Wednesday, March 15, 2017

Houston Apartments “All Bills Paid” Still?



"ALL BILLS PAID" ARE YOU SERIOUS? 
Back in the 60’s & early 70’s, seeing apartments in Houston with signs and banners advertising their rental prices along with the words “All Bills Paid” (ABP) or “Utilities Included” was commonplace.  These days however, apartments that still boast of such deals are few and far between. 
If I had to guess as to why the change, I’d suppose the main reason probably was it just started getting too expensive for apartment owners. They saw electric prices steadily soar from only $.02-$.04 cents per kilowatt hour from the 60’s thru the early 80’s up to $.12 cents and higher in the following three decades. 
Also, it’s a fact that most tenants knowing that their electric and water are “on the house,” they tend not to be too concerned about conserving energy…you know like letting the a/c run all day and not turning off lights when not needed. 

I remember as a kid growing up in my parents’ house that it was 'law' to turn off the lights and if I ever forgot, I’d get the same lecture that always started with, “do you know how much money it cost to run the lights… It’s not free little man”

With this in mind, i
n 1973 the Texas legislature passed a law that there could be no more "All Bills Paid" apartments. This was because of the oil embargo and energy crisis that was going on. Some properties that were already ABP were grandfathered so they could stay ABP. This is why you never find ABP properties built after 1973.

Also in the early 2000's the legislature mandated that properties had to charge for water and that's why most apartments charge for water now.

With all that said, believe it or not, there are still a few apartments in the Houston and surrounding areas that include all utilities.  My recent count that include both water and electric is 24 complexes (three of which are in the Galleria area) and 9 others with the free electric but not the free water. 


Their rent prices vary depending on location but many are actually very reasonable.  For example, the three above mentioned complexes in the Galleria area start at only $705 for 1bd, $925 for 2bd, $1,225 for 3bd & $1,685 for 4 bd. 
 


For a list of these rare Houston apartments still offering No Electric Bills, some with No Water Bills also, contact a good reputable Houston Apartment Locator who knows about these and other great apartment deals in general.



Wednesday, February 22, 2017

How To Qualify For An Apartment in Houston,Texas

SO HOW DO I QUALIFY FOR RENTING AN APARTMENT IN HOUSTON
FINANCIALLY SPEAKING?

Most Houston Apartment Complexes these days are requiring that your total monthly gross income (before taxes) to be anywhere between 3 to 4 times more than the monthly rent of the apartment unit you're applying for. (With the most typically being 3.5 times). 
As an example:  If the apartment in Houston is asking for 3.5 x income and the unit you want to rent is $900 per month, then to qualify financially, your gross income (from all sources combined) must be at least $3,150 per month.

The main reason why apartments require this is simply because they want to make sure their tenants can afford to pay rent comfortably each month.  They use this formula to account for other common expenses tenants might have such as car payments, insurance,gas,food,entertainment, etc... The last thing anyone wants to see is someone get in over their head, can't pay rent and thus turns into their breaking the lease or worse, an eviction (neither of which is good for future home leasing).  

*Note*  Always remember to include all sources of income (primary job,2nd job,alimony,child support,pensions,tips,oil well royalties...etc.)

On occasion, complexes might make exceptions if you were to fall slightly short by asking for a higher deposit, paying two months rent up front or possibly getting a cosigner. Never hurts to ask if they fail to offer.

If you're not sure if you'll qualify, call a good apartment locator in Houston

In my next blog post for Qualifying For Renting A Houston Apartment, I'll discuss credit scores and previous rental history.

Stay tuned.....

Doug Spector 
  
Broker at 
Apartment Living Locators
713.783.1441