With the ever growing business opportunities in Texas as people move from out of state to North Texas, and especially the Dallas Fort Worth area and their suburbs we’ll be there to guide you all along the way in finding your next apartment. We’ve even made this list quick and easy to follow with highlights bolded for easy reading. Just be sure to have everything organized for your apartment hunting journey!
What is a Lease?
Define: Apartment Lease
A lease is a legally binding contract between a tenant and a leasing agent that comes with stipulations on rules, payment, regulations for living in a certain apartment property. It’s important to read everything within the lease agreement to be sure that the tenant is willing and can live up to the expectations, as well as understand all of the costs associated with the lease agreement. It’s okay to ask questions, and we’re happy to help you understand all of the details of your agreement if you have any.
Remember that by law, Texas requires that your gross income is more than 3x the monthly lease cost. In fact, it’s better to be closer to 4x the income to monthly rental payment to feel “comfortable” and not trapped in your new apartment. Remember that all tenants will be required to sign the lease, including spouses and roommates.
Helpful Tip: use a highlighter and sticky notes / sticky arrows when you review your lease agreement with the apartment leasing agent so you can discuss any other questions that you may have with them.
Apartment Rental Income Requirements
When it comes to rental properties, there’s a simple rule to remember for rent-to-income ratio, and that’s for your monthly income to be at least 3x your monthly rent. The reasons properties use this rule is to increase the likelihood of you being able to cover your rental costs through the term of the agreement which is usually 13 months. By setting the rule of 3:1 income to monthly rent it keeps everyone aware of how much apartment a tenant can afford to rent.
On rare occasions, some apartments will waive that rule down to a 2.5:1 income to monthly rent, but it’s best to come with a 3:1 ratio in mind. By using a free apartment locator like us, we can help you get great deals on your apartment and find one that’s in your budget.