If you are looking for a property to rent, then you will likely go online to check property listings. Real estate listings are short descriptions of a property and its features, and while this might seem straightforward, listings can be misleading. For instance, a property that sounds great in the description might be disappointing when seen in person.
In this article, our team at Thornburg & Associates, Inc. will provide a few tips on how to properly interpret property listings.
- Square Footage – When looking at property listings, always check the property’s square footage. Then, divide the total rent by the square footage to calculate how much the owner is asking per square foot of space. Comparing this figure across different rental properties will give you a better idea of which listings offer the best values.
- Days on Market – Another thing to check when interpreting property listings is the number of days each property has been on the market. When buying a home, you can use this figure to negotiate a better deal—if the home has been on the market for a long time, the owner will probably be more willing to give you favorable terms to sell it. This strategy is not as viable for renters, but you should still factor the length of time on the market into your decision. If the photos and price information look great but the unit has sat empty for weeks or months, then there could be a hidden flaw in the property.
- Utilities – When browsing property listings for rental properties, always check to see the utility costs. Many rental properties include some utilities in the rent, or they cover certain utilities for a modest additional fee. Factor the utility costs into the total price when deciding which unit is best for you.