Philadelphia is one of the country's most dynamic real estate markets, and we understand that making the decision to rent can be an overwhelming experience. From mastering Philadelphia's differing neighborhoods to planning for navigating a lease, there's a lot to learn.
Find an Agent
Look for a licensed real estate agent who is knowledgeable about the neighborhoods you're considering and can help guide your search. Compass agents have a depth of experience in negotiations, knowledge of nuanced leasing contracts, and are highly networked with other agents.
Touring Potential Spaces
Your agent will provide you with a comprehensive list of rental options that best match your criteria and price range. Touring these properties will give you the best insight into the area, the space, and the condition. However, if you are renting remotely, your agent can provide a step-by-step virtual tour of the home.
Review the Lease
Your agent can review your lease agreement in detail to ensure that the contract is fair and protects your interests as a lessee. Important clauses to review with your agent include use and access to premises, lease terms, return of security deposit, and any additional addendums such as subleasing, allowance for pets, and property maintenance.
Determine Your Wants & Needs
Before beginning your search, set parameters. These should include items such as preferred neighborhood, ideal square footage, number of bedrooms and bathrooms, as well as additional amenities such as outdoor space or parking.
Prepare Your Financials
Upon submitting an application for an apartment of interest, you will be required to provide financial information including a W-9 or recent pay stub, tax returns, and consent to a credit check. Additional steps may be required including a background check, rental history, and references.
Making a Decision
After being approved and reviewing your lease with your agent, it’s time to make a decision. Decide which home best suits your needs before making the exciting decision to sign a lease!
Set Your Budget
Set a price range you will be comfortable with, ranging by about $200, starting with your ideal price point. Keep in mind that different areas differ greatly in price range, and additional amenities will also influence pricing. Your agent can help you set realistic expectations based on your budget.
Submitting an Application
Prepare your personal and financial information to submit an application for properties of interest. Following this step, the landlord and/or management company will reach out to let you know of your approval status.