Help/Landlord FAQ'sWhat is the Philadelphia rental market like? When would be the best time to start my rental search? What should I bring when I visit rentals in Philadelphia? What application fees should I expect to pay? What money will I need to put down when I want to rent a place? Do I need to pay extra for my pet? If I view an apartment in Philadelphia but am not sure if I want it, what should I do? How much do I need to make to rent an apartment? I always get an answering machine when I call the managers, is this normal? Q: What is the Philadelphia rental market like? The Philadelphia market is a very active one. Vacancy rates have declined so there’s more competition for good apartments. Be ready to make a decision if you see one that you like because the competition is strong. [back to FAQ's] Q: When would be the best time to start my rental search? Start doing online research as soon as you’ve decided to move to Philadelphia or have even decided change apartments if you are a current resident. You’ll learn more about the neighborhoods as well as become knowledgable about rental prices. Closer to your move day, get serious and start the physical search. Most Philadelphia apartments get multiple lookers and go fast. [back to FAQ's] Q: What should I bring when I visit rentals in Philadelphia? Many property managers and listing agents in the Philadelphia area will require some type of personal identification, so have it handy. Generally, they tell you what is expected in the way of either i.d. or other paperwork. Do yourself a favor and keep a notebook of the apartments you see, and take pictures too. If you’re seeing many apartments, it can help you make a decision later. [back to FAQ's] Q: What application fees should I expect to pay? There are two types of fees when renting an apartment. The first is the credit check/background screening, which will run from $35-100 depending on the landlord. Otherwise, there may be various fees to realtors for finding the apartment for you. This information should be up-front and no surprise should you rent the apartment. [back to FAQ's] Q: What money will I need to put down when I want to rent a place? Philadelphia is like most other major cities and a security deposit equal to one month’s rent will often be expected. By city law, a landlord may ask for an amount equal to two month’s rent, but must return half at the end of the first year. [back to FAQ's] Q: Do I need to pay extra for my pet? Pet fees can range from an additional few hundred dollars to an amount equal to one month’s rent. This is always on top of the normal security amount charged. Extra deposits for pets are strictly on a building by building basis, and if it is a small building it may be negotiable. [back to FAQ's] Q: If I view an apartment in Philadelphia but am not sure if I want it, what should I do? The Philadelphia rental market is very competitive these days, and there are many tenants competing for good apartments. Even with that, you need to make certain it is the right place for you. An agent might say they’ll hold a unit for you, but they are under no legal obligation. If they have said they will put a 24 hour hold on it, always be courteous and phone them if you decide not to lease it. [back to FAQ's] Q: How much do I need to make to rent an apartment? The rule of thumb for Philadelphia is to pay no more rent than 30% of your annual salary. Many go beyond that but, financially, it can strap your cash flow. [back to FAQ's] Q: I always get an answering machine when I call the managers, is this normal? If it is a smaller complex or building, the manager or landlord may not spend much time in the office. Should it be an apartment you especially like, go ahead and leave several messages, but don’t be disappointed if you don’t hear back. Be prepared to move along as the unit could be rented. [back to FAQ's] |
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