7 Things to Expect When Renting a Home in Wellington Florida

Are you looking to rent a home in Wellington Florida? If so be prepared! Even if you’ve rented a home in the past the rental market is constantly changing and so are the requirements. Before starting your rental search it’s imperative you understand what’s going to be expected of you and what to expect. Below are 7 things to expect when renting a home in Wellington.

1. Slim Pickings

Wellington tends to have a lack of rental inventory throughout the year, so prospective tenants may not have a lot of options to choose from. Some people are under the impression it’s harder to find an unfurnished annual rental “in season” because there is more competition, but people looking to rent seasonally are usually only interested in short-term furnished rentals, not unfurnished annual rentals.

So tenants looking to rent in Wellington during the season have zero impact and are not competition for those looking to rent year-round. There tends to be a severe lack of inventory towards the end of the year because most people don’t want to move during the holidays. It has nothing to do with tenants coming during “season” for the equestrian events or simply to enjoy South Florida winters.

2. No Negotiating

With a lack of rental inventory and high demand, most landlords are not negotiable on the monthly rent or deposits. Tenants should be prepared to pay full price and put down the first month’s rent, last month’s rent, and a security deposit equal to one month’s rent, if they have good credit.

If they don’t have good credit the landlord may reject their offer altogether or require them to put down additional months rent upfront or a larger security deposit. What is considered good credit? It varies from landlord to landlord, but typically anything above 700 is considered good. While this may not always be the case it is things to expect when renting in Wellington.

3. Quick Possession

Roughly 95% of homes listed for rent in Wellington Florida are available for immediate occupancy and a majority of landlords will only hold a property for 1-4 weeks. It doesn’t mean the tenant has to move in within that period, but it does mean the landlord wants to start collecting rent within that period.

If a tenant doesn’t need to move for 90 or even 60 days it’s unlikely a landlord will hold a vacant property that long. Tenants need to ask themselves, why would a landlord let their investment property sit empty for several months and pay the overhead when the odds are in their favor that they’ll find a qualified tenant to move in sooner?

So if you aren’t looking to move for 60-90, maybe even 45 days, this is one of the many things to expect when renting in Wellington. Now a small percentage of landlords will list their home for rent 30-60 days before it’s available, so those are the homes prospective tenants should focus on if they’re not looking to move within 30 days.

Renting a home in Wellington Florida can be challenging especially if you're not prepared. Here are 7 things to expect when renting a home. #wellingtonfl #renting Click to Tweet

4. Income

Almost every landlord is going to have income requirements, the only time they may not care how much a prospective tenant makes is if they pay for the entire year of rent upfront. However, if a tenant pays by the month a landlord will most likely have a minimum amount of income tenants must make.

How much income do tenants need? It varies, but the rule of thumb for most landlords is 3 times the monthly rent. So if the rent is $3,000 a month the prospective tenant needs to make at least $9,000 a month. While this is a “rule of thumb” it’s pretty much standard for private landlords these days and one of the many things to expect when renting in Wellington.

If you don’t meet the minimum income requirements paying an additional month or months of rent upfront may be one option a landlord will consider. Another option may be getting a co-signer. There are plenty of tenants who only make double the rent and pay on time. However, a landlord’s main concern is that rent is paid on time every month and they know the more money a tenant makes the more likely they won’t be late. So even if the landlord has income requirements there may be other options.

5. Credit Score

Some landlords are laser-focused on a prospective tenant’s credit score and will want all occupants over the age of 18 to have a minimum credit score. Sometimes landlords will only consider excellent credit, above 700. While some will consider average credit in the mid to high 600 range. In my experience, most landlords consider a credit score under 650 “bad” credit.

In addition to the landlord having credit requirements, some HOAs do too. So before a tenant even starts their rental search they should know what their credit score is. They should also be able to explain any negatives that impact their credit, such as foreclosure, bankruptcy, and/or repossession.

6. As-Is

If the home for rent is vacant the condition one of the many things to expect when renting is that home will most likely be in the exact same condition on the day of move-in. So if you view the home with scuffed-up paint and dirty carpeting odds that’s how you’ll receive it on the day of move-in. From a landlord’s standpoint, you saw the property and submitted an offer based on the current condition.

In my experience, if a landlord is going to make improvements or changes to the property such as paint, replace flooring, or install new appliances they will do so prior to listing the property for rent or will have it noted in the MLS if they plan on making changes.

Tenants can certainly ask a landlord to make improvements in their offer. However, if the property has multiple offers that might be the first offer the landlord rejects. They don’t want to do any work or feel if the tenant is “demanding” now they might continue making demands throughout the lease. Also, keep in mind if the landlord says they’re going to fix something make sure to get it in writing and signed by all parties, if not they may not fix anything.

7. Pet Policy

When renting a home in Wellington a majority of landlords recognize that most people have a pet. Whether it’s a cat, dog, bunny, or reptile, the list goes on and on. While not many landlords want pets they realize they need to be open to accepting them.

Some will have restrictions on the type of pet, how many pets, and the weight of the pet. If the home belongs to an HOA they too may have restrictions on type, number, and size. This is one of the things to expect when renting a home and to know about.

Final Thoughts

If you’re looking to rent a home in Wellington Florida I highly recommend hiring a knowledgeable Realtor who handles rentals and will educate you about all of the things to expect when renting. Any agent can open a door, but not all agents know how to properly prepare and present a rental offer. Also, understand what your obstacles are; pets, income, rental history, credit, and criminal record. Don’t lie, be upfront with the landlord if you have any negatives in your past, honesty can go a long way.

If you decide to go at it alone and not use a Realtor you’ll want to learn how to avoid getting scammed. There are hundreds, if not thousands of rental scams on the internet, which if you’re not careful will cost you. Not only will you not have a place to call home you could lose thousands of dollars too. So make sure to keep these 7 things to expect when renting a home in mind.

If you are looking to rent a home in Wellington Florida or need to list your home for rent call 561-333-0446 today!

Please consider spreading the word and sharing; 7 Things to Expect When Renting a Home in Wellington Florida

Renting a home in Wellington Florida can be challenging especially if you're not prepared. Here are 7 things to expect when renting a home. #wellingtonfl #renting Click to Tweet

About the Author

Top Wellington Realtor, Michelle Gibson, wrote: “7 Things to Expect When Renting a Home in Wellington Florida”

Michelle has been specializing in residential real estate since 2001 throughout Wellington Florida and the surrounding area. Whether you’re looking to buy, sell, or rent she will guide you through the entire real estate transaction. If you’re ready to put Michelle’s knowledge and expertise to work for you call or e-mail her today.

Areas of service include Wellington, Lake Worth, Royal Palm Beach, Boynton Beach, West Palm Beach, Loxahatchee, Greenacres, and more.

7 Things to Expect When Renting a Home in Wellington Florida