OMG GOING FAST!! Why Finding an Apartment Can Be Tough

Last weekend, I had several appointments fall through due to the prospective units being rented before I could even show them. This summer is gearing up to be a tough rental season.

When I can tell my clients like a place, I brace myself for the inevitable question: “Do you know if there’s been a lot of people looking at it?” Which could be code for “How long can we put off making a decision?” Because making a decision about where to live for a year seems hard. And I know that’s the cue to say “OMG GOING FAST!!” but I don’t.

Maybe I should. Because the unit will probably be rented within a few days or even by the next morning, depending.

Here’s why:

1. Management companies can list with a bunch of apartment finding services, who have a bunch of agents. Since sales aren’t as robust as they once were, some Realtors are doing rentals as well. I saw a guy in a nice BMW who was waiting to get keys to show a $900 apartment. Great sales people with mad hustle are in the rental market now more than ever.

2. If an apartment is listed exclusively, Realtors still have to post the listing on the Multiple Listing Service (MLS). This means that other Realtors can show those apartments, too. This means lots of showings, and lots of running around, lots of chances to find a perfect match.

Things usually don’t stay on the market long.

So if you see a place that you like, take it.

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