The Real Estate Industry Through the Eyes of a Renter

Finding that first place to live after you graduate from school can be confusing. People who decide to rent housing might face several challenges during the process of finding that first apartment. To bring to light some of these challenges, we conducted an interview with a twenty-five-year-old millennial who works for a real estate company, and recently moved into her first apartment. She shared her experience on how and why she chose to rent. She initially looked at rentals through her company which she found to be very expensive. She decided to turn to people that she works with to assist her in the process. She then began to search on Zillow; which she found to be extremely helpful.

 

When you first see a property that you love, it is extremely important to schedule a showing with your agent immediately. Failure to do so will likely result in loss of a property due to inaction. You could utilize smartphone applications such as JOVE to arrange a showing with an agent. Doing so will likely result in you finding your dream apartment. This is especially important in college areas.

 

There are many ways to start the process of looking for rentals:

  • Determine the price you are able to afford.

  • Find an apartment that has the features you desire.

  • Determine what your priorities are when it comes to size.

  • It is helpful to use websites while searching, such as apartments.com to assist in your search.

  • Identify a good, safe neighborhood.

  • Beware of hidden costs like security deposits.

 

Finding the right housing was not the most difficult part of the process; it was finding good roommates. If you find a roommate online, it may be beneficial for you to meetup with them for a cup of coffee to get to know one another. Before doing so, however, it might be helpful to look up your potential roommate on social media to find out if their interests are similar to yours. It is extremely important to do thorough research when it comes to looking for any type of housing.

 

It might be difficult for a millennial to find that first apartment. He or she might really love it at first; but as time progresses, they may begin to not like where they are. The good news is when you sign a lease, you are typically only committed for one year. Once that year is up, you may choose to stay at your location, or move to a different area. When asked if they would ever move to a different location, the interviewee replied, “I don’t know if I want to stay in Philly.” However, they would only relocate “if my rent went up or if something in the building went really wrong.” When asked why she chose to rent instead of buy, she simply said “I could not afford a house at this time; It did not make sense for me.”

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