After the housing market crashed in 2008, the number of single-family renting households has grown by leaps and bounds. And it doesn’t appear like that increase is going to slow down any time soon.
The National Association of Realtors expects that within the next 10 years, 5 to 6 million new renter households will be created.
According to U.S. Census data, the rental vacancy rate has dropped from 8.4% in 2009 to 4.1% in 2013. With approximately 34% of all U.S. households paying rent and rental rates climbing by 3.2% in 2013, renters have to be smart and make sure they’re choosing the right place to call home.
With that in mind, here a list from Homes.com of the top 10 things every renter needs to know.
1. Be prepared: Do your research and make sure you have all of your paperwork in order when applying for a rental property. Educating yourself about the rental process and the property itself can prove invaluable in your search.
2. Budget wisely: Financial experts suggest that renters shouldn’t spend more than 25%-30% of their monthly income on rent. That’s especially important considering 27.3% of renters spend more than 50% of their monthly income on housing.There are other costs associated with renting, like daily commuting costs or lifestyle amenities, to consider as well.
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