Revolve Philly Group’s Guide for those looking to rent or rent out a property in Greater Philadelphia. Our guide for landlord and tenants.
If you are confused on whether you should rent or buy in Philadelphia, contact us. Our team will give you an unbiased opinion based on your situation. No two situations are alike and thats why we like to have an initial consultation with you. Philadelphia is the city of neighborhoods, so there are tons of places where you can rent and the decision can be overwhelming. We can help you select where you want to live and explain or negotiate a lease for you.
If you are looking to rent a home or a condo that you own, we can assist you. The process of renting your property can be a difficult process and it is important to find good tenants. We can set a price, take professional photos, find and screen tenants and collect the initial payments. We can also set you up with a top management company if you need one.
Here are the steps in the Rental Process:
- Select a Real Estate Agent: It is important you find a Realtor that is familiar with the area that you want to rent in. Many agents know of rentals in neighborhoods that aren’t even listed on the market that they can show you. Rentals go fast in Philadelphia, so you want to match with a Realtor who moves fast. Ask your agent at the Revolve Philly Group to set you up on a COMPASS collection which will send you the latest rental listings and updates on them.
- Tell Your Agent What You Are Looking For: When you start your search it is important to tell your agent what you are looking for. Important parameters include how many Bedrooms and Bathrooms you need, square footage, neighborhoods you would live in and any other amenities or features you want or need.
- Determine Your Budget: We suggest you give us the most that you want to pay monthly for rent and add $100 to that amount. That allows us to send you a search based on the high end of your budget and will also send you lower priced listings. Depending on the popularity of the listing, we can sometimes negotiate a lower rent.
- View Properties You Selected: Once your agent sends you potential properties to view, select the ones that meet your needs and your agent will show them to you. We also recommend downloading the Compass App which will make searches easy on your own time. By touring these homes or condos you get to see the actual size, condition and neighborhood. If you are looking for properties and not in the area, we can set up virtual property tours for you. We also recommend you look at our advanced search page . Under the property type, select rental and then enter all you’re parameters.
- Submit Lease Application: The application is basically a form that lists all of your financials and employment information. Most landlords also require you to do a credit and background check which your agent will guide you to. Most landlords will require paystubs, W-9’s or tax returns. The landlord or management company will then notify your agent if they selected you.
- Review the Lease: Go over your lease with your agent. All leases are different and it is important that you review the key terms. The lease should be fair for both parties and your interests should be protected. Some of the important clauses are pet policies, return of your security deposit, use restrictions, maintenance responsibilities, renewals and subleasing. If there is something that you do not like, tell your agent. Your agent may be able to get a clause altered for you. If everything looks good, take time to make a final decision before you sign the lease.
- Make Initial Payments and Get Keys: Your agent will tell you where to take or send the security deposit and first and sometimes last months rent. Once that is done, keys will be provided to you on your move in day.
We always recommend buying if thats an option for you, and most never know until we connect and involved a mortgage partner. The equity you get in buying a home in Greater Philadelphia totally outweighs renting. So if you want to explore that option fill out the form below. If you want to search for Center City Philadelphia homes for sale you can start your search here.