August 3, 2022

What to Consider When Navigating the Rental Market

Whether it is your first ever time looking for a rental home or it could be your last, finding the perfect property that fits not only your budget but your lifestyle as well can be challenging. Scott Vanderspek is here to help. As an experienced Surrey real estate agent, he has spent a lot of time analyzing the rental market and helping families find the rental home of their dreams.

Whether it is your first ever time looking for a rental home or it could be your last, finding the perfect property that fits not only your budget but your lifestyle as well can be challenging. Scott Vanderspek is here to help. As an experienced Surrey real estate agent, he has spent a lot of time analyzing the rental market and helping families find the rental home of their dreams. 

The fluctuation of the market 

The real estate market is affected by many influences, including the ongoing pandemic which has slowed down the construction of new properties significantly. However, it seems that the fluctuation of the rental market only goes in one direction - upwards. It’s true, every year landlords try to get more out of their rental properties and increase their prices, thus everyone in the neighbourhood follows accordingly. 

If you have decided to rent rather than buy and if you know you are going to be living in a “hot” area, consider the harsh reality of yearly rental increases and factor that into your budget planning. 

Current listings - think ahead 

It’s a good idea to start looking early and seeing what’s currently out there. Rentals in desirable areas can be hard to come by, especially in the current market here in Surrey, British Columbia where there is an overwhelming lack of inventory. 

If you would like to rent a brand new property you can even look years in advance, finding which developers are building in your desired area and see if you like their design style. If you aren’t looking for a newly constructed home, doing some internet research would also be helpful to get a sense of the prices in the area. 

A good real estate agent 

Don’t be surprised if searching for a rental becomes overwhelming for you and your family, it can be a tedious process. A real estate agent can help guide you through this process and offer thoughtful and informative advice. Great rentals get snatched up quickly which is why you need a realtor that knows their rental market. Scott Vanderspek offers his professional realtor services to the city of Surrey and other areas in the Lower Mainland of BC. 

The landlord 

Your landlord can have a big impact on your renting experience, on whether it’s good or bad. If you have a bad landlord, one who either ignores boundaries or is tough to communicate with, it will create a miserable living experience that could even go as far to incite legal action. 

To ensure this doesn’t happen you can set up a virtual or in-person meeting with your landlord and ask them about their previous experiences with tenants. It’s interesting that it is normally required for prospect renters to provide referrals and sometimes even a background check but we do not expect the same for landlords. 

The neighbourhood 

Think about who your new neighbours will be and try to envision your life in your new neighbourhood. Try and talk to at least one neighbour or local to the area and see how they like living there and if they have any complaints. You can even download the Nextdoor app which allows people to create posts just for their local communities and have discussions. 

Pet policy 

Included in the lease should be your landlord’s pet policy. If you have a pet or plan on getting a pet, this small detail is very important. Make sure to check: whether the landlord charges a pet deposit; if the deposit is refundable; type of pets allowed; and weight limitations on the pet. For example, if you live in an apartment or condo building, you may only be allowed to have a dog or cat up to 20 pounds.

Let me help you find your next rental 

Scott Vanderspek has access to an extensive network of renters and is up-to-date on all things regarding the rental market in Surrey. Looking for your next home? Contact Scott today.