The real estate market in Fayetteville, NC is hot right now.
Really hot.
Not only is it a sellers market where the scarcity of available properties for purchase is at a high, the rental market is equally as hot.
Property management companies in Fayetteville, NC, are faced with an extremely low inventory of available rental properties in the month of December, and the same is projected for January and February.
While the lack of tenants moving because of COVID is definitely one of the reasons causing the backlog, the fact that Fayetteville is a military town, and soldiers don't move during the winter, is a contributing factor.
Additionally, because of the North Carolina eviction moratorium, many landlords are not able to regain the possession of their property to put it back on the market.
For renters in the area, and those moving soon, what this means is that you have to jump on any opportunity that comes up.
Otherwise you will be left out in the cold.
Here are some tips to help you navigate this process
Fayetteville Rental Property Tip 1: Plan Ahead
I know this goes without saying, but you must plan ahead in order to secure your rental property.
In the past, tenants had the option of viewing a couple of homes before they put in an application. With the shortage of available rentals, this has changed.
If you can, project out as far as possible to determine your move in date. While 30 days was enough in the past, again, times are changing.
Projecting out gives you a wider pool to choose from, and allows you to relieve any stress you may have from the move.
Fayetteville Rental Property Tip 2: Go with a Virtual Tour
Safety issues from COVID aside, your best bet is to go with a virtual tour to see the property.
A virtual tour will allow you to get more insight into what the property looks like, beyond mere photos.
The virtual tour can be either a 3D tour of the property, a video, or a walkthrough by a Fayetteville property manager. Any of these will serve you well.
An additional purpose is to allow you to view more properties in a day, because you will not have to drive from property to property.
You can even schedule virtual tours or virtual walkthroughs back to back, which makes it possible for you to pack your schedule with showings.
Fayetteville Rental Property Tip 3: Put in an Application Early
As I said above, rental properties are moving off the market as fast as they are being listed as available.
In such light, you should put in an application as soon as possible. Failure to do so may leave you left out in the cold (pun intended).
Along similar lines, just because someone else puts in an application doesn't mean you shouldn't try to put in one also.
Applications for rental properties in Fayetteville get denied, for whatever reason, all the time. Putting in an application allows you to be next in line in case something falls through.
A word of caution. Make sure the property manager doesn't process your application until after the other applicant has been rejected. This way you can avoid paying a fee to have your application run, and you don't end up getting the rental.
Fayetteville Rental Property Tip 4: Make a Higher Offer
Making a higher offer on a rental property is an often underused tactic.
While buyers often bid on available houses to purchase, and make a high bid to sellers, the same isn't usually seen in the rental market.
If you are really strapped to find a place, then you should make an offer over the asking price.
You don't have to deviate too far, but consider that an extra hundred dollars may be all it takes for a landlord to accept your application over another applicant.
While you may not want to offer the extra money, it could be worth it for you to gain peace of mind from knowing your home search is over.
Fayetteville Rental Property Tip 5: Go for a Longer Lease Term
Extending the lease term goes hand in hand with offering a higher price.
In fact, both of them can be used together to make your offer more appealing to the landlord.
In North Carolina, the typical lease agreement is one year. There is nothing, however, that prevents you and the landlord from entering into an agreement that is for a longer term.
The advantage to you is that you now secure your living space for a longer period of time, and will not have to move if the landlord decides she doesn't want to renew your lease after a year.
For the landlord, they now have an occupied property for a longer period of time, thus reducing the stress of finding a new tenant after you have left.
It's a win-win situation for all involved.
Wrapping Up
These are just a few tips to make your rental property search in Fayetteville a little easier.
If you have any questions, don't hesitate to reach out.