Bangor Maine Apartment Rentals

Renting an Apartment in Bangor Maine should be easy shouldn’t it?

As a small business owner in the quiet little town of Bangor Maine, you need to wear a few hats in order to make it work financially.  Choosing this town to call home certainly wasn’t due to the huge population base or business potential for building a huge empire, but these are secondary to living in a location that would provide a strong foundation for our children and a good strong sense of community.

When we originally began exploring opportunities to acquire multi-unit homes to begin what is now Canuck-Investments, we quickly realized that Bangor had many apartment complexes that were far from what I would consider “Clean & Affordable” places for people to call home.  So in the early stages of investing, many of the buildings that were in our price range (Zero Dollars), simply were not quite in the condition that we would have liked but as the old saying goes….  You have to start somewhere.  At the time I was working as a chemical engineer and we were able to re-invest into these properties and live off of my engineering wages and we are glad that we did.  It seemed from this “lack” of clean and affordable apartments, if we were able to provide this to the market, our vacancies would be low? And that is exactly how things have gone. 🙂

So enough about the back drop, here are a few things to consider when renting apartments;

    • It is extremely important to set a budget for an apartment, and remember that you need to consider all of the additional expenses that you will be responsible for:  Electricity, Cable, Phone, Internet etc…
    • One of the things that people can often gloss over is the location of the apartment especially if you are relocating to a new area and in this case Bangor.  Let’s be honest, everything is relative and I’m happy to say that overall our town is extremely safe and there are few “Bad” areas, however; there are certainly what I would call “Undesirable” areas of Bangor for sure just like everywhere.
    • Understanding a little about the current ownership and/or management firm responsible for day to day operations is another key item to investigate prior to jumping into a lease agreement and this could be as simple as getting a reference from the company.  Some questions you may want to ask;
      • If a maintenance issue arises, how is this addressed and typically what is the response time?
      • How many units does this company or firm manage?
      • Where are the owners or management firm located?  certainly proximity has a big impact on how “involved” they may or may not be….
    • It is very important to have a look out into the horizon to determine whether you think it would make sense to sign a lease that is contractually binding for a full year if you are only confident of your situation for 6 months.  If you are required to break a 1 year lease 6 months early this could be much more costly than asking up front if the owner would consider a 6 month lease and many times they will.

This isn’t necessarily anything that common sense can’t provide and so nothing overly insightful however in the 8 years doing this I continue to see people missing a couple key items that can add undue stress and aggravation to someone’s busy life.

Although we try and continue to improve in all areas, these things take time but the one thing we continue to build our company on are win/win relationships with our tenants, our business partners and our team!  Thanks for reading and have a blessed day!

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *