Simplifying Your Apartment Search

I have worked with hundreds of individuals to help them find the “perfect” apartment. I work in the Orlando market, which is a fast paced, exciting and often stress inducing rental market. The central Florida rental market has sky rocketed in price within the last few years due to several factors:

Influx of people: People want to live here and continue to come in droves. We simply do not have enough apartments for renters.

New Construction: Although new apartments are constantly being built, most come with a high price tag that the average renter or family simply cannot afford (hello, downtown high rises).

Daily Pricing: Daily pricing has popped up in this market in the last few years. This is pricing generated each day based on a variety of factors, but mainly supply and demand. Simply put, if a property has five one bedrooms on Monday and rents three of them, the remaining two will increase in price on Tuesday’s report. So, essentially, a Tuesday renter is paying way more for the SAME product.

Upgraded Units: To get more money out of each unit, older communities are adding upgrades and charging renters a premium for that little “extra.” This can be for anything, including a wooden or vinyl floor, a new counter top (often granite), stainless steel or another upgraded type of appliance, washer and dryer in the unit, etc…Does your future apartment have a lake or city view? Guess what? You’re gonna pay for that, too!

So, what can you do to navigate this rental market? You are taking the first step by reading this article, which is to BE INFORMED. I work with so many potential renters who come here under the impression that Orlando housing is cheap. Maybe 10–15 years ago, but that is simply not the case now. The basic pricing for Orlando conventional rentals is about:

$900 ++ for a 1x1

$1000++ for a 2x2

$1200++ for a 3x2

In the summer, when EVERYONE moves in this town (keep in mind, UCF is one of the largest universities in the country and all those students need a place before the fall semester), average prices can go MUCH higher.

My next suggestion to navigating the Orlando rental market is to have all your ducks in a row BEFORE attempting your apartment search. This includes having three very important things going for you:

Ability to show you make 2.5 to three times the rent: You will need to show local pay stubs that prove you can afford your new home. If you do not have pay stubs, you will need W2 forms, I9 Forms or a notarized letter from your employer. Be prepared, this will be expected.

Evictions and money owed to an apartment community: If either pops up on your background, you will be automatically denied and just liked that, you are out of about $100 in application fees. If you have an eviction, pay it off and bring along the paperwork to back up your claim. Be honest with the community where you want to live BEFORE applying and see if working with a paid off eviction is something they will even consider.

Clear criminal history: If you have a felony or misdemeanor, it is going to be hard to find a rental in a conventional apartment home in Orlando. I recommend calling an expert (that would be me, your FREE apartment locator). Also, know your roommates, because if they have criminal history that you don’t know about, then you are also going to be denied and out of your application money!

So, after you have your ducks in a row, you need to make a plan to look at apartments. That is what I will cover in my next article, so stay tuned and happy apartment hunting!