HOUSTON, TX - Heads-up, Houston renters--because of supply and demand, you're going to probably see a hike in rent prices after Hurricane Harvey. It may take some time to see the total impact of what the market is bearing, according to Cathy Trevino with Berkshire Hathaway Properties. Trevino shared her top tips about rental questions and answers.
What's the best time to sign rental agreement? I think consumers need to think about what their needs are before they go in and sign a lease. They need to make sure that if they need a short term lease--that they don't go in and sign something that will commit them to something that's a lot
What sort of help is available for Harvey victims? Apartments are working with victims right now and doing short-term leases. Make sure they speak with someone before they get into signing something that maybe they don't really need, like a full-year lease.
The good thing is that landlords are wanting to help, so we have a lot of landlords that are working with victims of Harvey--waiving deposits and pet deposits. Anyone who's looking for temporary housing for less than 12 weeks can go into har.com/temporaryhousing or http://www.har.com/ and can search for properties there.
What about price points with luxury and affordable apartments? I think on the higher end, you're going to have people who are needing luxury living. I think that t's the lower income properties that are going to be more affected. We'reseeing a lot of rentals come on the market. Prices actually have risen a little.