How do the fees for renting a house work? (Cary: apartment complexes, foreclosure)

[LisaZ]

Hi,
We are considering renting a house for 6 months to a year in the Triangle. Can someone clue me in as to what is the best way to look for rentals, and what fees are involved? Is it better to use a realtor, go to a rental agency or do it via local ads/craigs list? What pitfalls should I watch out for?

I have no experience with this so all advice is appreciated. Thanks.

[Scientist27709]

1. Post a thread here asking for names of rental apartments in the area you are interested in.

2. Post a second thread asking people to comment on apartment reputation.

3. Make an excel table and compare the cost to benefit "ratio."

4. Move-in. [Also check neighbourhood safety data before moving in]

Good luck!

Originally Posted by LisaZ

Hi,
We are considering renting a house for 6 months to a year in the Triangle. Can someone clue me in as to what is the best way to look for rentals, and what fees are involved? Is it better to use a realtor, go to a rental agency or do it via local ads/craigs list? What pitfalls should I watch out for?

I have no experience with this so all advice is appreciated. Thanks.

[MikeJaquish]

Originally Posted by LisaZ

Hi,
We are considering renting a house for 6 months to a year in the Triangle. Can someone clue me in as to what is the best way to look for rentals, and what fees are involved? Is it better to use a realtor, go to a rental agency or do it via local ads/craigs list? What pitfalls should I watch out for?

I have no experience with this so all advice is appreciated. Thanks.

Lisa,
If you can get a Realtor to work with you, they cannot represent you and negotiate for you as your agent.
They have to hand you off to the property manager who will do the paperwork with you.
The Realtor can give you pointers, plusses and minuses on the property or the location, etc.
The real convenience is that a Realtor can get you into rentals that are on the MLS with various companies rather than you chasing several companies for showing appointments.

Typically the landlord or property manager pays the agent who shows you the home. It usually isn't much, so a lot of agents will not do rentals.

[saturnfan]

Try Apartment Ratings :: The leading source of apartment reviews by renters for renters. to see what tenants think of any properties you are considering.

[Babytarheelz]

For renting homes, a Realtor could be useful to search the MLS, bit like Mike said, many Realtor's don't work with renter's because it's not lucrative.

I recommend using a rental locator, searching Craigslist, or contacting the reputable management companies. If you need any specific recommendations, feel free to DM me!

[sls76]

I would expect to pay one month's rent for a security deposit (a little more if you have pets). Block & Associates has a lot of rentals in the Cary area. I'm always a bit leary about Craigslist, but you never know. I prefer to deal with a professional management company v. a private owner, but I would imagine that you pay more for that (since the owners probably pass on at least a part of what they pay in management fees to the renter). If you were looking in Northern Virginia (I've read lots of stories about renters being kicked out due to foreclosure), I'd tell you to make sure the owner is current on the mortgage payments. That's not as big of an issue in the Triangle, but you might want to consider that--especially if you go directly through the owner.

[douknownam]

Originally Posted by sls76

I would expect to pay one month's rent for a security deposit (a little more if you have pets). Block & Associates has a lot of rentals in the Cary area. I'm always a bit leary about Craigslist, but you never know. I prefer to deal with a professional management company v. a private owner, but I would imagine that you pay more for that (since the owners probably pass on at least a part of what they pay in management fees to the renter). If you were looking in Northern Virginia (I've read lots of stories about renters being kicked out due to foreclosure), I'd tell you to make sure the owner is current on the mortgage payments. That's not as big of an issue in the Triangle, but you might want to consider that--especially if you go directly through the owner.

Even if you went through a professionally managed company, the owner of the property can still be foreclosed upon... it makes no difference either way. Just your luck of the draw--although you're probably safer in large complexes such as apartments.

[saturnfan]

Originally Posted by douknownam

Even if you went through a professionally managed company, the owner of the property can still be foreclosed upon... it makes no difference either way. Just your luck of the draw--although you're probably safer in large complexes such as apartments.

Normally, if an apt complex fails, someone takes it over and tenants remain,

[sls76]

Originally Posted by douknownam

Even if you went through a professionally managed company, the owner of the property can still be foreclosed upon... it makes no difference either way. Just your luck of the draw--although you're probably safer in large complexes such as apartments.

True. I never said otherwise. Those were separate points I was making. I prefer dealing with a management company (more for maintenance issues). Apartment complexes aren't for everyone. We wanted a fenced yard for our furry friends so we decided to rent a single family home and have no regrets.

[janinelamb]

You usually have to give a application fee for a reference check (Approx $50) and at least one months rent. Good luck on your search.
Janine Lamb