Investor · Lucas, TX · Member since 2010 · 620 posts · 352 votes
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% ...
New York City, NY · Member since 2012 · 253 posts · 7 votes
13y
Hey Robert Steele that is some great news that the market is on fire. Is there a defined reason why your local market has seen such increases recently?
Investor · Lucas, TX · Member since 2010 · 620 posts · 352 votes
13y
Marc Bodinger - population growth and jobs, jobs, jobs. Half of my vacancies over the past 2 years have been filled by tenants moving here from out of state.
As Jon Klaus pointed out, Dallas/Forth Worth is number one in the nation for population growth.
Real Estate Investor · Dallas, TX · Member since 2010 · 449 posts · 173 votes
13y
Hey Robert,
What area is the section 8 rental you mentioned getting a huge increase for in? One of our tenants in our duplex in Desoto is section 8 (Desoto is served by Grand Prairie for section 8). What you said has got me wondering if it's time to go for a bump...
Thanks.
-Harry
Investor · Lucas, TX · Member since 2010 · 620 posts · 352 votes
13y
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. :)
Wholesaler · Lancaster, TX · Member since 2013 · 16 posts · 2 votes
13y
Robert Steele, great post. I am new to real estate investing in the Dallas area. When I was developing my business plan, I saw that our area was about the national average in population growth. It is good to hear that that growth is matched with an increase in the real estate market! It is also good to see that Texas can be known for being hot for something other than the weather!
Residential Real Estate Agent · Long Beach, CA · Member since 2008 · 432 posts · 63 votes
13y
Robert, 85 days on the market is nice. I'm used to 1-7 days on the market! I might have a chance in the north Texas area. I used to live in Plano--I'll check it out.
Real Estate Investor · Austin, TX · Member since 2011 · 271 posts · 106 votes
13y
Denton Housing Authority said no rental increases at one point. I'm sure to ask for a bump with our Lewisville Section 8 come renewal. Thanks for the info.!! Rental bump with nice equity = Happy Camper!