Rental properties are at a premium right now, and they are going fast. So it can be frustrating for anyone looking for an affordable, clean rental in the area of a city where they want to move. And expensive. Prospects can spend $200 to $400 per person just on application fees. It can get frustrating, fast. So here are some keys to renting a home fast.
Set Aside Time
A lot of property managers don’t show homes over the weekend, so plan to get away during the week. Some homes may be on a lockbox. With a lockbox, you can go to the house or apartment yourself and do a self-showing. Don’t rely on this method. Many homes will need to shown by a relator as well.
Do Some Research
Find a home you like? If possible, find out who the property management company is, and contact them to see if the place you spotted is still available. Properties rent fast, so don’t spend too much time thinking about it. It’s often “1st come, 1st served.”
As soon as a property is rented, the official listing is taken down. But this can take some time to propagate over the web, and some ads could be left behind. If it’s already rented, you won’t waste any more time and money going after it. Most of the listing sites online will have the property management company’s name listed. Talking to the property manager will introduce your interest to them, and you won’t waste any time going after a property you can’t get. The property manager may also have some other suggestions for places.
Be Ready to Act Quickly
-Have your paperwork ready to go, so when you find a place you like, you can apply immediately. Here are some examples.
-Landlord Verification – Are you currently renting? Make sure your current landlord knows you are looking, and will get a Landlord Verification from your prospective landlord. If your current landlord knows to expect this paperwork and has talked to you about it already, it can speed up your application.
-Mortgage Statements – Do you own a home? Have the last 2-3 mortgage payment receipts or statements ready to go.
-Tax Returns and Bank Statements – If you’re self-employed or a contractor, a property manager will want to see your last two tax returns and your bank statements.
-Copies of ID – Make a few copies of your driver’s license or other valid picture ID, and keep them on hand.
-Earnings Statement – College your last 2 to 4 pay stubs, or your proof of income if you’re self-employed.
Application Fees – Almost every property management company will require you fill out an application and pay an application fee. It can get costly, so have the money at hand to get your fees in first. Application Fees in most cases are not refundable, because the company pays the fee to process your application and your background report.
Security Deposit – Most companies do NOT take cash and “usually” require certified funds. For us, our security deposits are $50 less than the posted rent.
First month’s rent – Be ready to put down your first month’s rent up front if required.
Administration Fee – The admin fee to administer the lease and get you into your home is around $300
Preparation and Commitment is the Key
Many times when we post a property, we can get more than 10 interested people in a day. Those that have their paperwork and money ready first are the ones that end up making the house they found online their family home. With preparation and commitment to keep your eye on the market, you’ll be well on your way to putting yourself in a property of your choosing. Remember to communicate with the property management company and to act quickly. These are the keys to renting a home fast.
Have you ever thought about investing in a rental property? Here are 5 reasons to consider making the investment! I promise you won’t regret it!
1. Rentals allow for greater return
The more you invest the greater return. This is true with anything but especially rental; properties. Say you have a property that is a great location but a little outdated. If you spend some time making those updates plus you already have a great location you could potentially charge a higher rental rate and get more money for your investment.
2. People always need a place to live
Real estate is always fluctuating. However, people always need somewhere to call home. So unlike other trends real-estate is an investment you can always rely on. Another perk of owning a rental property in this day and age is mortgages are becoming increasingly more difficult for the younger generation to be approved for. This generation also enjoys the flexibility of moving around. This means you have a large market of renter for your properties.
3. Rentals have worked for millions before
Perhaps one of the greatest benefits to rental property investing is the proof of concept handed down by millions of successful investors before us. Since the dawn of human civilization, landlords have built wealth by owning and leasing out residential property. Today is no different. According to IRS Statistics of Income data, about 10.6 million taxpayers declared rental income in 2015 for 17.7 million properties.
4. Rentals offer incredible variety
Rental Properties allow you to invest in single family homes, mulit-family properties, apartment buildings, office buildings and more.
5. Rentals are simple and straight forward
With All county managing your properties, you get the luxury of us having to do all the work and you get paid. We will be the middle man between you and your tenants from collecting payments, sending out service orders and just taking calls with any property related questions.
These 10 factors may influence the rental housing market, priced drops, and which cities will be best to invest in.
1• buyer market is young and unable to finance the purchase of a home
2• not enough single detached homes available to buy
3• risks in buying are high with high prices, rising mortgage rates and housing market uncertainty
4• millennials are career-minded and not necessarily willing to buy now
5• millennials/ Gen z are recently financially independent
6• home and condo prices too high to purchase
7• buyers won’t buy due to mortgage finance restrictions and long term worries over a recession/market crash
8• cost of living rising
9• millennial preference for older urban neighborhoods with walkability
10• immigration into the US is still strong
If rental properties are even a quarter of the $36 Trillion US real estate market, we can say with confidence that it has major economic impact. The growth in rental apartment, rental condos, and home rentals is creating a lot of jobs including property owners, managers, and the kind of extra income many investors need.
With the US real estate market managing to thrive during the coronavirus pandemic, many investors are beginning to make plans to enter the market this year.
In this year’s report, the effects of COVID-19 were analyzed among other market factors in order to rank US cities in the Markets to Watch list. Those listed below ranked in the top 10 for overall real estate prospects.
Dallas/Fort Worth, Texas has been ranked #4 in the nation. Those predicted market trends are listed below.
The Dallas/Fort Worth market has moved up the list from #6 in 2020 to #4 for 2021.
This points to a positive job outlook, with the report estimating that cities like Dallas/Fort Worth will see 28% new jobs from 2019 – 2025.
A diverse economy and a growing job market definitely earn the Dallas/Fort Worth housing market a spot on the list of the best places to invest in real estate. The location ranked #2 for its local economy.
Those looking to enter the residential market should know that the renter population is high in both locations: 59% for the Dallas real estate market and 44% for the Fort Worth real estate market.
Fort Worth Real Estate Market Statistics:
Median Property Price: $324,337
Price per Square Foot: $152
Price to Rent Ratio: 16
Traditional Rental Income: $1,655
Traditional Cash on Cash Return: 2.7%
Top Fort Worth Neighborhood for Real Estate Investing: Village Creek
Forecasted Real Estate Appreciation for 2021: 7.3%
Dallas Real Estate Market Statistics:
Median Property Price: $490,477
Price per Square Foot: $227
Price to Rent Ratio: 21
Traditional Rental Income: $1,966
Traditional Cash on Cash Return: 1.9%
Top Dallas Neighborhood for Real Estate Investing: Reunion District
Forecasted Real Estate Appreciation for 2021: 6.1%
Other Dallas/Fort Worth Housing Market Rankings for 2021:
#3 for Homebuilding Prospects
#2 for Real Estate Investor Demand
#9 for Development and Redevelopment Opportunities
#2 for Availability of Debt and Equity Capital
This list is based on the PwC’s Emerging Trends in Real Estate 2021: US report. The annual report put out by the PwC and the Urban Land Institute features key data, trends, and insights from over 1,600 real estate experts. https://www.mashvisor.com/blog/best-places-to-invest-in-real-estate-2021/