How is the rental market in Katy TX in 2012?
The rental market is in full force entering 2012.
We’ve seen 109 NEW properties come on the market just in January and we’ve seen 96 properties go off the market in January.
Yes, people are looking to move, either by purchasing a new home and leasing out their old one OR simply by moving from one lease property to another.
(I get this question a lot so let me just put this note in here: LEASING a home is the exact same thing as RENTING a home. Many times people think that either LEASE or RENT denotes some additional commitment to the property, but it doesn’t. You can say RENT a home or LEASE a home and it means the same!)
You can search for all LEASE homes in Katy by Clicking here. Follow the link and be sure to check the LEASE box on in the first box. Also, if you’re looking for a regular home, be sure to check SINGLE FAMILY HOMES so that it doesn’t pull up duplexes, apartments, town-homes, condos and all the rest!
I hear a lot of agents who DOWN lease properties because you’re “throwing your money away” or “paying someone else’s mortgage”. Here’s the low down on that type of thinking though…Most agents do not want to mess with LEASE/RENTAL homes due to the LOW pay check at the end of the day. You’ll show 10 homes (on average) and end up with usually what equals one half month’s rent. In addition, leases can be a lot more difficult to work because the credit and income requirements are not as set in stone as they are with mortgages.
However, sometimes leases make sense.
First, everyone needs a place to live!
Second, sometimes leasing makes sense due to YOUR changing needs. If you know that you are going to either be moving out of the area, going out of state/country due to job requirements, or thinking about adding to your family in the next 12-24 months, then it can make sense to lease a home and “get ready” to be a home owner.
Third, if you are not ABLE to buy right now, you can get a year or more under your belt of on time payments, repairing credit and saving for a down payment…of course during that time, it would be smart to be scouting the areas that you WANT to buy in as well!
Ultimately, it’s a personal decision whether you are ready to purchase a home or whether leasing is best for you.