Dear Monica: I applied for a great rental, offering exactly what they asked and providing strong financial validation. Unfortunately, they chose another applicant, and now I wish we had offered more money. Is the current rental market very competitive everywhere?Patty B.
Dear Patty: The rental market has indeed become more competitive in recent months, especially in the $7500-$15,000 per month range. There have been multiple offers on the nicest ones, resulting in some applicants being disappointed. Now that you have lost out on your first attempt at renting, be prepared to use some of the strategies buyers have become accustomed to using, such as offering a higher price and paying for more incidental expenses. Ask your agent to help you find offerings that may never come on the open market. Not every rental is publicly offered and some rent before the owner has a chance to expose them. If you do these things, you should be successful soon.