It’s no secret that the competitiveness in the housing market makes it difficult to get into the home you want, forcing many to turn to renting, but it can be equally challenging to find a place to rent.
In fact, renters are losing confidence in housing as less say it’s a good time to buy a home, according to the National Association of Realtors Housing Opportunities and Market Experience survey.
Because of this, Trulia just released a few tips to make your rental application more appealing. It’s new study also shows the top 10 most competitive rental markets.
While having more money and a better credit score will obviously make you more likely to win out in the renters’ market, there are other things you can do that will help give you an edge on the competition.
Get Personal: Those who sent their inquiry along with a customized message were 20% more likely to hear back from landlords than those who didn’t send a customized message. Also, those who shared their rental resume were 10% more likely to hear back than those who didn’t.
Give Details: Out of those who shared their rental resume, the ones that filled out at least five to nine fields were 10% more likely to hear back from the landlord than those who filled out less than five fields.
Say Something: Saying anything is better than leaving the rental resume field blank. Those who leave it blank take much longer to find a place to rent.
Be Ready: those that said their move-in date was one week away had better chances of beating the competition than those who said their move-in date was 30 days away.
With those tips in mind, these are the top 10 most competitive renters’ markets:
10. Boston
Overall score: 60.6
Why this score? 27.3% have credit scores between 720 to 850, 17.2% make more than $100,000 per year, 30.5% are aiming to move into a rental in 7 days or 30 days, 90% provided information regarding pets, 90% provided information about smoker status, 89.4% provided information regarding number of tenants, and there is a 1.4% vacancy rate of homes.
9. Los Angeles-Long Beach-Glendale, California
Overall score: 64
Why? 22.4% have credit scores between 720 to 850, 15.9% make more than $100,000 per year, 42.4% are aiming to move into a rental in 7 days or 30 days, 89.5% provided information regarding pets, 89.2% provided information about smoker status, 90.5% provided information regarding number of tenants, and there is a 1.7% vacancy rate of homes.
8. Portland-Vancouver-Hilsboro, Oregon and Washington
Overall score: 69.1
Why? 19.9% have credit scores between 720 to 850, 14.5% make more than $100,000 per year, 45.2% are aiming to move into a rental in 7 days or 30 days, 90.3% provided information regarding pets, 89.8% provided information about smoker status, 91.9% provided information regarding number of tenants, and there is a 0.7% vacancy rate of homes.
7. Anaheim-Santa Ana-Irvine, California
Overall score: 79.4
Why? 25.3% have credit scores between 720 to 850, 25.9% make more than $100,000 per year, 45.6% are aiming to move into a rental in 7 days or 30 days, 90% provided information regarding pets, 89.8% provided information about smoker status, 91.2% provided information regarding number of tenants, and there is a 1% vacancy rate of homes.
6. Washington-Arlington-Alexandria, D.C.-Virginia-Maryland-West Virginia
Overall score: 80
Why? 23.8% have credit scores between 720 to 850, 21.2% make more than $100,000 per year, 44.6% are aiming to move into a rental in 7 days or 30 days, 90.6% provided information regarding pets, 90.2% provided information about smoker status, 91.4% provided information regarding number of tenants, and there is a 0.9% vacancy rate of homes.
5. Denver-Aurora-Lakewood, Colorado
Overall score: 82.3
Why? 20.8% have credit scores between 720 to 850, 16.5% make more than $100,000 per year, 45.8% are aiming to move into a rental in 7 days or 30 days, 91.7% provided information regarding pets, 90.7% provided information about smoker status, 92.3% provided information regarding number of tenants, and there is a 0.5% vacancy rate of homes.
4. San Diego-Carlsbad, California
Overall score: 82.9
Why? 25.4% have credit scores between 720 to 850, 19.7% make more than $100,000 per year, 46.3% are aiming to move into a rental in 7 days or 30 days, 90.2% provided information regarding pets, 90% provided information about smoker status, 91.7% provided information regarding number of tenants, and there is a 0.9% vacancy rate of homes.
3. Seattle-Bellevue-Everett, Washington
Overall score: 85.1
Why? 27.4% have credit scores between 720 to 850, 26.7% make more than $100,000 per year, 46.4% are aiming to move into a rental in 7 days or 30 days, 90.3% provided information regarding pets, 90.4% provided information about smoker status, 91.8% provided information regarding number of tenants, and there is a 1.4% vacancy rate of homes.
2. Oakland-Hayward-Berkeley, California
Overall score: 85.7
Why? 26.4% have credit scores between 720 to 850, 29.2% make more than $100,000 per year, 43.9% are aiming to move into a rental in 7 days or 30 days, 90.3% provided information regarding pets, 90.7% provided information about smoker status, 91.6% provided information regarding number of tenants, and there is a 0.6% vacancy rate of homes.
1. San Francisco-Redwood City-South San Francisco, California
Overall score: 97.1
Why? 41.1% have credit scores between 720 to 850, 39.2% make more than $100,000 per year, 47.6% are aiming to move into a rental in 7 days or 30 days, 91.7% provided information regarding pets, 91.5% provided information about smoker status, 92.5% provided information regarding number of tenants, and there is a 1% vacancy rate.
