The Top 5 Things You Should Know About Leasing in North Dallas

By
Real Estate Agent with RE/MAX Dallas Suburbs TX Broker 0513551

homes-for-lease-or-rentMany of our clients are surprised to find out how strong the North Dallas rental market is. With the explosive growth that is taking place in our city we find that there is a large demand for rental properties and very little supply, making the rental market very competitive. Here are the top five things you should know before leasing a home.

1. When can I start my search? While you may need to give a 45 or 60 day notice with your current landlord, we recommend that you start your search no more than 30 days from your anticipated move date. In the current market landlords will not hold properties for more than 30 days for a prospective tenant.

2. Can I lease if I have bad credit? The answer is absolutely however, it will come at an increased cost. The typical security deposit with good credit is equal to one month's rent. If your credit falls below the median 620 you may be subject to a double or the rare triple security deposit. This means on a home that rents for $1200 per month your security deposit would be between $2400-$3600.

3. How much will it cost to lease a home? The typical fees you will see are application fees, security deposit, first months rent and any applicable pet deposits. Application fees can range from $35 to $50 dollars per applicant. Security deposits are equal to one month's rent and are based on good credit, income and rental history. Pet deposits can range from $350 to $500 per animal and typically landlords will not accept more than 2 pets. This means that if you are looking at renting a home for $1200 per month your total move in cost would be:

Application fee $50

Security Deposit $1200 for good credit $2400 for bad credit

First Month's Rent $1200

Pet Deposit $500

Total due before moving in would be $2950 to $4150

4. Can I negotiate on the rent? With the shortage of homes and increased demand in today's market we prepare our clients to offer the full rental amount. Many times there will be multiple applications on each property therefore by offering the full rental amount your application will be more favorable to the landlord and has a higher chance of being selected.

5. Is there a benefit to using a realtor to find a rental home? The answer is most certainly yes! A lease agreement is a binding contract with steep penalties for breaking the lease. It is in your best interest as the tenant to have a realtor represent you so that your interest are protected. Lastly using a realtor is risk free and usually costs you nothing, the commission is paid by the landlord not the tenant.

Click here to search for lease homes in the Dallas Fort Worth Metroplex.

Contact us at 214-227-6626 if you have any questions or need more information.


Photo - Licensed from iStockPhoto | Written by Ryan Sparks with The Branch Team

Originally posted at http://www.thebranchteam.com/wordpress/2014/05/03/the-top-5-things-you-should-know-about-leasing-in-north-dallas/

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Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton.  While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure.  Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.

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The Branch Team - Texas Real Estate Broker 547597 | Team Members are Texas Licensed Real Estate Professionals
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Important Notice: The Branch Team with RE/MAX Dallas Suburbs is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.

All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental.

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Rainmaker
760,447
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

Tom,

You know your stuff!

I take on the occasional defaulted credit client with a pet occasionally.

A bit harder than writing a regular offer to buy, but rewarding in helping a family solve a dilemma that could possibly turn into future referrals.

May 03, 2014 07:51 AM #1
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I don't do rentals myself, but certainly have a good referral source... knows his stuff like you do.

May 03, 2014 02:03 PM #2
Rainmaker
725,601
Wayne Johnson
Coldwell Banker D'Ann Harper REALTORS® - San Antonio, TX
San Antonio REALTOR, San Antonio Homes For Sale

Tom-This is a great info piece. The San Antonio rental market has many similarties to what you describe for Dallas.

May 13, 2014 04:44 AM #3
Rainmaker
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Richard Weeks
Dallas, TX
REALTOR®, Broker

Sad to learn of the recent death of the writer of this blog.  You will be missed.

Sep 14, 2014 11:40 PM #4
Rainmaker
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Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I'm sorry to hear of Tom's passing.  I do remember him well from reading his Active Rain posts 

Sep 15, 2014 04:44 AM #5
Rainmaker
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Tracy Lee Parker
RE/MAX Dallas Suburbs/PLATINUM PROPERTIES & MANAGEMENT - Royse City, TX
Buy*Sell*Lease

RIP Tom. You will be missed here on AR and at our office.

Sep 16, 2014 02:23 AM #6
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John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

May the Lord wrap His peace and grace around each that knew and loved Tom.  Rest in peace Tom, your earthly battle is over and the race is won.

Sep 20, 2014 02:32 AM #7
Rainmaker
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

RIP - so glad that I had the opportunity to know you!

 

Oct 02, 2014 02:30 PM #8
Rainmaker
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Kathy Fisher
Parker Properties - Decatur, TX
Realtor Wise County Texas

SO SAD to just recently hear of Tom's passing. May God comfort your family during this hard time. Missed but NEVER forgotten. Will SO Miss reading your post.

Oct 05, 2014 12:53 PM #9
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Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Tom Branch 

Great post and good information. Have a wonderful week. 

Jun 10, 2015 02:50 PM #10
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