Pt 4: What fees are involved?
Unlike other states, the fees for renting in the Dallas and Houston areas are minimal. You will not need one month’s rent in advance, etc. It’s very easy and convenient, along with incurring only a minimal cost.
Here are the fees you would encounter typically, assuming reasonable credit:
- Holding Deposit Fee: $300 for one bedroom, $500 for a two bedroom
- Application Fee: $60 per applicant
- Administrative Fee: $200 total
Thus, a typical total amount to move in is about $560 for a one bedroom, $760 for a two bedroom. This is a very low cost of entry in comparison to other options such as renting a home in an outside area (which require 2 months rent in advance, as well as maintenance fees, water fees, etc.).
Note: The Holding Deposit mentioned above is small, but important. What it does is it HOLDS the price on your new place to the same amount you have been quoted. This is important in this new era of low availability and rising prices. It also locks in the availability of your place, so that no one else will lease it. As soon as you place this holding deposit with the residence of your choice, you can rest easy…your place (and price!) is now secured.
What LEASE TERM do you Recommend?
We always recommend a lease term of 12 to 24 months because:
- Better pricing is available when you rent at least 12 months. Renting under 12 months significantly increases your rent
- Many places won’t rent for under 12 months, so your options are more limited if you lease under 12 months
- If you need to get out of your lease for any reason (job transfer, decision to purchase, etc.), most places in the area will allow for you to terminate your lease early, with a 60 day notice and a small penalty. You will not have to pay the remainder of your lease in most cases
- With this current year, there are inflation trends now in play. We recommend locking down rent for at least 12 months to hold down expenses
Beside Rent, What Other Costs are Associated?
The short answer: Utilities.
- Electricity: Most places operate off of electricity. A typical one bedroom in Uptown will involve anywhere from $60 – $100 in costs for electricity
- Water: A monthly fee of $10 – $20 a month for a one bedroom is typical
- Internet (optional): You can use the direct internet choices available from the place you rent. OR, you can use a “hot spot” mobile internet service, such as CLEAR. Occasionally, depending upon the placement of your residence, if you are near a POOL, it is allowable to tap into the public wi-fi typically available (and at no charge)
- Cable/Satellite (optional): As long as your residence faces South in some way, you can have Satellite through DirecTv. One or two cable providers are also typically available.
- Washer/Dryer: Most places provide a washer/dryer HOOKUP option. This allows you to either buy or rent a washer/dryer set. To rent is typically about $30 – $40 a month. A very few places (tending to be newer) provide washer/dryer already included.
When Do I Sign A Lease?
You do NOT have to sign a lease until you have arrived and are ready to move in. Typically, the day before you move in you will meet with the leasing staff and sign the lease at that point.
Ready to get a great apartment? Text UPTOWN to 31996 or sign up here: Uptown Search. Talk to you soon!
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