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Bob is always looking for news about Katy Texas and the surrounding areas. Please e-mail me at bobgilbert2003@msn.com with any news you may feel needs a forum!
LEASING A HOME IN KATY, TX OR THE SURROUNDING AREA

The rental home market in Katy and the surrounding area is a Seller's Market and has been for many months if not years. Owners/Landlords do not particularly like animals especially big dogs to be an additional occupant. A candidate to rent a home will have to completely fill out a 4 page application created by the Texas Association of Realtors ( TAR) titled Residential Lease Application. This document has to be completed for each adult that will occupy the home. The fourth page of this application is an Authorization to release Information related to a Residential Lease Candidate where the candidate is agreeing to allow employers, former employers, current landlords and former landlords, current and former mortgage companies and all types of financial institutions to releese information regarding the candidate. In addition, a Candidate will have to sign a TAR form titled Authorization to Obtain Consumer Report and this will allow Owners/Landlords to obtain a credit report on the candidate. Prudential Gary Greene (PGG) also requires a candidate to sign their own form allowing PGG to access credit files in the name of the candidate. I am writing all of this as lately it appears that people wanting to lease a home do not understand what they will be required to do. Many individuals / families appear that they do not want to spend the time to fill out all of the required forms or they do not want anyone to know what the results will be from the pending investigation.

During May 2010 there was 1.9 months of inventory of rental homes supply available in South Katy ( MLS 36) and the days on the market that a home is available is only 49. Good homes priced properly rent right way. Owners are picky and are very careful with accepting a bad credit risk. Every Owner/Landlord has a different level of acceptable risk that they will agree to. If you as a candidate have a bad credit risk score you need to think of something else to entice an owner to accept you as a Tenant.

The TAR Residential Lease contract is 14 pages long and if you have a pet there is a 2 page addendum with a detail desciption of the pet required. If the home has a Poll/Spa then there is a 1 page Pool/Spa Addendum. if you have previously rented then there is a TAR Request For Rental History that will have to be completed and sent to your former Owners/Landlors. Each Real Estate Broker will have their own varying number of disclosure form that a Candidate will have to read and sign. My point is tell everyone that a lease is a lot of work for both the agent representating the potential Tenant and the Candidate. Based on what I have encountered lately, I believe most folks  think it is a quick and simple procedure and the reality is that the process is not. As a potential Tenant you need to realize this situation upfront and if you are not willing to make the effort go find another alternative for housing. This may sound harsh but it is reality!!!

Published Thursday, June 10, 2010 10:47 AM by Bob Gilbert

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# re: LEASING A HOME IN KATY, TX OR THE SURROUNDING AREA @ Wednesday, June 23, 2010 2:44 PM

This is excellent advice.  We have several rental homes and it has always been a great investment for us.  However, with the way the economy has gone for the past few years - there are a lot more renters and a lot more risk to the home owners.  It's really hard to tell who is going to be a good, ontime renter nowadays.

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Puffy

Renters Insurance

P Winslow

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