You usually hear about bidding wars in this hot buyer’s market.
But now, competition is seeping into the rental market. Rental homes could be the fiercest of all.
Right now, the average time for a rental home to be picked up from the time it is released on the market is four days or less.
“If you don’t apply right away when you see one, you pass,” said Chris Nolan, real estate agent and founder of Dallas based Dwellinc, a real estate service specializing in helping people find rentals. “Which has been really frustrating for my clients because obviously your home is important – it will be the backdrop to your life for the next 12 months and you will need to make that decision within five minutes of your visit. . “
He added that many potential tenants don’t even visit. The competition is so fierce that people blindly throw out requests anytime before even seeing the house in person, which is a strategy that has become the norm in today’s competitive real estate environment.
Nolan said his team are busy trying to help people sort through the madness.
“Each agent can handle 40 to 45 clients per month. This tells you how many people we need, we started last year and we have already moved to a 22 person store with more needs, ”he said.
Dallas has been one of the nation’s leading rental markets for the past five years. However, it has reached new levels since the pandemic.
“When the pandemic hit, the big effect was that we lost a lot of construction. So our population growth of about 100,000 people every 10 to 12 months did not slow down, but construction did. “, explained Nolan. “Availability is limited right now, which is why we are seeing these crazy price increases. “
Rental housing, in particular, has become a popular commodity because people are selling their homes for a profit and don’t want to downsize while they wait, or the frustrated buyers who flock to Texas are turning to the rental market in waiting to buy. This is in addition to the thousands of regular tenants who call DFW home.
As lease renewals arrive and the average rent for a two-bedroom apartment in North Texas continues to rise, existing tenants are also being cast into the market looking for a place to live.
The situation is not isolated in Texas. According to CNBC, soaring demand and competition has driven rental prices for apartments and rental homes from $ 300 to $ 400 in other popular markets across the country.
There are countless nominations for owners to choose from, giving them the edge over applicants.
But Nolan said there are things people can do to increase their chances of being chosen.
“I think being honest with your documents is probably the best thing about a rental home. Make sure your approval process will be easy for the owner, ”he said. “Because if they get five applications and one isn’t filled out correctly or you don’t have the right documentation, it’s just more paperwork on their end to get a tenant into their home. “
So whether you’re looking for an apartment or a house, experts say it’s important to have all of your ducks lined up beforehand. Have digital copies of your driver’s license, recent pay stubs, and even photos of your pets ready to be added to the app.
Keep in mind that with each unit you apply for that is not chosen, you will lose the accompanying application fee.
For now, tenants will either have to act quickly to appropriate the home they want, or potentially turn to apartment finding services, which are free for tenants.
“Watching apartments can’t be your full-time job, looking for houses to rent can’t be your full-time job,” Nolan said. “But if you see one coming into the market that day that’s going to be highly sought after and you don’t apply that day because you can’t quit work and go see it, chances are it will be. there tomorrow are about 50%. “