We know – your school year is just getting started, but there’s been two major market trends here in Newport that will make it more challenging than ever to find off campus housing:
- Taking advantage of the red hot Newport real estate market, local homes including multi-unit homes that have traditionally been rentals are being sold with new owners turning these properties into primary or second homes.
- Many local homes and multi-unit homes that were long-term/academic rentals have transitioned into AirBnB and VBRO units, fetching in just one week what would be a full month’s rent.
What does this mean? Considerably less inventory. Many real estate agents are saying Newport is experiencing the lowest rental inventory in recent memory. Competition for the best college rentals in Newport, especially the nicest properties in the best locations, is very high. As a result, it’s important for students to form their housing groups for the next academic year early to lock in great housing.
At Teri Degnan Real Estate & Consulting, we have the LARGEST database of college rental listings in Newport, and a team of great realtors who are ready to help you find a terrific place to live next year.
Below are some tips for securing your housing for the 2022-2023 academic year, as well as a collection of listings that are still available. To browse our database, visit www.TDrents.com.
TIPS FOR STUDENT RENTERS:
- Start early - Properties with 4 - 5 bedrooms are typically already leased by the third week of the semester. Nobody likes to be searching for housing while trying to study for mid-terms in October!
- Designate a coordinator - Start a group text with friends you plan to live with to efficiently share and discuss properties, and coordinate showings with each other and your realtor. Tip: create two separate group text threads, one that includes your realtor and one that does not.
- Use the best resource you have available to find a great property - your realtor! Looking at listings is fun but your realtor is the best resource for FINDING a great property, including properties that have not yet posted online. He or she can answer questions you, your parents, and your roommates may have throughout the leasing process.
- Complete applications BEFORE you find a property - Completing your application NOW, instead of when you find a property, will save you a lot of hassle when the semester starts to get busy. Your realtor can email you an application to complete online so they can have it ready-to-go when your group agrees on a property to rent.
- Talk to your parents about co-signing - College landlords require a co-signer (one per student) to guarantee that rent will be paid. Talk to your parents about this and begin gathering the following documents to attach to your application:
- Your co-signer's proof of income (pay stubs, or for parents who are self-employed, tax returns).
- Your co-signer's credit report. Entering a lease contract is essentially asking for credit. Some credit reports can affect your parent's credit rating when obtained, but your realtor can show you how to obtain a free credit report that will not affect their credit
- A copy of your co-signer's driver’s license or ID.
- Be prepared to pay the first month's rent and security deposit upon signing - The first month's rent and security deposit are typically due at time of lease signing. These funds may come from your student loan refund or your family, but you should have these funds available to secure your 2022-2023 housing.
- Be a good neighbor - If you are already living off-campus, make efforts to be the type of tenant that your landlord would recommend. Pay your rent on time, take care of the property, keep it clean and don't have large gatherings that will draw attention from neighbors.
Finding your housing for next year can be a challenging process, but a professional realtor from Teri Degnan Real Estate & Consulting can help you every step of the way.
Welcome back to Newport, and good luck with your studies!