Tenants face stiff competition from houses – NBC 5 Dallas-Fort Worth

You usually hear about bargain wars in this hot home buyer market.

But now competition is penetrating the rental market. Rental homes may be the toughest of them all.

Currently, it takes an average of four days or less to capture a rental home from the moment it is released to the market.

“If you don’t apply as soon as you see one, you’re passing,” said Chris Nolan, a real estate agent and founder of Dwellinc, a Dallas-based company that specializes in helping people find rental homes. “Which has been really frustrating for my customers, because of course your home is important – it’s the background of your life for the next 12 months, and you have to make that decision within five minutes right after the tour.”

He added that many potential tenants don’t even take trips. The competition is so fierce that people blindly throw applications in an instant before they even see the house in person, a strategy that has become the norm in today’s competitive real estate industry.

Nolan said his team has been busy trying to help people cope with the madness.

“Each agent can handle 40 to 45 customers a month. It tells us how many people we need, we started last year and we’ve already grown into a 22-person store that needs more, ”he said.

Dallas has been one of the best rental markets in the country for the past five years. However, it has risen to a new level since the pandemic.

“When the pandemic hit, the big impact was that we lost a lot of construction. Our population growth of about 100,000 people every 10-12 months did not slow down, but construction slowed,” Nolan explained. “Availability is tight right now, that’s why we’ve seen these crazy price increases.”

Rental homes in particular have become a hot commodity because people are either selling their houses to make a profit and don’t want to downsize their homes in the meantime, or frustrated home buyers flooding Texas are turning to the rental market waiting for a purchase. . This is in addition to the usual thousands of tenants who call DFW home.

As lease renewals emerge and the average rent for a two-bedroom apartment in North Texas continues to rise, existing tenants will also be pushed into the market to look for housing.

The situation is not isolated from Texas. According to CNBC, increased demand and competition has pushed up rental prices for both homes and rental homes by $ 300-400 in other hot markets in the country.

Landlords can choose from a myriad of applications, giving them an edge over applicants.

But Nolan said people can do things to improve their chances of being elected.

“I think the mere processing of documents in advance is probably best in a rental apartment. Make sure your approval process is going to be easy for the owner, “he said.” Because if they get five applications and one isn’t filled out properly or you don’t have the right documentation, they just have more administrator work to get the tenant into their home. “

So whether you’re looking for an apartment or a house, experts say it’s important that all the ducks are in a row in advance. You can add digital copies of your driver’s license, recent payslips, and even photos of your pets to the app.

Keep in mind that for each unit you apply for that is not selected, you will lose the associated application fee.

For now, tenants must either act quickly to get the home they want or possibly turn to home hunting services that are free for tenants.

“Viewing homes can’t be your full-time job, viewing rental homes can’t be your full-time job,” Nolan said. “But if you see someone coming to market that day that is in high demand and you don’t apply that day because you can’t leave work and go see it, the chances are it’s there tomorrow.”

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