Are you looking to rent a home in Wellington Florida? If so be prepared! Even if you’ve rented a home in the past the rental market is constantly changing and so are the requirements. Before starting your rental search it’s imperative you understand what’s going to be expected of you and what to expect. Below are 7 things to expect when renting a home in Wellington.
Slim Pickings
Wellington tends to have a lack of rental inventory throughout the year, so prospective tenants may not have a lot of options to choose from. Some people are under the impression it’s harder to find an unfurnished annual rental “in season” because there is more competition, but people looking to rent seasonally are usually only interested in short-term furnished rentals, not unfurnished annual rentals.
No Negotiating
With a lack of rental inventory and high demand most landlords are not negotiable on the monthly rent or deposits. Tenants should be prepared to pay full price and put down first month’s rent, last month’s rent and a security deposit equal to one month’s rent, if they have good credit. If they don’t have good credit the landlord may reject their offer altogether or require them to put down additional months rent up front or a larger security deposit. What is considered good credit? It varies from landlord to landlord, but typically anything above 700 is considered good.
Quick Possession
Roughly 95% of homes listed for rent in Wellington are available for immediate occupancy and not many landlords will only hold a property for 1-4 weeks. It doesn’t mean the tenant has to move-in within that period, but it does mean the landlord wants to start collecting rent within that period. If a tenant doesn’t need to move for 90 or even 60 days it’s unlikely a landlord will hold a vacant property that long. Now a small percentage of landlords will list their home for rent 30-60 days before it’s available, so those are the homes prospective tenants should focus on if they’re not looking to move within 30 days.
Income
Almost every landlord is going to have income requirements, the only time they may not care how much a prospective tenant makes is if they pay for the entire year of rent up front. However, if a tenant pays by the month how much income do they need? It varies, but the rule of thumb for most landlords is 3 times the monthly rent. So if the rent is $3,000 a month the prospective tenant needs to make at least $9,000 a month.
Credit Score
Some landlords are laser focused on a prospective tenants credit score and some want all occupants over the age of 18 to have a minimum credit score. In addition to the landlord having credit requirements some HOA’s due too. So before a tenant even starts their rental search they should know what their credit score is and be able to explain any negatives that impact their credit, such as foreclosure, bankruptcy and/or repossession.
As-Is
If the home for rent is vacant the condition it’s in will most likely be the same condition it will be in when the new tenant takes possession. In my experience, if a landlord is going to make improvements or changes to the property such as paint, replace flooring or install new appliances they will do so prior to listing the property for rent or will have it noted in the MLS. Tenants can certainly ask a landlord to make improvements in their offer. However, if the property has multiple offers that might be the first offer the landlord rejects because they don’t want to do any work or feel if the tenant is “demanding” now they might continue making demands throughout the lease.
Pet Policy
A majority of landlords recognize almost everyone has a pet whether it’s a cat, dog, bunny or reptile, the list goes on and on. While not many landlords want pets they realize in order to rent their Wellington home they need to be open to accepting pets. Some will have restrictions on the type of pet, how many pets and the weight of the pet. If the home is located in a community that has an HOA they too may have restrictions on type, number and size.
Final Thoughts
If you’re looking to rent a home in Wellington Florida I highly recommend hiring a knowledge Realtor who handles rentals. Any agent can open a door, but not all agents know how to properly prepare and present a rental offer. Also, understand what your obstacles are; pets, income, rental history, credit, criminal record. Don’t lie, be upfront with the landlord if you have any negatives in your past, honestly can go along way.
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About the Author
The above real estate article “7 Things to Expect when Renting a Home in Wellington Florida” was written by Michelle Gibson of Wellington Florida Real Estate. Specializing in residential real estate since 2001 Michelle Gibson is experienced in assisting buyer’s, seller’s, landlord’s, tenant’s and would love to share her knowledge and expertise and guide you through the entire real estate process.
We service the following areas; Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres and more. If you are considering selling your home, we welcome the opportunity to work with you and list your home with a top Wellington FL Realtor
7 Things to Expect when Renting a Home in Wellington Florida
7 Things to Expect when Renting a Home in Wellington Florida
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