Can’t Afford the Rent on Santa Cruz Homes?

Posted by Lauren Spencer on Monday, October 26th, 2009 at 8:06pm.

If you’re looking at Santa Cruz homes to rent but think you can’t afford them, you might want to take another look. This is especially true if you have a good credit history. When it comes to finding tenants, landlords have never been more willing to play “Let’s Make a Deal."

Sitting Pretty

Why would any landlord be willing to make a deal? The reason topping the list is, of course, the economy. With so many people having lost their jobs, finding tenants who can afford the rent on time isn’t easy. Second, many renters are trying to save money by having roommates. Thirdly, because of the marketing slump there are plenty of homeowners renting out their Santa Cruz homes rather than selling them. Lastly, because of the first-time buyer tax credit, many potential renters are becoming homeowners instead.

All of these points add up to a high amount of vacancies, which put landlords in a pickle and have renters sitting pretty.

Taking Steps

Many landlords are trying everything they can to keep their rentals occupied to help pay for the maintenance on the buildings. The steps they’ve taken include such things as:

• Lowering rents
• Giving a month or two of free rent
• Lowering deposits
• Offering upgrades
• Offering storage and parking at lower rates
• Relaxing pet policies
• Allowing more leniency for breaking the lease

Let’s Make a Deal

So what can you do to take advantage of the renting situation? What points can you base your bargain on?

• Start with a good credit rating. If you have a history of paying on time, you have a chance at negotiation.

• Pay attention to the average rent in the area. If the rents on the Santa Cruz homes you’re looking at are higher than average, you have a point to negotiate.

• Look at one-bedroom homes first, if they will work. Many two- and three- bedroom homes are taken by individuals sharing rent and families. There may be a surplus of one-bedroom houses, so you might have a better chance of snagging one of them.

If you’re looking for an affordable place to rent or buy, I can help. Call me at 831662.6522 or email me at lauren@laurenspencer.com for more information.

 

Links:

Save money by having roommates

Take advantage of the rent situation
 

Average rent in the area

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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