On a market watch, I am surprised as you are on the ridiculous rental prices in the DFW area. In areas like Mansfield, Arlington, and Grand Prairie (especially south) typical rental rates are as follows:
- 3 bed 2 baths are all at $2,000 a month
- 4 beds going for an average of $2275 a month
- 5 beds going for $2,950-$3,300
- Other areas naturally follow the trend
As usual, less desirable areas where near income challenged or high-crime are way cheaper but who wants that? You can research this online and please do. Now, the Apartment industry is catching on and even their prices are only a bit below rental homes.
My advice to you is this:
1. Be prepared to pay more, it’s a reality now.
2. If you find a home you love put an app in asap and if possible hand over a deposit to put you in the front of the line.
3. Immediately upon a property manager answering the phone be TRUTHFUL about your background. I hate to see good people waste their application fees.
4. In some cases they offer over rent to get home. Yes, I said that right, offer $50-$100 more per rent for a home you really, really want!
5. If weak in credit or have some background issues ask them about paying an additional deposit or risk fee, in advance. You know the truth of the situation in your background so offer that upfront.
6. (Ya’ll will hate me for this one) Be prepared to say goodbye to a pet. Tenants with multiple pets are having a difficult time because of competition. Large pets limit to one if possible. Most will restrict aggressive breed animals, like pits. It’s not because they hate dogs, it’s because their home Insurance will drop them if found there. Be prepared to pay a pet fee or deposit on each animal. BEWARE OF Property managers that charge pet rent, it’s a scam and they are pocketing money!
7. So all know a property manager has to present the best-qualified application to the owner. Sad stories and excuses of a background issue don’t typically help. Do not take this personally. It’s business only, ok!
8. Ask the property manager before you apply if other applications are in on the property. For our business we work one app at a time and never take multiple apps, it’s a waste of someone’s app fees. Multiple apps situations again will pick only the best of the best. This is why it’s valuable to talk to them and get a soft approval before you even go out to look.
9. BE AWARE of crooked property managers who charge so many ancillary fees. Pet fees, filter fees, maintenance fees, technology fees, etc. READ YOUR LEASE before you sign.
10. Lastly, almost no one is showing homes due to Covid the way it was before. Asking to be prequalified and then view is what most are doing, it really does make sense to do that so your bubble does not burst when you lose it. I am only here to help so if anyone does not agree with my advice I do not apologize. I want to be truthful so I can see you get into the home you want and can afford, with no games!!
Thank you for reading and may God bless you abundantly with health and prosperity.