Home ownership beats renting, if you can get a loan

Tight lending standards, coming up with a down payment and the carrying costs of owning a home (taxes and insurance) force many into a rental unit even if it is "more expensive" than buying.

by Broderick Perkins
© 2011 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - A new report says the cost of home ownership is a better deal than renting in three out of four U.S. cities.

It assumes buying a home is easier than it is to rent and, as many consumers discover, it ain't.

Tight lending standards, coming up with a down payment and the carrying costs of owning a home (taxes and insurance) force many into a rental unit even if it is "more expensive" than buying.

"Prospective homebuyers, who are ready and qualified to buy, face an uphill battle despite falling home prices and record-low mortgage rates," said Ken Shuman, Head of Communications at Trulia.

Shuman added, "Today, many banks are actually less enthusiastic about approving residential mortgage applications, which has dragged out the home buying process. Until a middle ground on lending practices can be met, many highly-qualified buyers may be forced to be renters by choice for now."

Trulia's Summer 2011 Rent vs. Buy Index says in 74 percent of major U.S. cities offer owner-occupied housing that's cheaper than a rental unit.

The report compares the cost of buying and renting a two-bedroom apartment, condo or townhome in the nation's 50 largest cities.

The top cities with a better deal for ownership were Las Vegas, NV; Detroit, MI; Mesa, AZ; Fresno, CA; and Arlington, TX.

Rents were the better deal in New York, NY; Fort Worth, TX; Omaha, NB; Seattle, WA; and San Francisco, CA.

Trulia's price-to-rent ratio is the median listing price divided by the annualized median rent. Buying is less expensive than renting when the ratio is 15 and under, renting is less expensive than buying whine ratios are 20 or higher.

There is a grey area between the rent versus buy spectrum. Personal circumstances, including your tax bracket, may make buying a home a better deal in Oakland, CA; Austin, TX; San Jose, CA; Memphis, TN; Boston, MA; Los Angeles, CA and Portland, even though rents are relatively cheaper.

"Many aspiring homeowners are on the fence about renting and buying in today’s market. Should they take advantage of falling home prices and low borrowing costs, or should they continue to rent until the economy stabilizes?" said Shuman.

"Price alone should never be the sole factor in deciding to purchase a home. Instead, buyers should first ask themselves if they plan to live in the home for at least seven-to-10 years, could make monthly payments on the house, and have enough cash in the bank for a down payment and an additional six to eight months worth of mortgage payments. If you can answer 'yes' to each of these questions, then the cost of buying a home definitely outweighs renting in most cities," he added.

Also, buying a home makes more sense in cities overloaded with foreclosures, but that could soon change, says Trulia.

In Miami, for example, it is still less expensive to buy, but a mini-buying boom created by investors and foreclosure freezes have caused its price-to-rent ratio to jump by 112 percent from 6 in January to 13 in July.

Meanwhile, recent job gains in the auto industry have not countered Detroit's falling home prices. For now, the city has experienced a setback since January with its price-to-rent ratio dipping 39 percent.

Las Vegas, continues to be the best place to buy instead of rent for the past six months, but investors are snatching up most of the distressed properties there.

"While recent stock market volatility on top of the slow economic recovery makes homebuyers nervous, it has not destroyed the American dream of homeownership," Shuman said.


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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

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Volatile rental market could make, break homeownership plans

Right now, home prices continue to fall, but rents are on the rise and if you don’t know when to change horses — or don’t have the option — you could find yourself in the middle of the stream.

by Broderick Perkins
© 2011 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - Volatile Rental Market Could Make, Break Homeownership Plans

The rent-vs-buy decision is more than a calculated comparison of financial costs.

It's also about timing.

Right now, home prices continue to fall, but rents are on the rise and if you don't know when to change horses -- or don't have the option -- you could find yourself in the middle of the stream.

The housing bust and subsequent economic downturn forced many homeowners to retreat to the rental market. For others, falling home prices prompted them to put off homeownership longer than expected.

Early into the bust, high rental vacancies made for cheaper rents and renting became an overnight sensation.

But that's changing just as quickly as skyrocketing home prices plummeted back down to earth.

Read full story: "Volatile Rental Market Could Make, Break Homeownership Plans"
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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• National Offbeat News Examiner

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Should you buy a home or rent one?

Joey "Jaws" Chestnut eats his
way to best-paid 'athlete' list

Dust off and crank up that rent-vs-buy calculator (We have three here to choose from). The housing market is mixed with some areas offering homes to buy that are cheaper than renting. Other markets yield better deals in the rental sector.

by Broderick Perkins
© 2010 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - It's time to dust off and crank up that rent-vs-buy calculator.

The housing market is mixed with some areas offering homes to buy that are cheaper than renting. Other markets yield better deals in the rental sector.

Trulia's Second Quarter 2011 Rent vs. Buy Index compares the cost of buying and renting a two-bedroom apartment, condominium or townhouse in the 50 largest U.S. cities and found buying a home has become more affordable than renting in nearly four out of five major cities.

On one hand, the growing level of distressed housing has helped push home prices down by a "double dip" factor to levels not seen in more than a decade. Low mortgage interest rates are also cooperating.

Trulia says buying a home is a better deal in Las Vegas, NV; Phoenix, AZ; Arlington, TX; Fresno, CA; Miami, FL and Mesa, AZ among other cities.

Even with home buying affordability better than it's been in years, unemployment remains high and qualifying for a mortgage is so tough rentals are feeling the pressure of displaced demand.

Renting is a better deal in New York City, NY; Fort Worth, TX; Kansas City, KS; Los Angeles, CA; Memphis, TN; and Seattle, WA, among others, according to Trulia.

The National Multi Housing Council's (NMHC) latest Quarterly Survey of Apartment Market Conditions for the first quarter this year found the "Market Tightness Index," at 90, as high as it's ever been.

The survey polls more than 100 CEOs and other senior executives of apartment-related firms nationwide and found that almost four in five respondents (79 percent) said markets were tighter (lower vacancies and/or higher rents) and -- for the first time ever -- not a single respondent thought conditions were looser.

A reading above 50 indicates improving market conditions, below 50 indicates worsening market conditions.

"These results show the apartment industry continues to do well even though the nation's overall rate of economic growth has slowed. This is driven largely by the increased appeal of renting generally but also by the large number of young people entering the housing market for the first time -- and young people are much more likely to rent than buy," said NMHC Chief Economist Mark Obrinsky.

For those going the rental route, a long term lease that locks in the monthly rental payment is the better deal because demand for rental housing is expected to increase, says Bruce Hahn, president of the American Homeowners Foundation.

"Boomerang kids, children who were forced to move back in with their parents, will be looking for their own place as they find jobs. Most don't have much in savings, and since lenders are requiring larger down payments these days, buying is not an option for most of them," says Hahn.

There's also a multi-generational movement among families and groups sharing to save money on housing purchased or rented.

The demand pendulum will ultimately swing back in the direction of home ownership, says Lesley Deutch Vice President at John Burns Real Estate Consulting.

She says as rents continue to increase and owner-occupied housing prices continue to fall or remain flat, for-sale housing markets will begin to look more attractive. Many tenants simply cannot afford a rent increase, and will choose to downgrade the quality of their housing or take on roommates.

Deutch says, as housing rents rise, housing markets with high single-family vacancy rates provide some competition for the rental sector. States with high vacancy rates include Nevada, Florida, Michigan, Georgia and Rhode Island.

Because the rent-vs-buy calculation varies by locality, consumers need to compare costs where they plan to buy or rent.

Several calculators can help.

• Erate.com's "Rent vs. Buy Calculator" is a down-and-dirty quick comparison of rent, insurance, and expected rate of rental increases vs. home buying costs, property tax costs, upkeep costs, insurance and selling costs, but also appreciation. Use this calculator as a starting point, to quickly determine which type of housing is best for you.

• Realtor.com's "Rent or Buy" calculator tosses in more variables, including the real estate agents commission, rate of inflation and homeowner association dues (if any) to get you even closer to a real comparison. Use this calculator to hone in on what housing is best for you.

• Federal Reserve Bank of Cleveland's "Buy a Home or Rent?" calculator is really a worksheet that provides a host of variables many calculators don't consider. Produced by O. Emre Ergungor, a senior research economist and Saeed Zaman a senior economic analyst, both in the fed bank's research department, this calculator is for those who are financial planning nit-pickers who want to get closer to the absolute rent-vs-buy bottom line.


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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Under the DeadlineNews Group umbrella:

Perkins is managing editor of HomeAway.com's Gulf Coast Response Center.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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Even home owners choose renting over owning

"Footlong?" Okay. "Sub?" I wish.

In a recent survey about renting versus owning, homeowners made up the majority of the respondents -- by a factor of more than 2-to-1 -- and yet 76 percent of all those surveyed deemed renting a better deal than owning a home in today's housing market.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - With the chances of home value appreciation looking dim, the continued risk of foreclosure and the cost of maintenance growing as a home ages, maybe owning a home isn't such a good idea right now.

That's what U.S. homeowners seem to be concluding. In a recent survey about renting versus owning, homeowners made up the majority of the respondents -- by a factor of more than 2-to-1 -- and yet 76 percent of all those surveyed deemed renting a better deal than owning a home in today's housing market.

As a homeowner, it's simply tough to shell out maintenance and upkeep cash on a property that offers little if any equity to tap for the expense. And with so much uncertainty in the job market, homeowners aren't sure they can hold on to what they've got.

Even if ownership comes with the promise of appreciation over the long haul, renters just don't want to risk what homeowners are already suffering in the current economic environment.

A Harris Interactive Survey for the National Apartment Association (NAA) said the number of people who believe renting is better than owning right now is up 5 percent over the 2008 survey for several reasons.

• You've got news! News that really hits home. Right here: Survey: Even Homeowners Say Renting Is Best Move

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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Landlord's market emerging

Women on Pill like baby faces

While renters need not plan on renting forever, they can gain an edge if they emulate a "career renter" by approaching the rental-housing search much like a professional goes after a top-notch job.

by Broderick Perkins
© 2010 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime


Deadline Newsroom - Remember when doom and gloom spread to the rental market?

Dust off your rental resume, make your lease application shine and suit up for your "rental career."

It's becoming a landlord's market again.

The National Multi Housing Council's Market Tightness Index, which measures changes in occupancy rates and rents, rose sharply from 38 in October 2009 to 81 in April this year -- the highest figure in four years and the sixth straight increase in the measure.

RealFacts found the national average rent for all sizes of apartments was $943 for the first quarter this year, in its most recent national survey of nearly 13,000 apartment complexes with 100 or more units. That figure is up from $932 in the fourth quarter.

While renters need not plan on renting forever, they can gain an edge if they emulate a "career renter" by approaching the rental-housing search much like a professional goes after a top-notch job.

The idea is to be organized, serious and professional in both actions and appearance to demonstrate you will be a good steward for the landlord's property.

Here's how.

You've got news!...News that really hits home. Right here:

"Renting? It's a Good Time to Be a Landlord"

More landlord/tenant news that really hits home.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins was the first Examiner to cover three beats for the Examiner.com news service:
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Doom, gloom spreads to rental market

DUI kills, protects brain from injury

The apartment market enjoyed a short-lived boom from 2006 to most of 2007, as refugees from the owner-occupied sector looked to more affordable apartments, but rental vacancies have been rising since the third quarter of 2007.

by Broderick Perkins
© 2008 DeadlineNews.Com

Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - The housing market's malaise has spread to the rental sector where the vacancy rate is at a 23-year high and San Jose, CA has been hit hard.

With the nation suffering a nearly 10 percent unemployment rate, jobless renters are vacating apartments just as homeowners are facing foreclosure.

Property research firm Reis, Inc. said the 7.8 percent apartment vacancy rate in the third quarter this year hasn't been this high since 1986.

The apartment market enjoyed a short-lived boom from 2006 to most of 2007, as refugees from the owner-occupied sector looked to more affordable apartments, but rental vacancies have been rising since the third quarter of 2007, according to Reis.

Good news for those who are looking to rent, rents are down 2.7 percent over the past year, according to Reis. Renters can negotiate for a host of incentives including rent-free months, long-term contract discounts and smaller move-in deposits.

Hardest hit were some of the same markets suffering owner-occupied housing woes, including San Jose, CA where rents were down 8 percent; New York, NY, down 6.8 percent; Orange County, CA, down 5.5 percent; San Francisco, CA, down 5.3 percent; Ventura, CA, down 5.1 percent; Los Angeles, CA down 4.6 percent; Miami, FL, down 4.6 percent; Las Vegas, NV, down 4.6 percent.

Get more rental housing news that really hits home.

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You are reading a sample of "News that really hits home!", now available from several beats and published in a growing number of locations.

Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.

Perkins is also the first Examiner to cover three beats for the Examiner.com news service:
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Lower SoCal rents say 'Go West, young person, get cheaper rents'

We've gone offbeat!
Quick! Click my head!

An exodus of renters in Los Angeles, job losses in Orange County and an oversupply of housing and cheap foreclosed homes in the Inland Empire of Riverside and San Bernardino Counties. Sounds like SoCal is shaping up as a renter's market.
by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - There's an exodus of renters in Los Angeles, job losses in Orange County and an oversupply of housing and cheap foreclosed homes in the Inland Empire of Riverside and San Bernardino Counties.

Sounds like it's time to Go West, young person, and get a cheap rental home.

The University Lusk Center for Real Estate says the recession is putting a beat down on rents in sunny Southern California -- in some places for the first time in 13 years.

The center says unemployed tenants are moving away or sharing quarters and buying cheap foreclosed homes as an oversupply of rental housing finds landlords wringing their hands.

In Los Angeles County alone, 41,000 people migrated out of apartments last year -- compared to the only 29,000 who exited in over the past five years, according to Delores Conway, director of the center's Casden Forecast.

Phew!

It's a trend here to stay, at least for the year, the center says.

"The dramatic changes in the economy are taking their toll on landlords, who are lowering rents or giving concessions just to keep their units occupied." Conway said.

And that makes it a renter's market with more elbow room to haggle.

Many renters became first-time homebuyers as they snapped up new and nearly new foreclosed homes built with Levittown like fervor in the Inland Empire during boom times about a half decade ago.

Only San Diego is escaping low rents and occupancy rates. Rents actually rose 1 percent in the area last year.

Here's a quick snapshot to pinpoint locations of cheaper rents.

Los Angeles County -- Rents tumbled an average 3.8 percent last year as weak demand in Tinseltown's Hollywood region erupted from subleased condos competing with apartments. Long Beach and San Gabriel became even more affordable in a trend likely to continue this year.

Orange County -- Rents dropped for the first time in 13 years, by an average 2 percent as still-high home prices and a credit squeeze put more shelter-seekers in market but job losses exerted downward pressure on rents. The center said rents may fall more than one percent this year until the oversupply clears.

Inland Empire (Riverside and San Bernardino Counties) -- This region showed the largest drop in occupancy rates in 10 years as rents slipped 4 percent. The areas was also plagued by high unemployment, too many apartments, and renters finding better deals in foreclosures. Weak demand should begin in 2010, the center says, as businesses seek affordable locations for their workforces.

San Diego County -- Only San Diego County saw rents move up, by one percent, as occupancies held firm at 95 percent. Strength in the market comes from military bases, biotech, high tech and higher education. Even with subleased condos competing with high-end rentals downtown. The area is deemed one of the nation's strongest rental markets and should see another 1 percent increase or more in rents through 2010.

• Read more rental market stories from the Deadline Newsroom.

• Get into DeadlineNews.Com's Tenant, Landlord archives and learn how to find good rental properties as well as negotiate for the best deal.

© 2008 DeadlineNews.Com

Need a break from doom and gloom in the housing market? Get off the beaten news track and stop by the DeadlineNews Group's Offbeat News Examiner outlet for a few laughs.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Renting a room for a fast buck? Think twice

Renting can get risky.

Financially strapped homeowners are renting out rooms in their homes and condos to help pay for the mortgage. But they may be violating local law and community rules and have some coverage gaps in homeowners insurance that could lead to bigger financial hardships.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime

Deadline Newsroom - If hard times has you renting out that empty room for some fast cash, you could be opening the door to a lot more cost, not less.

The Insurance Information Network of California (IINC) says financially strapped homeowners renting out rooms to help pay the mortgage or other costs may be overlooking key issues that could lead to greater financial hardship.

Community, rental rules

Like opportunistic homeowners renting space to visitors in town for special events or even like charitable homeowners housing temporary disaster victims down on their luck, struggling homeowners looking for a fast buck should check for community, legal and insurance repercussions.

Renters who sublet, owners who live in communities governed by homeowners associations, zoning violators and others living under certain community rules or regulations could lose their home through either eviction or foreclosure if they violate terms of the contract, community edicts or local law.

That's also true in some single-family detached housing communities.

Tenant from hell.

Homeowner's insurance, taxes

When it comes to homeowners insurance, the rental of rooms may be considered a business. However, limits could be placed on insurance coverage, including coverage for contents, personal liability, medical payments and identity fraud.

Policy add-ons or endorsements similar to those offered for home-based businesses are available to help cover a homeowner's assets in case of a landlord-tenant dispute or suit.

When part of a home becomes a business certain tax laws could be triggered. For example to help foot the bill for the

"Housing and Economic Recovery Act of 2008" the act eliminates a capital gains exclusion for the portion of gain (during a sale) that comes while a home serves as a vacation or rental property.

"The last thing struggling homeowners need are more ways to lose money," said Candysse Miller, IINC executive director.

She says homeowners should carefully review their insurance policies with their agent or company before taking on renters. Likewise, they should know the local rules and not try to surreptitiously circumvent them.

Upstairs neighbor from hell.

Renting concerns

Renters should also be aware that the landlord’s policy may not cover their possessions or provide liability protection in case they are sued.

On the other hand there's always the possibility of the tenant from hell who wreaks havoc and then falls back on legal renters' rights law to over stay their welcome.

Instead of jumping at the prospect of a windfall, first-time landlords should spend ample time researching city and state landlord/tenant laws, tax rules and other related information.

A detailed background check on the prospective tenant can help identify any potential problems that may arise during the tenancy.

Many cities and municipalities as well as apartment and landlord associations also offer landlord/tenant services departments to help with questions and to avert disputes.

DeadlineNews.Com offers more tenant-landlord news that really hits home!


© 2008 DeadlineNews.Com

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group -- DeadlineNews.Com, a real estate news and consulting service and Web site and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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Obama could use some 'career renter' moves

With an upcoming historical presidential inauguration in a town grappling with a historic economic downturn, finding housing in the nation's capital these days ain't easy.

by Broderick Perkins
© 2008 DeadlineNews.Com


Unauthorized use of this story is a copyright violation -- a federal crime.

Deadline Newsroom - With an upcoming historical presidential inauguration in a town grappling with a historic economic downturn, finding housing in the nation's capital these days ain't easy.

Just ask President-elect Barack Obama, a housing victim of his own success.

The Commander-in-Chief-to-be lost his bid to move from Chicago to Blair House (the official guest residence across from the White House) in time for First Daughters Sasha and Malia to start school in Washington on Jan. 5.

Blair House, Washington, D.C.

Protocol for the next most powerful leader in the world to move into the town from which he'll govern, calls for a Jan. 15 occupancy of Blair House -- at the earliest.

The outgoing President George W. Bush already booked the property for guests attending his end-of-term events, and current administration officials say it's not a slight against the nation's first African-American president.

"You're trying to make a story out of something that's not a story," Sally McDonough, spokeswoman for First Lady Laura Bush told a rabid media throng.

"It's not a question of outranking the Obamas. Blair House will be available to them on January 15."

The Obamas, who need temporary housing for a few weeks before they take up residency in Blair House and later the White House, can take a cue from renters who've learned the ropes in a nation awash with people suddenly seeking non-owner-occupied housing for one reason or another.

Those tenants have learned to take a serious "career renter" approach to housing, even when they don't plan on renting forever.

The key is a hard core approach that pulls out all the stops to quickly put a roof over your head when buying isn't an option.

Here's what career renters do -- which, ironically is a lot like running for president.

• Approach your rental-housing search like you would a job search. Be organized, serious, and professional in both actions and appearance so that you stand out as the best applicant. Leave the shorts and flip-flops for the beach. You want to make a good impression and demonstrate that you will be a good steward for the landlord's property.

• Carefully vet and contact your references ahead of time to be sure your information on them is current and that you have their permission to use them as a reference.

Barack, Sasha and Malia Obama

• Keep your credit and finances in good standing. Obtain a free copy of your credit report from the one and only federally-sanctioned AnnualCreditReport.com. Examine it, correct any errors, and make sure what you say in the rental application is consistent with what the landlord will see on the credit report.

Likewise, any data compiling agency, including major rental screening operations regulated by Fair Credit Reporting Act (FCRA) and its Fair and Accurate Credit Transactions Act (FACTA) amendments are required to give you access to your data for free. If a report isn't free and you can purchase it, do so.

• Be prepared with all the information you need to complete a rental application. That includes, full, prior addresses, bank account and credit card numbers, a list of references. Landlords will not respond to incomplete applications. A rental application form, available online and from legal self-help, community and social organizations, prepared in advance, may be acceptable. Even if the landlord rejects it, it is a good way to compile your information for on-the-spot easy transfer to the landlord's application.

• Consider preparing a renter's resume -- a chronology of your rental life, just like a job resume is, in part, a chronology of your career or work life. You may have to repeat the information on the application, but you will stand out as well-organized and prepared.

• Let all your friends, family members, associates and co-workers know that you are looking for an affordable rental and what you want in a rental home. Explore newspaper classified ads, renter magazines, and the Internet for listings. Post notes on social networking group Web sites and the old fashioned kind at public places you frequent.

• Check the latest listings first thing every day, and call early. Respond quickly when a landlord calls you back. If you have a cellular phone, leave that number and have it on while you are out looking at other apartments or forward your land line to your cell phone when you are out.

• If you leave a message on an answering machine, be sure to speak clearly and slowly, and repeat your name and phone number. Don't leave messages if you aren't going to be available for the next few hours or more. If you won't be immediately available to accept or return calls, state when you will be available when you leave a phone message.

• Know what you really want, and what you don't want in terms of square footage, rooms, housing type (single family home, apartment, duplex, etc.) and shop that market. Be flexible with the rest of your criteria (amenities, concessions, etc.). Be prepared to decide on the spot and be prepared to leave a deposit and/or credit check fee.

• Finally, if rents are rising and you are renewing your rental contract or renting anew, lock in your rental costs as much as possible by negotiating for the longest rental contract your lifestyle permits. Certainly, don't lock into a long-term contract if you know there's a chance you may be relocated or will have to move after a short period. Any savings you hoped to enjoy from a long term contract could be lost in costs to break the contract.

• Before signing on the dotted line, be sure you understand the terms of the contract, the monthly rent, due date, deposits, required care and upkeep, community or house rules and any other details. Get help with any of the terms or details you don't understand.

For more info: ConsumerAffairs.com's five-part series, "Behind The Screen Door: The Ins and Outs of the Rental Screening System" is required reading for all renters.

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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group -- DeadlineNews.Com, a real estate news and consulting service and Web site and the Deadline Newsroom, DeadlineNews.Com's news back shop. Perkins is also a National Real Estate Examiner. All the news that really hits home from three locations -- that's location, location, location!

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