Bellingham vacancy rates at 1% as rents skyrocket

Bellingham vacancy rates for apartments have hit a record low as the occupancy rates reach 99% and rents continue to skyrocket. With vacancy rates lingering near 1%, the average rental rates have reached about $850 per month. The present conditions indicate that it’s difficult for tenants to get new dwelling places.

As soon as a new apartment is available, it becomes occupied in no time. The current situation has been prevailing for months. There are almost no chances of the conditions getting better for tenants in the coming months.

What should tenants do?

If you’re looking for rental property, you need to make a move quickly. As Bellingham vacancy rates are so low, new apartments become occupied in no time. You should grab an apartment as soon as it is available. If you’re looking for a nice rental place, here are a few tips that will help.

Network with people

You can talk to your friends and family to get an idea of the properties that are going to be vacant soon. When you get to know about the property, you can visit the place and talk to the landlord about renting it. Once the property gets listed, there will be several interested parties and it might be too late to make a move then. Let your contacts know that you’re looking for a home and are open to suggestions. This way, they might inform you when they get to know about a possible opening of a rental apartment.

Secure a good agent

If you don’t know many people who can help you out, you can get professional advice by getting a good real estate agent. A good agent will have information about the places that will soon be vacated. Since they deal with properties, they are the best contact you can have. Just talk to them about the requirements you have and the kind of rent you’re willing to pay and they will be able to find a place that will suit your needs.

Look online

There are several websites that will list the available rental properties in Bellingham. If you’re lucky, you might find a good place there. The problem with these websites is that they’re visible to everyone and as soon as a good property is listed there, it gets many takers. Move quickly or it may be let within a day or two. You can also look for rental property in newspaper advertisements but then again, you need to make an offer quickly.

Be organized

Make sure you are organized before you begin the apartment hunt. Most landlords will ask you to fill a form and attach a photo identification and income proof. If your job is new, make sure you have a copy of the joining letter. You can also use your bank statement to prove a steady income. If you have all the documents ready, the landlord may favor your application over others. Being organized can certainly increase your chances of getting a rented home.

Offer a higher rent

While a higher rent per month isn’t something that will be easy for you, adding just $20 per month to the rent can give a head start to your application. If you have a pet, you can offer an additional pet rent to the landlord to make them approve your submission. You can discuss this option with your real estate agent.

Be positive

If you have a good attitude, the landlord will prefer you over other tenants. Most landlords are aware that getting a good tenant is a difficult thing. They will accept your application if they start to like you. Renting a property is all about good business. The landlord will want to give it to a tenant that takes good care of the property. If you can show them that you’re a genuine person who is going to care for their property, they will accept your application.

Follow these tips to get the right rental property even while the Bellingham vacancy rates drop to 1%. A tenant with a bad credit rating can find it difficult to be approved. Make sure you get a financial guarantor before you fill the tenancy form.

Derek Worchel, Bellingham's most experienced real estate agent.

A Bellingham Real Estate Agent Who Knows Whatcom Property

My goal is to be your single resource for all your real estate needs. If you are looking for a Bellingham real estate agent who knows the Whatcom property market better than any other, contact me today to discuss how I can help you.

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My goal is to be your single resource for all your Real Estate needs. If you are looking for a Bellinghm Real Estate agent who knows the Whatcom property market better than any other, contact me today to discuss how I can help you.

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