Getting an edge in tight rental market
Apartment vacancy rates have plunged in many areas, but savvy prospective tenants can take a few easy steps to improve their chances of snaring the next rental unit. Rental vacancy rates nationwide have plunged to 4.2 percent, according to the NationalAssociation ofRealtors, with cities ranging from Portland, Ore. toMinneapolis andNewYorkCity reporting vacancies of 2.2 percent or less. Much of the drop can be explained by the dearth of newconstruction in the past several years and, by the millions of householdswho have lost their homes to foreclosure and noware competing for every newrental that becomes available.
To better your chances of snaring the next vacancy that comes up, make sure your credit score is as high as possible by avoiding any major purchases in the next fewmonths. Make up any delinquencies now, and pay your upcoming bills promptly.
Get a free copy of your credit report by visitingwww. annualcreditreport. com or by calling 877- 322- 8228 to ensure there aren’t any errors that could drag your overall credit score lower. If there’s a mistake, fix it immediately, because it can take at least a month to clear the problem up and another month for the change showon the report.
Our booklet “Straight Talk about Living Trusts” provides the information readers need to determine whether forming an inexpensive trustwould be a good idea based on their individual circumstances. For a copy, send$ 4andaself- addressed, stamped envelope to David Myers/ Trust, P. O. Box 4405, Culver City, CA 90231- 4405. Mail questions to that same address andwe’ll try to respond in a future column.