Rental Secrets with Justin Pogue | Ep. 89

• No financial literacy or renting classes exist in school. Real estate bookstore sections contain only books for owners and investors, despite 43+ million renter households paying half a trillion dollars annually.

There's no really discussion of the mechanics of renting. Why do landlords do what they do?

• Landlords define market as a 1-1.5 mile radius around their property, comparing only similar amenities and finishes. Your market (near your job, across town) may be completely different.

Your definition of market is much broader than their definition of market is.

• Gather pricing from communities you consider comparable, even if outside the landlord's narrow market. Present data showing vacancy costs if you move out.

This is the marketplace you're competing in. And I get to define the marketplace that you're competing in.

• Unlike inventory that holds value, an unrented apartment loses $30/day on a $900 unit permanently. Landlords have a bias toward action because lost rent can never be recovered.

Every day that passes is a day of rent that they will never be able to get back.

• Late spring/summer sees peak demand from graduates and families. Late fall/winter offers discounts up to 7%, with fewer renters creating leverage. Lower starting rent means smaller future increases.

Your best bet is late fall into winter.

• Craigslist avoids paid ranking bias. Talk to current residents about maintenance responsiveness. Tour the neighborhood at different times to verify parking, noise, and amenities.

Come back at five o'clock. See if there really is street parking.

• Amenity costs are divided across all units. Tour on weekends to see real usage. The cheapest, most satisfying apartment Tiffany ever had had no pool, gym, or dishwasher.

Nine times out of 10, that's not going to happen. You're going to end up paying for the same gym membership plus the added amount in rent.

• Leasing agents ask questions to eliminate units without revealing cheaper options. It's acceptable to request units farther from amenities. Fair housing laws prevent steering, but agents can lead you to self-select.

It is perfectly acceptable to ask for whatever you want and need. The person, the leasing agent is not in charge of your budget or your finances.

• Property managers may list only a few units online. Scarcity mindset is manufactured. Always ask questions and tour in person.

• Never pay cash. Fill in landlord name on money orders immediately. Avoid credit/debit card convenience fees up to 5%. Always get receipts. Checks provide canceled-check proof.

Lighting your $50 on fire would be more useful than paying the convenience fee.