How to Find a Rental Home in a Tough Housing Market

By Jen McDonald for MilitaryByOwner Advertising, Inc. 

The real estate market of 2021 has been reactive, to put it mildly. With the continued (and hopefully waning) pandemic, the real estate trends of low interest rates, low home inventory, and a seller’s market have meant home prices have seen their highest surge since 2006, according to Bloomberg. 

With homebuyers finding themselves in bidding wars and coming in with offers thousands above asking price and still walking away empty handed, it makes sense that the rental market has also been affected.

“Why is rent so high in 2021?” is a common Google search phrase for would-be renters. The whole scenario can seem depressing to military renters who find themselves competing with disappointed home buyers looking for alternative housing solutions—meaning rentals. And over the past months, the majority of states have seen an increase in monthly rent prices, with only studios and one-bedroom rentals beginning to see a recovery as of Spring 2021.  

In spite of these challenges, it looks like there’s some good news for military families about to head into the typical PCS move and house hunting season. U.S. News & World Report Real Estate predicts that we’ll begin to see a slow recovery. They note the following: 

• Interest rates may rise slightly, but are expected to remain relatively low.
• Home inventory will increase, but it will stay a seller’s market.
• Homebuyers will still be focused in the suburbs, but interest in city living will see some revival.
• Rental assistance will ease some eviction worries for renters.

Even with better real estate days coming, the continued decreased rental inventory that exists nationwide will likely impact you if you have a PCS move on the horizon.

Let’s talk about some practical tips for finding a rental home at your new duty station in the midst of this unprecedented real estate market:

1. Look outside your initial desired area or type of rental home. 

As you move into your new area, you may have a specific town or even neighborhood that you prefer. But to increase your chances of finding a rental that you love, broaden the radius of your home search. Being open to a change of location or an even slightly longer commute could yield more rental homes to choose from. For instance, if you’ve been wedded to suburban living in the past, take a fresh look at city life and vice versa.

And what about the type of rental home? If you’ve always looked for a single family home in the past, consider a condo, townhome, or even apartment. This could be the time to try something new! You might also consider options such as a room for rent or a short-term rental. Get more ideas for broadening your home shopping criteria in When You Can’t Find a Home at Your New Duty Station.

2. Reach out to your network. 

Whether it’s a Facebook group, a spouses’ organization, or a friend of a friend, you may get news of a home opening up well before the property manager or landlord puts it on the market. Don’t be shy; tell everyone you know that you’re looking for a rental! You never know where you might find a lead.

And don’t forget that searching for a home, whether to rent or buy, is always free at MilitaryByOwner. You can search by installation, city, type of home, and so many other parameters. Just look for your military installation and start browsing home listings immediately. (Take a look at 4 MilitaryByOwner App Features That Make Your Home Search Easy for more info on home searching.)

3. Hire a realtor to help you find a rental home. 

While they’re typically associated with home buying and selling, many people don’t realize that a realtor can also assist you in finding a rental home.

While using the services of a real estate agent to find a rental may involve fees, in the end it could help make the home shopping process easier and less stressful, especially in high demand areas like Washington, D.C., which may require more finesse than other locations. In some areas, the fee is paid by the owner of the property. 

Another option is to contact a property manager near your new installation. Property managers will have an understanding of the neighborhoods you’re considering and also know when homes are about to come on the market. 

Pro tip: When considering realtors, check to see if they have the Military Relocation Professional (MRP) certification. This is extra training a real estate agent can complete in order to better understand the needs of relocating service members and their families. While it’s not a dealbreaker, seeing the MRP certification lets you know that the realtor truly understands the differences and challenges of a military move compared to a civilian one. 

Are you a military renter navigating this tough housing market? We wish you all the best during your PCS move. And we’re here to help! Visit MilitaryByOwner for more resources, including articles, videos, installation regional guides, and free ebooks. We’re here to support you through your military relocation! 

If you liked this post, check out Moving Into a New Rental? Tackle These Important Tasks First and 9 Mistakes Military Renters Make.