North Texas Rental Market is HOT HOT HOT

[Robert Steele]

Damn I wish it would slow down. :)

I have 1 year leases and cannot play catchup on the rent increases fast enough!

The biggest shocker was my section 8 rental in a blue collar neighborhood. I have been getting $1,095 for years and prices never went anywhere. Now comps show I could get $1,295 at the upper end of the range so I applied for a rent increase to $1,295.

They said yes and came back with a range of between $1,334 and $1,556! I knew section 8 paid a premium but not that much? I left $250 sitting on the table! All up I could have raised the rent $450 or 40% ...

[Robert Steele]

Jon Klaus - I would guess around a 10% to 15% increase.

Harry M. - East Plano.

I just closed on a nice 1800sq. ft. 4 bedroom SFH circa 2007 in McKinney yesterday. My asking rent is 15% above what the lender's appraisal was. I already have one application from a sign that went in the yard this morning!

That is pretty fast for any time of the year let alone Winter. As far as I can tell North Texas is still HOT HOT HOT. :)