The local rental market always fascinates me each year as the spring market approaches. This year has been no exception. Increased taxes,maintenance and overall demand = higher overall rental rates which shouldn’t be a surprise to anyone in our area. The Sycamore/Dekalb area rentals are rarely doing anything but going up. What does surprise most people are the amount of rental units that won’t take pets and if they do are charging a non refundable pet deposit of $300 and up per pet. I see both sides since I’ve been a landlord in the past. Pets do damage to floors, carpets and more as they scurry around a home. Tenants always call and tell me to their pets are fixed and can’t possible cause damage. I own a 65 lb. german shepard (that’s been fixed for 10 years) that damages the wood floors in my home just by running from 1 end to the other which happens every time someone visits my home. I am an animal lover but understand the potential damage issue to carpet, flooring and more.
Another concern with renting is the credit and background checks on all tenants over 18 with a few exceptions. Charges range from $32+ per person.If you know there are potential credit and/or background checks issues, its best to be upfront with the landlord/ listing broker and explain all potential concerns. Low credit scores can be explained as possibly a divorce, short sale, bankruptcy, ect. I can tell you that I’ve had tenants with low credit scores in the past that had some of these previously mentioned issues and were provided a lease. According to my landlords, they have turned out to be some of their best tenants.
Best overall bet is to speak with a local bank or a mortgage lender of your choice to be put on a path of home ownership and get off the rental carousel. After all, who wants somebody else dictating rules at a place you are living in?
So the real question is why do I handle rentals? I mad a promise to myself when I started in real estate 27 years ago, that I would give 105+% to anyone with a housing need regardless of whether they were buying, selling or renting. I got a brief reminder of this promise when I recently helped a couple with 2 young children in Sycamore. Credit scores were not the greatest but I was able to get the landlord to provide them a lease. The best part was when the couple with their children came thru to get the keys and sign the lease. The little girl who was 7 was crying that she wanted to pick out her bedroom before the family left to start bring the furniture in. I looked at the little girl and said I’m in no hurry, go pick out your new bedroom. The child raced up the stairs telling her parents which was hers and pointed to the one which would be her younger brothers room. As the couple was was heading out the door, the little girl turned around, looked me straight in the eyes, tears streaming down her face and gave me a huge hug telling me thank you. This my friends is why I do real estate and will continue to do so for a very long time.