Posted on: Thursday, June 6, 2024
The rental market can be difficult to understand, especially when you're looking to rent in the city. With many diverse cultures, architectural wonders, and beautiful bustling streets, a concrete jungle can create the perfect home for many people to find peace within the chaos.
By simply preparing yourself to enter the rental market, you can gain a competitive advantage. So, we ask the five most important questions to prepare you when renting in a city.
What is your budget?
When renting in the city, it can become a costly experience as you dream to be at the heart of everyone and everything. Living in the city is always going to be costly, so it’s important to plan your income, discover a budget, and identify what properties are available for you.
According to a well-known rental guideline, you should spend approximately 30% of your gross income (before tax) on rent. With so many activities and restaurants to enjoy, it can become hard to sacrifice the city lifestyle, so to prevent this, it’s important to plan and budget.
Where do you want to rent, and why?
When choosing which city suits you, it can be a difficult decision with many factors to consider, as finding the right location in a city can be a daunting. All types of suburbs suit different personalities, and many factors can impact deciding where to live: your work location, the availability of amenities, and transport links.
Living just outside of the city can bump your monthly outgoing costs on transportation, so sometimes it’s better to pay that slight bit extra in rent. Before committing to the big move, it’s important to visit your chosen area and truly find out if it is right for you.
What type of property?
Choosing the right type of property is dependent on what lifestyle you plan to lead. There are plenty of options for different types of properties in a city, from a cosy flat with unlimited amenities to an elegant house that offers a hidden garden retreat. Choosing a furnished or unfurnished option can also be a big decider on the type of property that is right for you. When moving in a city, it’s easier to have a furnished choice, as this creates ease when moving from property to property.
When is it right to move?
There is no best time to move into a property as the market continues to succeed throughout the entire duration of the year. Summer is an ideal season to relocate because of the weather making it an easy move. The city rental market will become busiest around summer as people get ready to begin the academic year. It is also important to get to know your surroundings before moving, allowing you to make a smooth and successful move.
Have you consulted with a property professional?
If you're moving to a city and are confused about what to do when renting, get in touch with your local Guild Member, who can help guide you through the ups and downs of the city rental market.
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