Have you noticed that there aren't as many "For Rent" signs in your Edmond neighborhood as there used to be? That may be because rental properties are at a premium in our area right now. There are a variety of reasons that people are opting to rent over buy. Some are relocating and have a house to sell outside of Oklahoma. Some do not meet the current lending standards to qualify for a mortgage. Some are in transition and need short term housing. Whatever the reason, more people seem to be choosing to rent.
I specialize in helping people buy and sell homes in Oklahoma. But recently, I helped someone with a rental. Here is what I learned in the process;
- Because rentals are at a premium, the landlord/property owner is in the driver's seat. If you do not rent the house, someone else will very soon. So there is little incentive for the property owner to negotiate terms.
- Because rentals are at a premium, IF and WHEN you find a house that meets your needs, jump on it. It will not last for long.
- Most landlords and property management companies have their own lease agreement. While a purchase contract is written to protect the buyer, a lease agreement is written to protect the property owner. Read the document in it's entirety before signing.
- A typical deposit equal to one month rent should be expected. Additional deposits may be required for pets or a poor credit history.
- Expect to pay a non-refundable application fee for each occupant over the age of 18.
- If multiple applications are received, the highest rated applicant will be accepted. This will be based on credit score, rental history and employment.
- Appliances such as refrigerator and washer/dryer may not be provided.
- Because rentals are at a premium, most properties are being marketed prior to availability. This means 24 hour advance notice must be given to the current tenant prior to a preview.
- To secure a property, a deposit and signed lease may be required. If the house is currently occupied, it may be dirty and in need of repair when you preview it. You have to take a leap of faith and trust that the landlord will ensure the house is in a condition acceptable to you prior to your taking occupancy.
The most important lesson I learned? RENTER BE AWARE!
Sure, there are reasons you may have to rent instead of buy right now. But in that arena, it's a "Landlord's Market" so be sure to be prepared. If a purchase is possible for you, it's a buyers market! There are plenty of options and interest rates are at historic lows. Give me a call at the CENTURY 21 Goodyear Green office, 405-359-7400. Just ask for Kristyn Grewell and we can get started right away!
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