One out of every 175 households in Nevada is in foreclosure, according to a recent report released by the foreclosure-tracking company RealtyTrac. The Silver State has led the nation in foreclosure rates for the last six months, and it seems that ranking will hold until the housing slump begins to subside.

For unsuspecting homeowners who were sucked into adjustable rate mortgages and are now in foreclosure, or for those who want to wait out the recession before purchasing a home, renting a house, apartment or condominium may be the best alternative.

Many real estate gurus claim renting a home is akin to throwing money down a drain, but that’s not always the case. For young employees just entering the workforce, renting an apartment is a good practice run in terms of sticking to a budget and being fiscally responsible. Former homeowners down on their luck can rent in order to get their finances in order and rebuild their credit scores.

Renting offers a variety of options, and it is relatively easy to find a price, size and location that work for you. But before you get stuck in a lease that’s difficult to break, there are five easy steps to finding the best deal possible.

1.) Set a target move-in date. Knowing how much time you have to scout out a new place is pivotal. You don’t want to be in a huge hurry, otherwise you might settle for a place that’s in a neighborhood you hate or end up paying more than you bargained for.

After you know when you want to move, you can begin your search. Find a few neighborhoods that you like, whether it’s Downtown where all the action is or in the quiet subdivisions of Summerlin. And with gas prices remaining well above $3 per gallon, living near places that you frequently drive to (work, school, church, etc.) is a good idea.

While hunting for a new home, go with your instincts. If a certain apartment complex seems like a poor fit, then it probably is. If you think a home will require more than a few repairs, think twice. Keep all of these factors in mind when narrowing down your search.


2.)   Decide what type of home you want. Once you’ve narrowed down your list of potential neighborhoods, figure out what type of home you’re going to need. Are you living alone, or do you need a big space for your family? An apartment is a great fit for a single person, a couple or a few roommates. Condos are typically more spacious and are suitable for people who need more room. Houses are obviously a good choice for families or a handful of roommates to split the rent.

Now that you know what kind of living space you’re looking for, it’s time to step up the search. Apartment complexes abound in Las Vegas, and are typically owned by large companies like Picerne, ConAm and Camden, among others. To find a great, affordable apartment, get recommendations from friends and coworkers who have lived in nice apartments, or simply take a drive around the area and write down the names of the complexes you like. Also, if you know of a great apartment management company, check out their website and see what complexes look good to you.

ApartmentRatings.com also provides reviews of apartment complexes written by people who have lived there. If a complex has an overwhelmingly negative rating, you may want to look elsewhere.

Renting a house or condominium may be a bit more difficult than renting an apartment, but you will also have more space. Houses and condos can be rented through companies or individuals, which provides a great deal of options. If you need someone to walk you through the process, many real estate companies offer rentals, and you can contact an agent to begin looking at places.

If you want to rent from an individual, try looking in the classifieds section of the Las Vegas Review-Journal or on Craigslist.org. You can find a great house or condo to rent by looking online, though it may take longer to find something you like.

If you find a few places you’re interested in, call the complex, realtor or homeowner and set up a tour. This should help you determine which place is right for you.


3.) Make a budget. After deciding which home you want, sit down and figure out your finances. First, you need to know what your post-tax monthly income is. Then, make a list of your monthly expenses—car insurance, cell phone bill, student loan payment, etc. Deduct those amounts from your income, and what you’re left with should be enough to cover rent and utilities.

Experts recommend that you spend about one-third of your monthly income on a housing payment, whether it is a rent or mortgage. If your rent is more than half of your income, you will be unable to build up your savings for vacations or emergencies.

Also, make sure you have enough money saved before you sign a lease to pay for the move-in costs, which is typically the first month’s rent, last month’s rent and security deposit. If you’re going to need to rent a U-Haul or hire movers, have enough money to cover that as well.

And look into renter’s insurance, which can usually be purchased from your car insurance agent for a reasonable amount. It will cover your belongings in case of theft or damages.


4 .) Know the facts. Before you sign a lease, find out all the information you can about your potential place. During your tour, you should have noticed any problems the home may have and been able to have maintenance work done before you move in. Ask the company or individual you’re renting from what utilities, if any, are included, and what additional fees you will be expected to pay.

If you’re renting a house, you should also be aware of the homeowner’s mortgage situation. If they are anywhere near foreclosure, find another place to live. A July 27 article in the Las Vegas Sun detailed a number of stories about Las Vegas tenants whose landlords stopped paying their mortgages and allowed the homes to fall into foreclosure. The tenants typically had less than a week to move out. There is no law requiring homeowners to share financial information with potential tenants, but find out as much information as you can in order to prevent being evicted due to irresponsible landlords.

If you are comfortable with your finances, the state of the property you’re renting and the company or individuals you’re renting from, then it’s time to sign the lease.


5.) Keep records of everything. Purchase a filing bin and a few folders and mark separate tabs for your lease, general information and bills paid. Keeping a copy of the lease is of the utmost importance, because it is a legal document with your signature on it. If your landlord agreed to terms stated within the lease and then violates those terms, you will have proof.

Also pay attention to every piece of paper with your name on it, otherwise you may not notice when your cable company overcharges you that month or your power bill seems too high. If you have a copy of each statement, rectifying any discrepancies will be much, much easier.

And at the end of the day, whether you rent or own, you now have a place you can call home.

By Caitlin McGarry

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