www.whitehouse.gov/briefing-room/statements-releases/2023/07/19/fact-sheet-biden-harris-administration-takes-on-junk-fees-in-rental-housing-to-lower-costs-for-renters/) but however one refers to them, they’re often unexpected expenses that can seriously affect a renter’s budget—or derail a move altogether.

“While many hidden fees do make sense, they can feel like a sucker punch to renters,” Bordo says. “A root cause of renters being surprised by fees is that lease agreements tend to be far too complex, in my opinion. People are put off by all of the legalese, barely skim the document, and sign. We need simpler agreements and simpler fee structures, but until that happens, renters should familiarize themselves with what to look for on lease agreements.”

Quality of life matters to people. The neighborhood a person lives in, how well their home fits their lifestyle, the amenities they have access to, whether or not their rental is well maintained, their landlord’s right of entry—these things can all contribute to a sense of security, comfort, and peace…or, if they’re lacking, can overshadow a person’s life with unease and stress.

“Especially after the pandemic, home has truly become our refuge,” says Bordo. “Your physical space has a huge impact on your mental and physical health, so it’s crucial to use all available resources to find a safe, comfortable rental. It’s worth taking the time to learn which questions to ask a prospective landlord, how to inspect a unit for issues, and what your rights are as a renter.”

More people are working from home. Having a comfortable rental with enough space is arguably even more important to people who work from home. Not only is their peace of mind on the line, so is their productivity.

“Some fully remote workers may also want to take cost of living into account when choosing where to rent,” points out Bordo. “For example, $2,000, give or take, will get you a three-bedroom rental home in Nashville. For the same amount, you’ll be able to rent only a one-bedroom apartment in Washington, D.C. But without up-to-date data on rental trends and affordability in various markets, you’re at a huge disadvantage in determining where to get the most bang for your rental buck.”

For some, roommates are a necessity, not a choice. The cost of living in America is rising significantly, and for many cash-strapped renters, there’s only one solution: find a roommate. Especially for folks who are well past the first-apartment stage, it can be tough to share space—physical and social—with another person.

“In these instances, using data and best practices to find a rental can help you gain additional space, extra amenities, or an apartment in a more desirable location,” notes Bordo. “Those of us in the rental industry have also amassed a lot of proven advice on where to look for roommates, things to consider when interviewing potential roomies, how to craft a roommate agreement that sets respectful boundaries, and more. These things may seem unnecessary or like no-brainers right now, but I’ve met too many renters who lamented, ‘If only I’d thought to address storage space/chores/pets/social habits/etc. before signing a lease with this person.’”

“I’m not saying it will be impossible to find a great apartment if you go it alone—but in today’s market, most renters need all the advantages they can get,” concludes Bordo. “Whether you’re new to renting or are looking for your twentieth apartment, expert advice can streamline your experience and help you avoid costly mistakes. It’s time to pull back the curtain and make the wild, weird world of renting more transparent and accessible to everyone.”

Anyone with additional question or in need of more support during their rental search can check out Dwellsy’s searchable blog: https://dwellsy.com/blog/. It has dozens of posts on topics ranging from filling out a rental application to avoiding scams to negotiating a lease. Everything You Need to Know About Renting But Didn’t Know to Ask covers all of these topics and more in detail.

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About Jonas Bordo:

Jonas Bordo is the coauthor, along with Hannah Hildebolt, of the book Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster. He is the CEO and cofounder of Dwellsy, the free residential rental marketplace that makes it easy to find hard-to-find rentals. Prior to cofounding Dwellsy, Jonas was a senior executive at several leading real estate firms including Essex Property Trust and BentallGreenOak, and was with the Boston Consulting Group after graduating with his MBA from the University of Chicago Booth School of Business.

About the Book:

Everything You Need to Know About Renting But Didn’t Know to Ask: All the Insider Dirt to Help You Get the Best Deal and Avoid Disaster (Matt Holt, August 2023, ISBN: 978-1-6377439-2-8, $21.95) is available from major online booksellers.

About Dwellsy:

Dwellsy is the renter’s marketplace: a comprehensive residential home rentals marketplace based on the radical concept that true, organic search in a free ecosystem creates more value than the pay-to-play model embraced by all of the current rental listing services. Dwellsy has more than 14 million residential rental listings—more than any legacy classifieds site—as well as the most diverse set of listings, including single family rentals, condos, and apartments. Dwellsy’s entirely different approach to residential rental listings focuses on presenting houses and apartments based on features renters need and want, not based on how much landlords pay to show their listings. Dwellsy investors include Frontier Ventures, Ulu Ventures, Blackhorn Ventures, Heroic Ventures, and the University of Chicago. For more information, please visit our newsroom or find your next home at Dwellsy.com.

Dottie DeHart
DH&C
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