Too much demand and not enough houses…that’s been the state of the North Texas housing market for the past several months. The historically low inventory of homes for sale is causing some growing pains for the rental markets as well.
More people moving into Texas, low interest rates, and construction delays are the factors contributing to the rental market pinch – forcing would-be homebuyers to rent instead.
Single family home rentals are in high demand for short term and 12-month leases. In Dallas, the average price of a rental is up by 14% for an average $2,100 per month rental price. Fort Worth is close behind with a 12% average price increase and $1,800 per month rental price.
If you are lucky enough to find the unit you want to rent, at the price you saw it originally listed for, act fast! For every rental unit available, there are typically eight to 10 applications going in at the same time.
Good news is on the horizon for renters. As more rental projects are nearing completion, the market will ease. As many new residents are opting to rent and putting off home buying while they wait for the market to ease, now is the perfect time to get prequalified for a mortgage loan to put you ahead of the competition.
Being prequalified signals to sellers and real estate agents that your financial scenario can support a mortgage. It is a simple and fast process, and First United Mortgage Group can help! In just a couple days, we’ll analyze your debt, income and assets to give you an estimate of how much house you can buy. Get started by giving us a call today at (972) 591-3097 for a free quote and consultation.