Saturday, June 25, 2011

Rental Rates

Many clients wonder what the cost of apartments will be. The Texas Apartment Association has a great explaination.


The real estate adage that the three most important things about a property are "location, location, location" applies to rental properties as well.
Local rents usually take into consideration:
the cost of living in the community
the cost of doing business in the community (taxes, utility costs, impact fees, inspection fees or permits, etc.)
the cost of building and financing the property
the cost of operating the property (staff costs, maintenance, improvements, etc.)
what comparable properties are renting for
what features and amenities are offered to all residents at the property
the size and particular features and amenities of the actual apartment
There are no rent control laws in Texas. That means property owners are free to set their own rental rates, and you are free to accept them or look for a better deal at another property that meets your needs.
Know your budget, and don't look at properties you can't afford. If you've identified properties you're interested in, ask for the properties' rental criteria to find out if they are in your price range.
Rent will be a big part of your budget, but it's not the only expense you'll have associated with your cost of housing. Make sure you also plan for other expenses.
Your budget will also need to consider:
Routine expenses
Moving expenses
Furnishings and household necessities