The Austin, Texas rental market is super hot right now. Prices are up and inventory is down. It all comes down to basic economics. When there is no supply, the demand is high, which means leasing prices have gone up and it's making a lot of renters panic. Take a deep breath and let's be realistic about what you are looking for. I've made a list of a few tips to help you (and your Realtor) while you are searching for a property to lease.
1.)Know what you are looking for. What does that mean? First - location. Narrow down your search based on where you want to live. Near a freeway? Near your job? Near your favorite park? Near Downtown? Lots of factors go into this and express to your Realtor your wants. Don't have them send you homes in North Austin when you want to live in South Austin. The more you narrow down your search, the better results you will have to choose from. Plus with the price of gas lately, it saves time and money for everyone.
2.)Fill out an application ahead of time. Your Realtor can send you a blank application (minus the address) so that way, they can tell you upfront if you are a Good prospective tenant for a future landlord. This application will include your rental history, your job history, your credit history, and your permission for a criminal background check. These 4 items are super important to pass with flying colors if you expect to rent a new place. If there is problems in any of these departments, just be honest, because it will come up once the application is processed. Lying on your application can be ground for immediate rejection, so the truth matters. Also, keep in mind that most owners/property management companies are looking for 3 to 4 times the amount of rent to equal your income. For example, if you are looking in the $1000 rental range, you must make at least $3000-$4000 a month on your paychecks to qualify. If you don't, then lower your price range.
3.)Be prepared to have your application fee and deposit funds ready to submit with your application. If you don't have current money in the bank to cover these 2 important steps, then you shouldn't be looking at rentals. The market is so hot right now that homes are being snagged up as soon as they are listed. By putting your deposit in with your application, it takes the property "off the market" and goes pending, so no other person can steal it from under you. Most companies do a "first come", "first serve" It's a competitive race right now and not only are you looking but many other persons are trying to rent as well.
Let me know how I can help you with rentals in Austin, Texas. I can set you up on an automatic search that emails you the latest listings to keep you in the loop ahead of other renters. Thanks for reading!
Comments(0)