I’ve become somewhat of an expert on the rental market in Maplewood, S. Orange, Millburn, Short Hills, Livingston and West Orange lately through my work with The Station House in Maplewood, NJ. Despite the fact that the market for sales/purchases is currently strong the rental market is holding up too.
In our area, there is a limited supply of rentals on the market at any one time so nicer places lease quickly. Over the next couple of years the rental landscape will be changing with several new, large rental properties coming on the market in South Orange and Maplewood. This will be interesting to watch, as it will impact the rental market and potentially the commercial areas in town as well.
There are many reasons why people want to rent in our area and some of them might surprise you. There are the typical profiles—people downsizing from a larger home or getting a divorce who want to stay in the area, or young singles and couples who are moving out from the City. Yet, there are a significant number of people who are relocating to our area from out of state and want to “test the waters” before making a purchase. Believe it or not there are a number of people who are moving from towns further west who want the shorter commute that our area offers. Another interesting rental trend I’ve noticed in the rental market is for older adults to relocate to our area to be closer to their children and grandchildren.
Here are some things to consider when considering renting a property:
- What type of credit/background check or proof of income will be required?
- Can you negotiate a better rental rate if you lease for a longer term or pay some of the rent in advance?
- Why pays for the repairs if something should break?
- Who pays for the brokerage commission if there is one?
- How much notice do you need to give for terminating or renewing the lease?
- What is the amount of the security deposit that is due?
- Are there additional fees for pets or pet restrictions?
- Are utilities, lawn maintenance and parking included in the rent?
- Is renter’s insurance required?
- What type of advance notice does the landlord need to give you for showings to new tenants toward the end of your lease?
If you have questions about this topic or need help with a rental in our area and would like the assistance of a top Maplewood Realtor give me a call at 917-751-0448.
Allison Ziefert, Keller Williams Midtown Direct, Maplewood, NJ